NVTC’s newest infographic provides a snapshot of NVTC members’ data analytics hiring and resource allocation trends, regional funding and national demand for skilled analytics talent.
Data analytics continues to grow in our region and the country at large, evidenced by increased demand for talent, funding and the growing applicability from IT to finance to non-traditional sectors such as sports – just ask baseball fans what they think about any given player and it won’t be long before someone starts citing “Wins Above Replacement (WAR)” statistics, a non-standardized advanced analytics sabermetric statistic, as a way to justify their view of a player’s value and impact. Adoption across the IT sector is approaching omnipresence, with 87 percent of telecommunications firms and 76 percent of financial services firms reporting adoption of big data analytics according to the 2017 Big Data Analytics Market Study.
Demand for the Analytics Workforce Grows
In a January 2018 survey, 55 percent of NVTC members reported hiring data analytics positions over the next 12 months. Given the demand for qualified analytics talent across the country, it won’t be an easy task for most local tech employers. For the third year in a row, Glassdoor ranks Data Scientist as the hottest job across all sectors, not just IT. Analytics Manager also broke the top 20 list, coming in at number 19. All told, data analytics positions had four slots in the top 50, with Data Engineer ranking 33rd and Data Analyst ranking 38th.
Diverse NVTC Member Focus on Analytics
In the January 2018 survey mentioned above, 59 percent of NVTC members indicated they are pursuing the use of analytics in cybersecurity. Data visualization and cluster computing/big data are also attracting a lot of attention across the NVTC member base, with 54 percent of survey respondents indicating they are exploring those focus areas. Other analytics specialties with significant NVTC member interest include data integration (51 percent adoption), artificial intelligence/machine learning/deep learning (46 percent adoption), and blockchain and Internet of Things applications (both at 41 percent adoption).
Growth in Analytics Market & Solutions Funding
Greater Washington businesses with analytics-supported products and services netted over $446 million in funding in 2017. The single largest deal was $80 million for DC-based Afiniti, a developer that uses AI to pair customers with employees based on behavior, while the average funding amount was $8.6 million. This massive amount of funding makes sense given that the market for big data-driven security is expected to grow to $11 billion by 2020, with homeland security and public safety organizations driving adoption of solutions are taking advantage of the abundance of data produced from smartphones, computers, IoT devices and other data sources, which indicates that NVTC members are ahead of the curve in their focus on developing analytics-based cybersecurity solutions.
With increased data analytics adoption both inside and outside of traditional IT sectors, it seems as though the primary limiting factor for this sector will be a lack of qualified talent, and the safe bet seems to be that Data Scientist will remain one of the hottest jobs for the foreseeable future.