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According to IDC, 175 ZB will be made by 2025 (Image credit: IDC)
These are great opportunities to get into the big data business, where several metrics predict significant foreseeable future growth, including data generation and storage, market spending, and data analytics jobs.
First, data growth shows no signs of slowing down. In fact, according to IDC’s DataSphere and StorageSphere reports, 2020 has seen a quantum leap in data creation thanks to the COVID-19 pandemic.
However, according to IDC, only 2% of the 64.1 zettabytes (ZB) of data created in 2020 were stored or retained until 2021. IDC expects new data creation to grow at a compound annual growth rate (CAGR) of 23% from 2020 to 2025, resulting in approximately 175ZB of data creation by 2025.
“The amount of digital data created in the next five years will more than double the amount of data created since the advent of digital storage,” said IDC senior vice president Dave Reinsel last March. said to “The question is, how much do we need to store?”
So far the answer is: According to IDC figures, data storage lags behind data creation by a margin of about 10 to 1, with only 6.7ZB of installed storage capacity in 2020. Storage capacity growth is expected to grow at a rate of 19.2 percent over the next five years, analysts said. Say.
Research and Markets forecasts global big data spending to grow at 13% CAGR from 2017 to 2027 (Image credit: Research and Markets)
In terms of dollars and cents, Research and Markets predicts that the global big data and business analytics market will reach $448 billion by 2027. This figure, representing hardware and software spending, reflects his CAGR of 13% from 2017 (when it was $151). billion) to 2027.
One of the factors driving growth, according to the company, is “intense competition” among companies for expansion. According to R&M, growth in big data analytics is hampered by the cost of the solution, the difficulty of using it, and the specialized training required for practitioners.
Of course, this is good news for those who have the skills to work with data. According to a recent Burtch Works report, 81% of US companies were planning to expand their data science, analytics and engineering teams in the third and fourth quarters of 2021.
Similarly, according to UK recruiter Harnam, the number of people actively looking for data and analytics jobs in the second half of 2021 has dropped dramatically as job openings surge. “There are more vacancies than job seekers are looking for, which is pretty amazing,” said Owain Wood, head of marketing at Harnham. Data Nami in November.
In India, hiring for data talent is booming, with 96% of companies looking to hire data and analytics talent in 2022, according to a new report released for the country by Monster. In fact, the report positions data analytics as “the most in-demand role in 2022.”
There’s a lot going on right now, no matter how you slice it: data growth, market growth, job growth. In short, it’s a great time to get into the data business.
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