What is the Future of IoT or Internet of Things in next 5 years?

What is the Future of IoT or Internet of Things in next 5 years?

IoT or internet of thing these days we quite often listen to this word. The words such as the cyber-attack, hacking we can hear these too jointly with IoT. Despite, of the fear of piracy and cyberattack the internet of things and IoT applications will grow much more faster in the coming years. Ultimately we can say the IoT future scope or the future of IoT is very bright. There will a lot of IoT devices which will be coming shortly.

As we all know, a connection precipitates another connection. Earlier in the 19th century, only 4% of the people present worldwide knew about the Internet, that is when the Internet of Things concept came to light. But, realize it became like no one in the earth doesn’t know about the Internet of Things.

It is a known fact that in the future:

The planet earth will have the Internet as its skin in the coming century. This means people will use the Internet as a major thing which will support the life and transmit the sensation. Even it can be said that the skin is coming together to form an external layer upon the whole world.

What is IoT?

Internet of things

IoT or Internet of Things is primarily a full system of all the interconnected computing devices, having all the mechanical and digital machines. When the objects or the living beings have the UIDs or the Unique Identification, Iot and IoT application can transfer the data automatically without including the human to human interaction and human to computer interaction in between.

The Internet Of Things or IoT objects can be anything like an artificial heart in a human or a biochip transponder in the farm animals or the automobile containing the sensors. All these things are essential for human survival. As the organizations are increasing so as the need of the organization that can make the work go easier in an efficient way.

Who is the Father of IoT?

Kevin Ashton is known to be the Father of IoT. A founder director of MIT’s Auto-ID Center, alumni to Procter and Gamble. The Journey of the Internet of Things or IoT started with a lipstick.

It was for Procter and Gamble, where Ashton was pushing a popular color for olay lipstick that was perpetually out of stock as a Brand Manager of P&G. To resolve it, he was thinking for a solution and found some holes in the data regarding the supply chain that led him to drive RFID chips as an invention.

Following this, he encouraged to open a Massachuttes Institute of Technology to start a society known as Auto-ID Center- that will research about RFID Technology. For this process, Ashton thought to talk to less tech-savvy people about RFID, in this process he coined the term Internet of Things. Proceeding these incidents his MIT’s Auto-ID got 103 sponsors and transformed into an International Lab.

How many IoT devices are there today?

According to Gartner :

In the year 2017 there were 8.4 billion IoT connected devices in the whole worldwide. While in the year 2018 it increased to 9.2 Billion. It is expected that in the year 2020 the IoT connected devices in the worldwide would be 20.8 Billion.

The hard to secure smart things which have the installed base this includes items such as TV, refrigerators, and the security cameras. We can expect that there will be a 31% increase in the IoT application and IoT connected devices this year. While this can also reach 10 Billion or more, which is more than the world population.

IoT benefits

The surveys even say that the total number of connected devices such as smart T.V, vehicles, and the digital set up box. This will grow until 12 to 13 billion in the year 2019. This is where the deployment will start when the organizations start looking for the cross-industry devices that include HVAC systems, LED lightings, and Physical security systems.

How is IoT useful?

IoT is beneficial because it makes our work easy and is very less time-consuming. Lets, take in to account the smartphones we use, has made our lives so easy and our a lot of work can be done in just fingertips.

IoT has easied the lives of humans. Imagine a hospital connected with all the smart devices. All the data collected from the device stores the information of the patients and then runs the analytics on various machine whichever the doctor or the authority want to check. Makes life so easy and sorted, making the hospital run optimally as possible.

This clearly shows the seriousness, and how important IoT has become these days.

Are IoT devices secure?

A fundamental and crucial question that everyone gets in their mind Are all the IoT devices we are using is safe and secure? But people still now didn’t find a good deal for securing the Internet of Things devices.

Cisco, one of the biggest networking company, told the Global IoT device supply chain that requires the most powerful and higher vigilance regarding quality control. Due to the lack of proper rules, regulations, and IoT security standards because of which the IoT and IoT application hacks became quite usual and dangerous.

The IoT devices security is in the hand of its manufacturer’s hand. A manufacturer should make sure that all the Internet of Things devices should be safe and secure to use. Safety is the thing that most of the business miss. According to the surveys:

Only 30% out of the 1000 respondent companies told that they take up certain measures to secure all the Mobile Application and the IoT devices. At the same time, the rest of the IoT device markers are not building any security outset.

We can even take a lot of instances such as cloud-based website like Netflix, Spotify and Reddit suddenly became unavailable in October 2016. The attack happened when the unknown or the malicious hackers started gaining control over the IoT based application such as the CCTV cameras, digital video recorders.

With these type of instances, we can say that our data and the IoT devices are not that secure how much it should be.

What devices is IoT?

These days, if we have a look around our surrounding, then we can see that most of the devices are IoT based. So, we listed out all the popular iot devices, which are addicted to nowadays.

  1. First, of all Smart Home Automation, we check carefully, most of the houses are opting for Home Automation. As a security concern, and those who want an automatic and smart built home.
  2. Voice Assistants, there is no home which doesn’t have Amazon- Alexa or Google Echo in their home. People have started feeling these voice assistants as a part of life.
  3. Smart Bands or Fitness Bands.
  4. GPS Trackers
  5. Smart Smoke Alarms
  6. Smart Locks
  7. Doorbell Camera’s
  8. Amazon Dash button
  9. IoT based Security Systems
  10. Home mesh Wifi Systems

These Devices are the mostly used IoT based product. However, there are a lot more devices out there, which people are using. It can be easily be told how IoT has become an essential part of everyone’s life.

