Big Data Hub: An emerging outsourcing phenomenon

Big data is the latest buzz in the industry. For those who are unfamiliar with big data, it is the collection of humungous data sets of companies which has great analytical value. The biggest challenge with big data is in the capturing, storage, analysis, sharing and visualization of the obtained data. In recent times big data has become more relevant to companies than ever before. Data collection has become highly efficient with current generation companies and now there are more resources for storage. The only challenge now is in the capturing of the maximum amount of data for analysis which could make decision making a lot easier. Total growth of data has been substantial over the last few years. The numbers have jumped from 0.8 Zettabytes in 2009 to a significant 1.9 Zettabytes in 2011. By 2020 the total data growth is expected to reach 35 Zettabytes.

Big Data analytics

According to reports from International Data Corporation, global big data technology and services market will have a compounded annual growth rate of 40%.The market will grow to $16.9 billion by 2015 which will be a remarkable growth compared to $3.2 billion in 2010.Lot of mainstream companies are now turning towards big data for gaining a competitive edge. Marketing industry was the first to leverage the services of big data as it provided more scope in building better relationships with the customers, thereby helping them to deliver better return on investments. The trend is now followed by several B2C companies which have to interact with several thousands of clients on a daily basis. The trend is now extending to online services, telecom sector, technology and financial services.

One of the major factors deteriorating the speedy growth of big data is in the shortage of analytical talent. Globally there is a huge demand for big data analysts. As per reports, the shortage of analysts in US alone will reach a staggering number of 1,90,000 by 2018.

People with knowledge of technical systems and having a background in engineering, mathematics or business management are potential big data analysts. The huge scope it provides is pushing more individuals to pursue a career in big data analysis. A passion for analysis and technology is what most companies are looking for in aspiring big data analysts.

India is pushing hard for a commendable position in the big data scene. A lot of multi-national companies are now turning to India for the delivery of big data analytics. Companies in India are leveraging such opportunities by scaling up for catering the demands of a global market. Companies which have experience in handling huge amount of data and systems surely have an upper hand over new players in big data industry.

Companies in India are now recruiting specialized individuals for taking up the roles required in delivering an efficient analytics programme. Indian analysts already have a huge reputation of having impressive mathematical skills and this quality will surely contribute to their demand in the global big data market. Traction has also been observed among venture capitalists attributed to the huge growth opportunity with big data.

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