Expect big growth to come to the big data this year, with huge growth predicted in areas such as data creation, new data analytics tools, and pay increases for data professionals.
Driving this growth are factors such as intensifying competition as businesses expand, and the growing realization that data can offer a competitive advantage to outperform competitors in today’s digital-centric world.
For a start, data creation leaped forward last year thanks to the COVID-19 pandemic with 64.1 zettabytes (ZB) of data created in 2020, according to IDC. From 2020 to 2025, IDC forecasts new data creation to grow at a compound annual growth rate (CAGR) of 23%, resulting in approximately 175ZB of data creation by 2025.
When it comes to hardware and software spending, Research and Markets says the global big data and business analytics market is projected to reach USD448 billion in spending by 2027. This translates to a 13 percent CAGR growth from 2017, underscoring the crucial role of data today.
Elsewhere, Israeli startup Firebolt just last week announced a Series C round, raising USD100 million on a USD1.4 billion valuation to take on industry juggernauts the likes of Snowflake and Google’s BigQuery. This is heady growth for a startup that emerged from stealth mode barely 13 months ago.
More talent required
Successfully harnessing the power of data is no walk in the park, however. Barriers include the relative difficulty of implementing specialized data platforms, the effort and specialized training it takes to build up a team of machine learning practitioners, and the need to establish a data culture within the organization.
Some have taken to hiring new talent to accelerate their data journey. For instance, Twitter recently announced that it will employ more than 50 engineers and data scientists to fill various data science and machine learning roles in Singapore.
Some of the new hires will drive foundational research and statistical analyses at Twitter to understand how people are using the social media platform and improve their user experience.
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