It’s clear that the future of IoT in very vast and will increase, no pause, people will more depend on the Internet of Things. While we can even predict that shortly, people can’t even imagine their lives without IoT devices.

How many IoT devices will there be in 2020?

We can say one thing for sure the number of IoT or the Internet of Things devices will outnumber the total population of the earth. While we can even say that the Internet of Things or future of IoT is something which is increasing tremendously in an unexpected way.

In the below graphical representation of the Statista, we can see the increased used of the Internet of Things or IoT connected devices from 2015 to 2025.

future of IoT

According to the graph, we can say the usage of IoT devices will be 30 billion and above. This is four times more than the total population, which is just 7.7 Billion.

All the companies whose original works are related to IoT, cloud computing. Companies like Microsoft Azure, Amazon AWS. All these companies saw a tremendous increase in their sales and the revenue generation and exceeded all the targets set by them. So, we can see significant progress in the IoT security devices. As the purchase and sales of the Internet of things connected devices will increase and touch the peak instead of getting down. On the same side, the revenue of the companies is going to feel the skies.

What are the challenges in IoT?

It is challenging to differentiate and know about the manifestation in IoT. Foremost, the thing that comes up in everybody’s day to day life is Mobile phones, and the critical application that everyone uses is the Video call or Video recorder. If you are in Venice, you can take a look at your kids or pets in New York.

Here, comes the but do you have a firewall in your home to protect your device from getting attacked or hacked? Because there are a lot of chances that your personal information and the data can get exposed to hackers or malicious users.

Even if we have this threat, we can see there is an increased amount of IoT devices. People still search the online platform and offline platform both to get more good and advanced technological tools coming up. We can, in the end, say that we are experiencing hyper-growth of the IoT devices.

Iot application

In 2020 we can say that tons and tons more Internet Of Things connected devices are on the way. At times it is believed that the topmost Internet providers such as the Verizon’s, The AT&Ts are not yet ready for providing the fiber connectivity. This is all because the infrastructure is sufficient enough to support it.

Challenges in IoT

If we go on an talk about the driverless car, This device gathers a certain amount of data which is enormous and incredible. The first one here is the Petabytes data. Which requires regular processing and transferring of the data through the network to the central-most platform that will give the right decision. This thing directly indicates that this technology is not yet ready and secure.

We can get assured that we will get there and all the challenges in the Internet of Things will be solved. Yes, the technology and security in the network data perspective have increased. A lot now the companies have become more than just developing the technology. But, also check the security and safety of the people.

In the year 2018, there were a lot of data breaches the significant companies like a Facebook data breach, Google data breach, some of the airways and hotels have seen a significant data breach. So the companies became more alert about all these, and we can expect that security is the primary thing that companies will take care of.

What is the future scope of IoT?

The future of IoT or where and what advancements that we can see in the IoT future or after 25 years. You can see the top five themes that can be seen in the future of IoT is listed below take a look at it:

People will get addicted to Tech connections

The surveys suggest that the usage of the IoT based devices will increase vastly. It will influence the people over this and the coming decade. There will be some of the magical things that will make the people addictive to the devices and people can’t resist to leave it. The convenience and the benefits will keep the people attracted to the devices.

In the future, we can even expect that people will choose the connectivity over security. As connecting with society, friends and new technology with convenience will become more critical. People will even start keeping all their information data of themselves and their families in these devices, and they start trading the safety and security for the convenience. The users will begin making all the rational decision in a stake of their security and safety.

The kids, adults everyone will get addicted, and the house will become a big IoT device. While human beings will not be able to cope without all these.

Say no to Unplugging!

Unplugging to the internet these days is very difficult by the end of 2025 there will be no term as such as Unplugging. There will be threat alert, distrust and all still people will not be able to disconnect with an online platform or the digital platform. People will become dependent on the internet.

The surveys even say that:

Businesses will start penalizing the employees in the company who are connected in the internet or those who disconnect. Remaining active in the digital media and the social media will gain reward. However, the full withdrawal will be very difficult and can be impossible.

We can also hear the stories where it would you can see things like people tried to disconnect but failed to do so. While you will not be to able to detached yourself with all these devices. As you will be surrounded by all these things and won’t able to avoid it. People will have the illusion of being detached, and it will not be true.

Increase in Internet participants

There will be people who will try to disconnect to the digital media and Social media. Eventually, as soon as they try to divide double the people will come and join the Internet platform. It just doubles up but can never go down. The smart TVs, Smartphones, voice searches will become an essential requirement.

IoT uses

Even the disconnection here means those users are searching for a better option to connect again. Ultimately, it means the users always doubles up instead of decreasing.

Risk mitigation and Human ability will make IoT safer

The ingenuity of human beings will make them genuine users, in the same way, the risk mitigation will decrease. The Internet of Things will become more reliable for users.

However, the race for genuine and security will be high and in need but it is assured that security level will increase a lot and will deliver the best results.

All the networked devices will become reliable as the Power grid and make the platform safe from the wrong actions. However, at points occasionally it will go out- and that will be a disaster because people will, of course, survive it. There will get a lot of regulatory and technology-based advancements that will act as the remedies and will decrease all the threats.

As the citizens in the countries and people in the whole world will become much more aware of the Security and safety in the internet platform. This thing will increase pressure in the Government if something goes wrong. It will automatically make the companies take a pressure and make everything safe for the users.

A rapid increase in IoT: Increase in risk

Whether the people are connected or not but the chance will stay, with the massive increase in the IoT devices usage. This may lead to security and liberty issues getting magnified by the IoT devices.

IoT safety

The Threats can turn into gruesome attacks and all the other acts which can be very violent. The physical attacks are in the public and people can watch it. However in the cyber attacks will be in private and you will not know who is the attacker but the results are terrible.

