Careers in Big Data: What Industries are Booming Right Now?

December 6th, 2013

Data science is a rapidly evolving field – and with the current shortage of qualified specialists, many companies are unable to establish their own in-house divisions. At the same time, Software-as-a-Service (SaaS) providers will experience a 17 percent growth spurt in the next year. And to meet the needs of those organizations who can’t support internal teams, Big Data-as-a-Service (BDaaS) providers are right there on the career growth horizon, as well.

As data scientists enter the market in larger numbers, the door is wide open to lucrative employment in a number of industries, in some cases as part of a team at medium to larger companies and in others, as BDaaS providers.

These industries include:

Medical Research

Nowhere else is the potential impact of Big Data more profound than in a realm where lives are literally dependent upon business success.

  • DNA research has given scientists insight into the cause and progression of myriad diseases.
  • Analyzing patterns among the population is Step One towards understanding and ultimately curing conditions such as cancer, chronic migraines and cystic fibrosis, to name just a few.
  • BDaaS providers who specialize in specific areas, such as medicine, will likely begin to emerge as more businesses learn about the benefits of their service.

Finance

The financial services industry sees massive volumes of transaction, customer information, location and additional data pass through its servers every day. According to a 2013 study by the University of Oxford and the IBM Institute for Business Value, 71 percent of the industry is using Big Data, nearly double the total from 2011.

  • Financial service firms realize that the key to bringing in more money is learning what is likely to interest customers in future months or years. Big Data can provide this insight.
  • It’s not only large banks that hope to gain these analytics. Small local lending institutions are turning to BDaaS services as they deep dive into customer statistics.

Retail

Customer trends are the bailiwick of the retail industry, which faces constant challenges to keep pace with customer demand.

  • In retail, even the largest corporations realize the benefits of BDaaS. Sears recently developed Metascale, a company that offers data services to retailers worldwide. Metascale not only extracts and organizes data, but also consults with businesses on how to use it.

Non Profits

Similar to government entities, non-profit organizations often are unable to shell out funds for in-house Big Data teams. Yet, they can benefit from data analysis in two major ways:

  • By researching large population sets, charitable organizations can boost their fundraising efforts, targeting those most likely to give.
  • And, non-profits can benefit from extracting data on the very populations they service. For instance, an organization that supplies water to remote areas could pinpoint which locations have the greatest need, as well as follow the progress of each of its campaigns.

Among other industries where Big Data analysis is a most-have commodity are marketing and web analysis, insurance, pharmaceuticals, government, and automotive manufacturing. In marketing alone, the growth rate in analysis hires in 2013 was up 67 percent over 2012, and up 136 percent over the past three years.

If you’re considering a career in Big Data, you could benefit greatly from working with a niche recruiting firm that specializes in data science and analysis. To learn more, contact the team at Select Group, Inc., today!

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