The consulting firm McKinsey has tasked Big Data as being one of the biggest hopes for economic growth and job creation in the United States. Big Data – talked about frequently in the tech world – is named as one of five potential ‘game changers’ that are likely to power growth in the States over the next decade, alongside trade, education, energy and infrastructure, after robust analysis of the US economy was undertaken.
Encouraging Economic Confidence
It’s estimated that around one third of all global data is held in the US. The country is home to some of the world’s leading research centres and some its fastest-growing startups. The report claims that Big Data can provide the solutions to some of the county’s biggest current challenges. With productivity levels needing to rise by around 30% – the biggest jump in around five decades, it’s said that Big Data can have a sizeable influence on the confidence of the economy due to the accurate predictions that is capable of helping companies to make, resulting in businesses distributing their resources in a more assured and certain manner, enabling companies to reduce waste and stimulating growth as a result.
Investing In Education
It is however said that the other four key areas need to prosper for each of the five to achieve the required results. For example, investment in education needs to be made if the predicted number of roles within Big Data is to be filled by competent, expert staff – with education and training needing to be lifelong processes. The McKinsey report has expressed fears about a skills gap becoming apparent, predicting that there will be a shortage of 200,000 required data scientists by the 2018. As the Big Data sector becomes more and more prominent, it’s expected that 2 million new jobs will be created within the field by 2020 according to the McKinsey Global Institute.