With the rise of the IoT and the security, the concern will increase so as the liberties by the users. You can say this will help to know where you are walking and light your way or can grab your sensitive and personal information. It will become the biggest challenge for the cops, government and the whole world.

How will IoT be used in the future?

The future will see only IoT everywhere, it will like without an artificial intelligence use lives would be incomplete.

Increased DDoS attack

Cybercrimes will increase and there will be extensive use of IoT devices to facilitate the DDoS Attack. In the year 2016, the world was introduced with an Internet of Things malware- a strain of malicious malware that can easily infect the already connected campaigns like DVRs, security cameras and more. This malware got access to the devices with the default password and usernames.

Later, the malware turned the affected device into a botnet to facilitate the Distributed Denial of Services (DDoS) attack. This usually aims to overwhelm the website with internet traffic.

Reign of Smart Cities

The consumers won’t be the only one using the smart devices, while the whole city and the country will become smart. It will give the ultimate birth to smart cities. Everyone will adapt these techniques to become smart in technologies and save time and energy.

In the end, cities will be able to automate, remotely manage, and collect data through visitor kiosk, video camera surveillance, automobile rentals.

 Artificial Intelligence will be big

Artificial Intelligence will penetrate into every house, starting from smart home hubs to the lighting system, thermostats everything, will have AI. When you will be allowing the voice control device to set up the daily tasks, you will allow them to your personal space.

CONCLUSION

While we come to an end, the IoT or the Internet of Things has made the lives of the human being straightforward and comfortable. It has made the lives of the people very convenient.

Whereas on the other hand with the increased use of the Internet of Things the treat for security and safety has also increase. So we should be careful while providing the details on the Internet platform. However, we can see a lot of necessary steps are being taken but still keeping your data safe with you is essential.

If you want us to add some more advancements that we can see in IoT in the Future, you can write to us. We will update it.

Global Internet Shutdown: Next 48 Hours Partial Internet Blackout

Global Internet Shutdown: Next 48 Hours Partial Internet Blackout

Have you read the breaking news?? Its crucial news for internet users. The news channel reported that global internet users might experience network connection failures as the main domain servers and its related network infrastructure will be down for some time. So, don’t worry if you face internet problem in 48 hours.

which can also be considered the world-wide web’s address book.

The organization who controls internet backend named as Internet Corporation of Assigned Names and Numbers (ICANN) is going to update the cryptographic key. This is used to protect the Domain Name System (DNS). DNS is the world-wide web’s address book. So, to update this address book, need that much time. They took these decisions to update the system to counter rising incidents of cyber-attacks.

But, you still don’t understand what is DNS and ICANN and how they work, right!! We have given some information about these for your understanding:

What is a DNS?

DNS i.e. Domain Name System is considered to be phone book of the internet. DNS is essential for well-functioning of the internet. DNS is nothing but the distributed naming system for computer, machines or any other resources connected to the internet or network. It has a long list of information along with domain names assigned to each of the participating entities.

Most of us don’t know we are actually using this every day by using and checking emails, etc. It is like a phone directory, all the information about IP address and domains are present. The directory is in number which is used to communicate between the computers.

If we enter the certain web address in the web browsers in our laptop or phones, it used this searched data to find the correct domain and internet protocol address (IP). Due to this, you are able to see the web page you actually need to see. Each and every web domain is present in this DNS directory. This is used to manage the web traffic and it helps you to redirect the corrected web page.

For example, when you type https://en.wikipedia.org , your INS i.e. internet service provider firstly look for DNS along with domain name. After finding it, it will translate into a machine-friendly language i.e. IP address such as 178.111.101.45. Finally, it will redirect your internet connection towards to your desired website.

Usually, it takes time to update DNS server on your domain name. For example, you have registered a domain name. After that, you have to update the DNS servers on your domain name. About 12-36 hours, your domain name servers would be updated worldwide and can access the information.

As you read above, information in the DNS directory isn’t located at one location on the internet. The directory is distributed around the world.

What does the ICANN need to do?

ICANN i.e. Internet Corporation for Assigned Names and Numbers is the non-profit organization formed in 1998 which helps to ensure the network’s stable and secure operation and develops policy on the Internet’s unique identifiers by maintaining the database. It’s headquartered is in Southern California. It was primarily formed by US military during the cold war to manage and maintain the Internet. Currently, it is managed by a 16-member board of directors. In that eight members are a nominating committee, other six are of its Supporting Organizations and president and CEO are appointed by the board.

The main work of the ICANN is used to keep an eye on domain name registration process and assignment of Internet Protocol (IP) addresses to Internet Service Providers (ISPs) through its Internet Assigned Numbers Authority (IANA) group. It cannot control the content on the internet and stop the spams, it is used to maintain and coordinate the Internet Protocol (IP) addresses and the Domain Name System (DNS). ICANN is formed to manage the Internet not to control it.

Another well-known work of ICANN is the assignment of domain names. The famous and well-known domain names like as .com, .org, .net, etc are controlled by ICANN. Also, authorises country code domains such as .co.uk, .co.nz, etc.

Though you can not directly register a domain name through ICANN it is carried out by ICANN authorized domain name registrars

Another more important role of ICANN is that it is the creator of the of the UDRP or ‘Uniform Dispute Resolution Policy’ that governs resolution of conflicts concerning domain name ownership. It was the first step towards modernization of the internet.

It is formed to regulate the internet and hold the stakeholder who try to control the internet. ICANN maintain the coordination of IP addresses. Currently, over 100 million domain names and 2 billion network addresses across 240 countries have been managed by ICANN.

Recent year due to technology improvement, security threats on the internet has been increased enormously. So, to improve the security measures ICANN took this step to update the encryption keys for the DNS addresses.

