Predictions for 2016 are flowing in and Big Data is being talked about from all corners of the industry, “with each passing year, as the world transitions to digital era technologies, the consumption of data is increasing exponentially. On Facebook alone there are four million posts every minute and in same time Instagram users post 1.7 million likes. Every minute about 400 hours of new video is updated by users around the world. Now that translates to mind-boggling amounts of data generated every second. All this data hold mountains full of intelligence and companies are keen to know and analyse this big data heap.”
It goes on to discuss greater demand for Data Scientists: “professional data scientists will see increasing demand for their skills from established companies. Banks, insurers, and credit-rating firms will turn to algorithms to reduce price risk and guard against fraud more effectively. 2016 will witness an increase in the proliferation of experiments default risk, policy underwriting, and fraud detection as firms try to identify hotspots for algorithmic advantage faster than the competition. “