If you’re in the tech sphere in any capacity, you’ll have likely come across people or companies working within the data analysis industry. Estimates say that by 2030, the global industry value is going to be pushing towards 300 billion dollars per year, but for many outsiders, seeing the reason for that value can be difficult. Here’s what makes analytics so massive around the world.
Data is Golden
There is not a single successful business or enterprise that doesn’t make use of organized data in some capacity. Data on market trends, customer activity, and supply costs can be used to plan a company’s next moves. Larger companies will often invest millions into personnel and hardware dedicated to analysis.
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It’s also prized for being able to find the small differences that can make a big difference on a large scale. To take an example on a more personal level, if you go into a casino, you’re always advised to look at the data first as it helps you judge the odds. Comparing something like the European roulette table game to the American version is difficult on the surface, but from the data, you can quickly see that the European ‘single zero’ option gives around 2.5% better win odds. Small, but substantial over a long session!
Everything is Data
There’s a common misconception that data only means numbers. It is true that the largest chunk of global data is numerical and includes anything from population statistics to shopping mall footfall. However, any kind of collected and organized information is data, including names, addresses, and anything else about anyone that can’t be given as a number.
This means that companies that specialize in data collection and storage are in a great place right now. Everyone from government agencies to multinational corporations has need of data and even with stricter data protection regulations like the GDPR in place, those companies who are able to quickly compile and deliver large amounts of information have profited well from the demand.
We Need More Data
Part of the reason that the predicted data industry growth is so high, sitting around the 26% mark yearly, is because the amount of data we’re going to need going forward is expected to skyrocket. A large part of this is down to the huge AI boom, and the training of artificial intelligence systems is likely to need eye-watering amounts of data input and validation.
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It isn’t just in technology either, as global issues are set to demand more and more data to be tackled. Everything from climate change and deforestation in the Amazon to population movement requires large amounts of data coordination, often across national boundaries, so data analytics companies are set to play a massive role going forward. It’s a trend that doesn’t seem to have an endpoint either, making it something of a bulletproof industry right now.
The clear message is that if you’re looking to move into a data-based career, there really is no better time. It’s best to strike when demand is high, and demand has never been higher!