So, for while until the maintenance hours, the DNS and subsequently the web pages that it links to will be unavailable. Like it doesn’t even exist but only for that certain duration. Still, you can access some web page of that domain at very low speed. Though it is impossible to predict when the operators will notice this failure.

As per ICANN’s report, only 1% of the total internet users i.e. (around 30 billion people) around the world are expected to be impacted by the shutdown.

So, don’t worry too much its just 48 hours maintenance time. Thereafter you are able to use the internet at the desired speed. So, give some rest to your mobile phones and relax!! Still, you can use your internet during maintenance hours. Under maintenance doesn’t mean you won’t be unable to use the internet. That means you won’t able to see certain websites, web pages and web-based services and resources being unavailable for a certain duration of time. Things will be back to normal again once all security measures are updated.

You will be online within a few hours!!

According ICANN.org Status Report Shutdown Process initiated on OCT 11th.

Status of the KSK Rollover
The root KSK rollover occurred at 1600 UTC today, 11 October, with the publication of the root zone with serial number 2018101100. Please see the main rollover page for further information on the rollover.

1600 UTC, 12 October: In the first 24 hours after the rollover, there were very few reports of problems, and those were mostly fixed quickly.

Check the rollover status: https://www.icann.org/ksk-rollover-status

And in india No Internet Shutdown Confirmed by Cyber Security Official

Martech 2020: An Expert Guide for Your Company on Future Market Trends

Martech 2020: An Expert Guide for Your Company on Future Market Trends

 

Insights into the marketing technology 2020 and beyond is an online survey conducted by WARC in association with BDO and the University of Bristol on more than 750 brands and agencies to understand their current and future marketing plans for martech tool use, budgets and barriers to growth. This research was conducted on brands and agencies located in North America, the UK, Europe, and APAC.

Moving on, let’s take a more in-depth look at what this 2020 Martech Insights? what are the marketing trends ? and what the future of Matech 2020 is?

You must be familiar with the concept that marketing usually focuses on developing a healthy relationship with customers and satisfying their needs.

Then you must also be knowing that this could not have been possible without technology.

Indeed, these marketing technology tools and needs in marketing are directly proportional to each other. The more the tools, the more their need.

However, due to the modernization of people’s language with time and this marketing technology word clubbed to form a portmanteau, MarTech.

Well, in simpler terms, MarTech is basically a short version of marketing technology. This mixed name concept can be witnessed in various other sectors, such as AdTech (Advertising Technology), a term used in the world of advertisement field.

Well, well, wait! Before hitting the numbers and data, let’s first try to understand the basic concepts of Martech.

What is MarTech?

martech law

Source: Chiefmatec

Like any other term used in the Software world, this Martech is also a term used by the software techies and marketers who plan, execute, and measure their business campaigns.

The planning, execution, and measurements are usually carried out with the help of Martech tools.

These tools help you in streamlining and analyzing your data and provide you with various methods or options to reach out to your target audience and keep them engaged.

What are the MarTech Tools?

Martech Tools ranges from content strategy tools designed for different media to data management tools, analytics, and attribution tools.

Some examples of tools are Photoshop, WordPress, MS- Excel, etc.. To sum up, there are about 7040 Marketing tools readily available for you on a global scale, according to Chief Market Technologies. And these vendors vary from start-up specialists to established providers.
Well, speaking of tools while browsing about this vast topic, did you ever come across the term Martech 5000 and wondered what it stands for?

Like, you and I know what I love you 3000 stands for but Martech 5000?

Well, in 2017, there were around 5000 solutions available globally for commercial purposes are these were nicknamed as “MartTech 5000”.

According to Growth, the top 10 market technology tools are:

martech tools

Source: Growth

Getting back to the basics, let’s understand what a stack is in the retail world.

What is meant by Martech Stack?

A marketing technology stack is an archive of all the technology tools that companies or marketers leverage for improving their retail activities or processes.

In simpler terms, this stack is a collection of the software used by the company for retailing purpose.

I guess you have brushed up your basics, let’s now get into details about insights into the marketing technology aka Martech.

In this article, you will find the current trend, state, use, and future expectations of the marketing technology industry.

Ages of Marketing technology

marketing age
Source: Chiefmartec

Our tech market’s first era began in the early 21st century and was in existence until 2012.

As you can see, 2012 saw the upleap in the tech market, and the era was called the early age of martech. This early age of martech saw the introduction of new marketing tools into the lives of businesses and companies.

Later till 2017, the graphs of software and tools usage hit an excellent steep, and that age was called the first golden age of martech.

But from the 2018 year, you can observe a bend in the graphs of tech usage.

2018 to 2020, a reckoning in the market is predicted. Therefore the era is called the reckoning age of martech.

However, past 2020, it is said that marketing technology will see a drastic change and will be higher than ever.

Martechs law:

martech law 2
Source: Chiefmartec

As you know, marketing is bizarrely complex and is evolving at a breakneck pace. Martec’s Law is a genuine dilemma for everyone in the corporate industry.

Hold on… Before I talk about how bizarre the market is. Let me tell you what the Law is.

What is Martech Law?

Martech’s Law is a graphical representation of the change in the market and change in the organizations.

martech law
Source: chiefmartec

According to this Law,” Technology changes exponentially, but organizations change logarithmically.”

That means the rate at which the technology is updating is faster when compared to the rate at which organizations are adopting the technology.

In other words, the rate at which the organizations are adapting to the new technology is slower than the rate of updation in technology.

Insight of MarTech 2020:

Technical software is developing over time. According to Marketing Technology 2020 Landscape Supergraphic reports by Chiefmartec, the number of solutions in 2011 was 150; from there, it boosted to 7,040 solutions according to  Landscape Supergraphic 2019.

