Big Data

emerging of Big Data to different industries/ Photo By whiteMocca via Shutterstock

 

There is a common trend and belief in the business world that data is ever increasing to such a large extent that companies will need to increase their capacity to capture and analyze this large swathe of information.

But as the challenge of capturing data has more or less been resolved, the next big step is how to get the maximum amount of value out of that data. Just between 2015 and 2017, the usage of big data analytics grew to around 40% among companies that were surveyed.

Today, a larger amount of solutions is creating a multitude of opportunities to better utilize data for almost every facet of business or science. This is no further evident than in Ohio, with its growing big data sector.

The state’s 25 Fortune 500 companies give a favorable advantage in their quest to become data analytics leaders. A large percentage of these companies are already set on training their IT workforces to utilize data analytics to better drive business development.

What looks quite more promising is that venture capital firms and accelerators in Ohio are getting more interested in backing data analytics startups. Just last year, Fintech71, a nonprofit startup accelerator, funded 10 companies, seven of which focus primarily on data analytics.

This alongside other factors makes the state’s universities in high demand for data analytics talents. Ohio University, for one, has its own business analytics major and that they have produced the first class of graduates last year. The University of Cincinnati and Cleveland State University are following suit.

From a report by the McKinsey Global Institute, the current US economy may mean a shortage of as many as 250,000 data scientists by 2024. Even with the numerous educational programs, there might be a larger talent gap if the Ohio institutions aren’t working hard enough to promote these programs.

Despite the hiccups, a lot of Ohio startups are slowly gaining momentum. With a combination of information-intensive industries, innovative companies driving the data management, a growing talent pool, the state has the strength and ability to drive opportunities to meet the ever-growing demand for big data analytics in the US.