The UK government is going to invest £73 million to fund public and academic projects by harnessing the potential of big data. As well as establishing four Big Data research centers at local universities; the funding will also cover analytics initiatives solving important problems like obesity, transportation problems, human disease, etc. The Government predicts that Big Data will become a key driver of the British economy and the new research centres will ensure the UK gets ahead in the global race.
It is forecasted that the big data market will contribute £216 billion to the UK economy and create 58,000 new jobs before 2017.
Big Data is the One of the Great Technologies of the Future
According to the Universities and Science Minister, David Willets, “Big data is 1 of the 8 great technologies of the future and a priority for government. It has the potential to transform public and private sector organisations, drive research and development, increase productivity and innovation, and enable market-changing products and services”.
Big data is Becoming Increasingly Popular
Big data is growing exponentially and has become increasingly pervasive in developed societies. A recent IBM report estimated that 2.5 quintillion bytes of data are created every day (this amounts to 25 followed by 17 zeros, or approximately 10 million laptop hard drives) and that 90% of the world's data has been created in the past two years. This includes everything from geo-tagged phone texts and tweets to credit-card transactions and uploaded videos. Remarkably, by 2020, it's thought that the number of bytes will be 57 times greater than all the grains of sand on the world's beaches.
Big Data Trends in the UK Job Market
According to the ‘Big Data Analytics: An assessment of demand for labour and skills, 2012-2017’ report by ‘SAS’; there will be around 132,000 gross job opportunities in total created in the big data field within the economy between 2012 and 2017.
Demand for big data staff, is projected to increase by an average rate of between 13% (low growth scenario) and 23% per year (high growth scenario).
The technical skills most commonly required for big data positions in general were: NoSQL, Oracle, Java and SQL. However, the technical process/ methodological requirements most often cited by recruiters were in relation to: Agile Software Development, Test Driven Development (TDD), Extract, Transform and Load (ETL) and Cascading Style Sheets (CSS).
On the whole, the digital economy in the UK is particularly promising in terms of using big data for advancing key industries, such as transport and healthcare. Most importantly, big data is expected to further push job creation in a range of subdivisions (e.g.: big data design, project management, development etc) in the foreseeable future.