The growth of the solutions from the past eight years can be seen in the image below

martech-landscape-2011-2019

Source Chiefmartec

The estimated market size of the Marketing Industry in North America and the United Kingdom’s (UK) is as follows:

Source: Martech 2020: and Beyond

From the above image, you can see How the market spending has doubled from $34.3 billion in 2017 up to $65.9 billion in 2019 just in a span of two years. The data is combined spending of North America and the UK exclusively.

However, you can observe a massive difference between the increased amount of spending for each individual annum. The increase in marketing size in 2018 is 18.1 BN, and for the current year, it is 13.5 BN.

This means the corporate spending on marketing software has decreased by 4.6 BN in comparison to 2017.

The percentage of overall retail budget spending on marketing technology:

market spend

Source: Martech 2020: and Beyond

The data, in the above image, is split by the proportion of companies spending on in-house and outsourced marketing technology.

As you can see, the results show a rapid growth rate in the spendings in North America
region while the UK has remained steady.

On average, all the brands in North America and the UK are spending approximately 26% of their budgets on software when compared to 23% last year.

That means there is a 13% increase in martech budgets since last year. However, in comparison to 2017 Martech values, there is slight evidence of a decline in the future of the market.

When coming to in-house sourcing and outsourcing by these companies, there has been substantial discussion in the industry regarding the usage of in-housing of tech and optimized utilization of services by brands from their agency partners over the years.

However, what the results suggest is, in the North America region, there has been an increase in both in-sourcing and outsourcing by the brands.

However, when you look at the data of the UK, there has been an evident drop in the outsourcing of resources but a 1% increase in the in-sourcing.

Marketing Technology budget change over 12 months:

The martech budget change of clients by 2020:

The 750 brands and agencies on who the research is done have two opinions on the client’s budget. On analyzing the combined results of these 750 brands, 43% of the brands feel there would be an increase in the client’s budget over 12 months by 2020, 53% of the brands feel there wouldn’t be any change as the clients will still keep their budgets fixed for the annum. However, only 4% of the brands feel there would be a slight drop in the set budgets of the clients.

client
Source: Martech 2020 and Beyond

When you try to look at the results of the analysis for individual regions, each region has its perspective.

Before moving on with the further analysis of the data, you should remember that the analysis reports of Europe excluding the UK while the others are of the whole region.

All other regions except for Europe strongly believe that most of the client’s budget would remain constant while in Europe, 53% of the brands believe there would be a significant increase in the budgets of the clients.

The martech budget increase of brands by 2020:

When the brands were questioned about their budget increase over the next 12 months, the results were somewhat like this:

brand
Source: Martech 2020: and beyond

As you can see, each percentage of brands has its proposals for the budget increase.

On average marketing technology, 2020 budgets by brands are:
  • 22% believe that their budgets might increase by 0-5%.
  • 26% estimate their budget increase between 6-10%.
  • 21% calculate their brand budget increase to range in between 11-15%.
  • 15% of the brands feel theirs might increase between 16-20%.
  • 9% of the brands say their budget will increase between 21-25%
  • 6% of all brands estimated their budgets to increase by more than 25%.

However, from the results, you can analyze that Europe, including the UK, has the highest percentage of brands, on average, 9.5%, which predicts their budgets to be more than 25% of the current budgets.

While North America has no companies which estimate to spend more than 25%, however, it has the highest number of brands calculating to increase in between 0-5% on their budgets.

How has increased investment in marketing technology affected the companies’ Media Spend?

With the development of Chatbots, Artificial Intelligence, SEO tools, and other corporate tools, it has become easier for marketers which media is most effective for their use and promotions.

In the last year’s survey, it was found that the marketers had decreased their market spend when they invested in software tools. But for 2019, marketing technology, the market trends have changed.

trends
Source: Martech 2020 and beyond

From the above data, you can understand how the market trends have changed in comparison to 2018.

Though for about 44% of the brands, their media spend has not been affected, for 32%, it has decreased whereas there was a 57% decrease in 2018.

That means there is a difference of 25% when compared. However, a significant increase of 8% is visible on the media spend from 2018 to 2019.

What do the marketing trends, marketing technology budgets and marketing sizes for 2020 suggest to…..

Brands?

On a global basis for brands the marketing technology, market trends and sizes suggest for the development of in-sourcing resources as well as to maintain good relations with outsourcers too.

Thought the budgets of companies by 2020 are predicted to increase, you can see how more than half of the budget is spent on resourcing.

Hence the companies should focus more on developing their in-source resources or train the pre-existing staff to integrate and upskill their methods and ideas of resourcing.

This doesn’t mean you tend to lose your relations with outsourcers. Incase if the insource resources crash, the only option you have to get your job done is through outsourcing. Hence it is equally important to maintain a balance between insourcing and outsourcing.

Agencies?

From the observations of inhouse and outsourcing future marketing trends, you can see that there is a little momentum in In-housing resources among the respondents.

Hence there is an excellent opportunity for you to grab. You can use this opportunity as an advantage and win back most of your clients, who are about to consider in-housing or have recently shifted to in-housing.

However, winning back is not as easy as you think.

It rarely happens that you go to your client, explain to him difficulties of in-housing, and boom he is impressed and gets back to you.

To impress your client and win him back, you should sell your values according to “COW.”

Now wondering what this COW is?

Well, COW stands for Creativity, Objectivity, and Wider perspective.

Hence, when you are explaining your resources to the client, always try to be creative, objective, and try to have a wider perspective of branding and culture.

Technology vendors?

As you can see, the possibility of an increase in budget spending, there is always a scope of improvement for your tech vendors.

