British Science Week 2022 is taking place between 11-20 March 2022 and is a ten-day celebration of science, technology, engineering and maths. Coordinated by the British Science Association and funded by the UK Research and Innovation (UKRI), the annual event honours all sciences and celebrates their importance in our everyday lives. It provides an opportunity for people of all ages across the UK to take part in science, engineering and technology events and activities, individually and collectively in schools, businesses and community groups. This year’s theme is growth, a fitting subject for a turbulent time which offers a huge range of topics to delve into, whether this is the impacts of economic growth on our society, or considering your own personal growth over the last twelve months. We wanted to take this as an opportunity to look at the growth of the Data & Analytics sector and its future development. How Data & Analytics has grown The Data & Analytics Market generated revenue of $22.9m in 2020 and is projected to reach a market value of $346.24 billion by 2027. It has had an impact on nearly every aspect of our society, so much so that we could not possibly list everything here. Think of digital innovation or new technology and they are likely to have roots in Data & Analytics. The sheer vastness of data growth is demonstrated by the almost incomprehensible fact that it would take a person approximately 181 million years to download all the data from the internet. As the use of data has increased dramatically over the last decade, so too has the infrastructure surrounding it – new data-related roles have been created and new technologies have emerged to harness it for social good but also to improve business functions and increase profits. As technology and innovation increase, so does the need for regulation and security to manage it, which again generates new jobs. This cycle of need, innovation and investment followed by regulation and security and all of which requires talent and skill to make it function, means that the data and analytics market is set to keep on growing. We recently covered some of the biggest Data & Analytics recruitment trends to look out for in 2022, read our insights here. Outside trends Macro and microeconomic trends, as well as societal changes, have caused huge surges in investment into and use of data and analytics functions. The shift to remote working environments, for example, has not only meant a huge focus in cloud computing but also brought concerns around security and regulation to the fore. By 2022, public cloud services will be essential for 90 per cent of Data & Analytics innovation. Societal changes The last decade is often described as the era of big data, and the value of data analysis, amongst other data functions, has begun to become a mainstream notion that isn’t just reserved for huge tech companies but can instead be utilised on a small scale to enhance and streamline business functions in all industries. The sector is receiving increasing recognition from business leaders and individuals alike, as can be seen reflected in the statistics; 52 per cent of companies worldwide currently leverage advanced and predictive analytics, 97.2 per cent of organisations are investing in big data and AI, and 95 per cent of businesses cite the need to manage unstructured data as a problem for their business. Innovation breeds greater innovationInnovation breeds greater innovation, and as more money and talent is funnelled into the sector, ideas to harness data in original ways are emerging. The explosion of Artificial Intelligence (AI) automated systems and Machine Learning are just one example, which Gartner predicts will be embedded in nearly 60 per cent of Big Data & Analytics solutions this year. This integration of AI will automate and improve business decision-making processes and increase the accuracy of functions like data predictions. It will enable organisations to analyse large data sets more effectively and uncover patterns and insights. The growth of cloud-based technologies has also given rise to the adoption of other inventive technologies such as the Internet of Things (IoT), which will, in turn, increase the volumes of data being generated and require increased streaming analytics to interpret that data. Talent needs However, the Data & Analytics market will only be able to flourish when paired with the correct expertise to manage it. Jobs requiring digital skills, especially data analytics and visualisation, will grow from 23 per cent this year to 37 per cent globally by 2026, according to a new study. As innovation increases, talent will need to be found to plug the skills gap. Our sector has seen an exponential amount of growth in the last decade, and we can’t wait to see where it goes next. Looking for your next big role in Data and Analytics or need to source exceptional talent? Contact us today.
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