All you have to do is to ensure that your goods and services can facilitate creativity, are easy to operate, and solve the concerns of both brands as well as agencies.

Media Owners?

If you are a media owner and are looking at the data analysis, I bet you must be feeling happy.

Compared to last year, data this year has a piece of positive news for all media owners because there last year had a great decrease in media spent while this year’s research says there is an increase.

For you, the key to making money out of this is by focusing on the importance of data of the brands and agencies as well as keeping yourself transparent.

Now, if you step ahead and prove your effectiveness and relevance to brands concerning the context of increasing usage of technology platforms, that’s it you get clicked just like that.

Now, let’s look at the current usage and capabilities of marketing tools.

Current Use and Capabilities of Marketing technology:

Marketing tools provided by established organizations are where the brands and agencies find their use.

The following are the marketing tools currently in use by most of the brands on a global level.

martech tools
Source: Martech 2020 and beyond

From the above data, you can analyze various categories of tools used by companies for marketing.

In 2018, the usage of tools was

  • Email – 85%
  • Social Media – 75%
  • CRM – 68%
  • Analytics – 64%
  • Content Strategy – 63%
  • Mobile – 58%
  • Data Management – 58%
  • Ad Tech – 57%
  • Commerce, Lead management, sales – 56%
  • SEO – 47%
  • Market Automation – 41%
  • Experience Optimization – 37%
  • Collaboration – 28%
  • None of the above – 9%

Source of the data: Martech 2019 survey by WARC and Moore Stephens

By comparing both 2018 and 2019 data, you can see that for some tools, there is a drop in their usage while some have picked up the graphs.

Though you can observe a negligible difference between the rise of Analytics, Measurements and Insights, Mobile, Data management, and Ad tech’s graph, you can find a significant rise of 3% among Market automation and SEO. A 5% rise in usage of experience optimization can also be seen. But, in the case of collaborations with other software, there is an increase of 9% in comparison to that of 2018.

However, you can see that, and there is a 3% downfall in the usage of Commerce, lead generation and sales, and Customer relationship management (CRM). While coming to Emails, there is a significant drop of 6% in the usage in 2019.

However, the future market trends also suggest that there might be a huge fall in the usage of Emails as only 14% of the population among the 750 brands plan to use it in the next 12 months. Comparatively collaboration usage can be seen to fall as 38% of the crowd have no plans in using the tools.

How can you develop the best MarTech Strategy?

When the Brand respondents of the Survey conducted by WARC in association with BDO, and University of Bristol were asked about the skills they look into while hiring the marketing function for their company the top priorities were somewhat like this:

qualities'
Source: Martech 2020 and beyond

As you can see, the most important criteria for the brands is creativity. On average, 49% of the brands prefer their marketing software to be creative. Later they look at the brand strategy and then the customer experience.

So similarly, even you should have a clear picture of what you need for your brand. Hence planning a martech strategy is very essential.

Here are some great tips for you to develop the best marketing strategy for the future market trends:

Analyze what you need:

Along with the growing market, new tools are launched every day. It is always tempting to get the best tool or a high-end tool. Every organization, just like yours, wants to have the best.

But what will you do with a tool which is of no use to you? It is just like a person with hearing aid buying a high-end version of headsets.

Hence, always sit with your team and analyze which tool is easy for them to work on and to give fantastic results.

Check for Upgradations of the tool:

Now, you know what you want and started to use it. It is giving the best results. But, with the change of time, tools also need to be upgraded for more optimization.

Hence, keep looking for up-gradation of the tool or alternative sources for tools that are easier to adapt and give optimized results for your brand.

You can save your time of research about new tools and use product hunt for the same.

Understand the role of the tool:

Why do you need a tool? Why can’t you do everything manually?

I know the answers, I was just playing around.

You usually need a tool because it serves several purposes that are important to your business team.

First, they help you in understanding your customers through data and analytics.

Second, they help you in automating processes so you can use that data to work more efficiently.

And third, they help you in making the customer experience even more personal and meaningful.

Hence when you are using tools, make sure that it serves at least one of the purposes. If your tool is not serving any of the purposes, I say ditch it and shift it to a useful tool.

Know what your clients look for:

Having a tool, analyzing the numbers or data will not fetch you anything until the client is satisfied. Hence when you are choosing a tool or planning a strategy, always keep clients persona in mind.

To know what your clients need to look for leads from the customer experience department and choose strategies accordingly.

Keep your data up to date:

Always remember, no matter whichever product services your companies provide, you must have your database. The database helps you understand more about the market; it’s functioning and customers’ persona, which helps you and your company develop to the next level.

How are marketing technology and customer experience related?

When the brands were asked about how important is customer experience optimization for their company? The results are:

customer exp
Source Martech 2020 and beyond

As you can see, 57% of the population feel customer experience is very important, and 39% feel it is important. Hence on average, 76.5% of the brands and agencies feel customer experience is somewhat important for them.

What is the customer experience?

Customer experience is nothing but the feedback from the customer. The feedback can be in any manner. It can be the impression on your brand, product, or your services.

For most customer-based companies, the customer is the king.

Technologies used by the brands to learn about customer experience:

According to the research, as you can see, Most of the brands use Customer relationship management and social media management the most to get customer experience.
It’s not always necessary that you should also use what the top brands use. Here are some customer experience tools you can use for your company for better results.

Customer experience tools are:

   1. Customer review suggestion box:

No one knows what is working and what is not better than your employees. So, first, start from your own office. You know, like charity begins at home, feedback also should start from your own office.

There might be a possibility that if you, the boss, is asking about a review, no one would dare tell negatives.

So drop a suggestion box where the employee’s name can be anonymous, and you get the genuine review.

   2. Customer surveys:

Well, well, yes, customer surveys. From your database, you can find out your brand loyals easily, and also you can find brand switchers.

Pick them up and send surveys via online mails, or if you are in the same area, try to meet them up. You can have a little chat about their experience with the brand and then conduct a survey.

   3. Social media listening tools:

If you feel that surveys, the suggestion box is too much, and you don’t wanna do it, then you can always turn to technology for help.

Social media listening tools help you monitor what your customers are looking for. It includes the top searched keywords, your brand products, their reviews or comments, your competitors, and many more.

Now you must be wondering where to get these tools? Don’t worry; we have a solution to every problem of yours.

There are an unlimited number of tools out there based on your preferences, for reference Hubspot, Hootsuite, Sprout Social are few tools from where you can start.

There are other Customer experience tools available in the market that fulfill your preferences, and they are IBM Tealeaf, Satmetrix, WalkMe, Khoros, Podium, Whatfix, and on and on.

By reading the above information about marketing technology and trends, I bet you must have understood what it is about and how are the current market trends.

Well, now let’s look at the future.

With 2019 almost coming to an end, it’s time we take our experiences from it and prepare for the future 2020.

Future of Marketing Technology 2020 :

The most used technology in the current marketing strategy these days is IOT- Internet of Things, 38% of the population among the brands use IOT as their technology in marketing strategy. 26% of them plan to use it in the next 12 months too.

Next, catching up technology is Virtual Reality, aka VR, 26% currently use it, and 24% plan to use in the coming 12 months.

The other analysis you can find in the figure below.

future martech 2020
Source: Martech 2020 and beyond.

As you might be aware of the fact that along with changing times, technology is also evolving.

So, What will happen in 2020?

This is probably going to be the future of Marketing technologies, aka martech:

  1. Companies will optimize to Voice Search
  2. Companies’ dependence on Google Analytics will decrease.
  3. IOT technologies will top the business
  4. Brands will look for alternative communication channels.
  5. Businesses will no longer be built on one channel
  6. Personalization will be the new market trend

#Voice Search Optimization:

Though the research states that the voice search usage in the next 12 months will not be more than 25%, another search, according to ComScore states, over 50% of the future searches in 2020 will be in the from voice search.

Hence, companies to rank on top have to optimize to voice search.

Here we are not just talking about Google Assistant, Siri, Alexa. We are talking about voice searches beyond these.

One such personal best is Jetson.ai. Never heard about it?

Well, Jetson.ai is a voice assistant, which helps in voice shopping.

You don’t have to buy a device; all you need to do is simply connect it to your Amazon’s Alexa or Google Mini.

Then upload the menu and shop.

Voice Shopping in the U.S.is estimated to reach $40 Billion in and $5 Billion in the UK by 2022.”
-OC&C STRATEGY CONSULTANTS

Another wonderful thing about jetson.ai learns from the customers and customize it accordingly.

That means, If you are ordering a particular item from the same store over and over, it understands it, and for the next purchase, it makes it easy for you to order.

# Why will dependency on Google Analytics to decrease?

I am sure that every company at one point or the other must have used Google Analytics or is currently using it.

If you have used Google Analytics, you must be aware of how it functions.

If not, here is a brief intro to it. Google Analytics is basically a web analytics service. Google offers it. It helps you to track and report website traffic as a platform inside the Google Marketing Platform brand.

If you ask me if this Google Analytics is not accurate for research? I would say No.

Now, if you ask m if there is something wrong? Still, it’s no.

I bet your next question will be, do people, not like it? Of Course, no, who wouldn’t like a free tool to check Website traffic.

Then why will it be replaced? Let me give you a living example of smartphones.

Nokia phones were considered the best. Even you must have used it at some point. But with time, smartphones came in and replaced it.

People like you and me preferred smartphones cause work got easy and optimized.

Similarly, with Google Analytics. Over time new updated tools and software are emerging, and Analytics has become the conventional method of data analysis.

Nowadays, there are things like repeat purchases, upsells, down sells, and checkout bumps are seen. On top of that, there are various ways in which you can generate revenue for your online business, like partnerships, or webinars.

As a result, it has caused companies to start using analytics solutions that match their database better, for example, Amplitude. Or something more convenient than that.

In the end, all you are seeing is a big push into business intelligence.

In 2020, you will get to see more and more companies adopting these business intelligence solutions. Due to budgets, they might as well shift from paid ones to free ones like Google Data Studio.

If you have no idea about Data Studio, then I suggest you start getting an idea now.

It is easy for you to pass in all of your business and corporate data into one place.

For example, you can pass in more complicated data from your Facebook ad campaigns into Data Studio with ease as it would be a bit difficult task to perform with Google Analytics.

#How IoT will top the businesses?

As mentioned earlier, 38% of the population among the brands use IOT as their technology in marketing strategy. 26% of them plan to use it in the next 12 months too.

According to a report by Statista, the Internet of Things (IoT) connected devices installed worldwide in 2020 will be 30.73 billion. Currently, in 2019, it is 26.66 Billion.

Which means there would be a rise of 4.07 billion in IoT.

If you have no idea about what IoT is then, The internet of things (IoT) is nothing but the data you share over an internet connection.

In technical terms, IoT is a growing set of technologies based on devices that could share data via an internet connection.

Hence, companies will have to look into this for better optimization, and it is estimated according to a report by Statista that by 2015, this IoT would reach 75.44 billion.

That means 48.78 billion rises from the current use.

#Why will brands look for alternative communication channels?

The most conventional communication channel used by corporates is Email. You and I also use it for our marketing purposes.

In fact, email marketing is one of the E-Commerce business ideas and SEO ideas.

The only problem with emails is conversion rates are low. Buyers, most of the time, do not check inboxes or only look for important ones and skip promotions. Hence it is becoming challenging for companies to only stick to emails.

Hence, companies are looking forward to alternative business channels for better conversion rates, which are effective in turning their leads into customers.

Some alternative communication channels are Chatbots, Customer call centers, toll-free centers, and push up notifications.

# Why will business no longer be built on one channel?

In previous years, a lot have companies have been built on a single channel, like facebook, quora, etc.

Facebook uses the email address book as its channel. Whenever you log in for the first time, you must have seen a pop up suggested friends or import email addresses from facebook.

Similarly, Quora is built on SEO channels. It helps companies ranking on search engines.

But, marketing these days is not unidirectional. It is heading fast towards marginal gains.

If you want to win the market, then you must use all the channels possible for business. Hence marketers will shift to use multiple channels to build their businesses or rank number one.

#Why personalization is important in the future?

Personalization is an SEO trick to grab the attention of your customers. There are two types of personalization to a website:

  • Themed personalization
  • User personalization

Themed personalization:

This is what you do to customize your website according to a festival. Like recently, we celebrated Halloween. So you must have customized your website to a Halloween theme.

Google always personalizes itself to such events. It makes the users happy and attracts them.

Well, if you do not know how to customize your website, you can use organized themes for helping you with customization.

User Personalization:

This is an important point, especially in the field of online marketing. Let it be your ads or products you sell. You should always know your demographics.

User personalization is what you can find Amazon or Flipkart doing. They observe your shopping trends or recent searches. Later, when you use their services, they will show you related items.

Based on your recent searches, here are some suggested products. A message appears, and we find all our related items.

Now, what will happen if this is not there? If personalization was not there, then you or I can get suggestions for baby clothes or dog food.

Well, if you have a baby or a dog, it will be useful, but I don’t have a baby or a dog, so its a spam to me.

But if you give me some search related to footwear- oh, I love browsing footwear and keep on buying them even if I don’t need new pairs- I will browse and definitely buy at least one pair.

So, personalization helps in business growth and attracts customers.

Now, if you ask me, why is it important? In future people will get so busy that they will not have time to look into anything. If you personalize your products according to buyer persona and showcase them on top of the websites or ads, the chances are high that they will end up purchasing some goods or the other.

You might have definitely been hearing about some of the above points or might feel they are irrelevant to you, but this is the future of marketing technology 2020.

Martech is not a piece of cake. You also must have been facing barriers in technology for marketing. However, here are a few topmost barriers for Marketing technology 2020.

Barriers for MarTech:

According to the report, MarTech 2020 and beyond, the brands and agencies have different views on the barriers of marketing.

According to the brands, 50% of them feel budgets will be the top constraint in 2020 marketing. Still, agencies have a different view; among them, 56% feel understanding the technology will be a constraint for marketing technology 2020.

Here is the data analysis of barriers for both brands and agencies

Image:
Source: Martech 2020 and beyond

Conclusion:

On a whole account, Marketing technology 2020 is going to see a lot of ups and downs. But for you, if you have confusion or dilemma about what to do, where to start, how to start, you can always contact us.

Most things mentioned above are either things that you have been hearing for a long time or have never heard about. But whatever it is, it is in the future, and if you want to survive, you should be prepared.

We would always love to hear your views on the marketing trends 2020 and what you think about your future. Do give your opinions in the comments section below or contact us.

We hope that this article was of excellent help to you in understanding marketing technology and 2020 trends.

What is the Future Scope of Data Scientist in India?

What is the Future Scope of Data Scientist in India?

Data Scientist and Data science is always improving and change to a vast extent over the next ten years. We can clearly say that the Data Scientist will have a lot of scope in the future, and companies looking for Data scientist will increase. The best job in the future you will get is data science jobs. People are opting for a data science course, and people will be looking for data scientist salary.

Future Seriously requires Data scientists a lot, and companies will hire a lot of Data scientists. If you want to build up your career in Data Science, having a proper Data science course is essential to have a better foundation. There are a lot of institutes and online platform who provide this course. After you accomplish all the needs of being a Data scientist, you are good to go.

What is a data scientist?

Data scientist are a group of data analyst who engraves all the required technical skills to solve the complex issues. Not just stop here, even find the problems that may arise in the future and answer those.

The Data Scientist should be aware of mathematics; a computer researcher should be able to spot trends. A data scientist should be able to balance all the work, most important business, and the IT-related work.

A Data Scientist has to maintain a balance between all the stuff in a company, which is why the data scientists earn a very high payment. So, this is the chance to grab it and be the one.

A decade ago, the data scientists were not in the radar. But at a sudden, the popularity of the data scientists increased, and it changed the way how the businesses are feeling about data scientists and big data.

A company always has an unwieldy bunch of information that can be no longer ignored and has to be put together to get the business on tracks. The report is a gold mine that will help in generating revenues. For the given information to work, a digger is essential, and that person is the Data Scientist who has to dig the gold and bring it out to earn revenue.

Is Data Science Hard?

Well! to be clear, Data Science is not natural; it will take a lot of energy and a lot of time from you.

You must be thinking, what is this I’m saying! because you just now came across an ad which says, “Master Data Science in one month.”

Mastering Data Science takes years of hard work, while a lot of online courses claim as if it nothing. First and the foremost thing is to do a lot of practice and gain a lot of real-life experience in the right environment. Never and every skip forward, take time, and set up your data server.

It sometimes includes disestablishing a code or snippet, to which your computer showcase there is an error, and which very annoying. You need to have excellent patience level. Sometimes you may mess up with the built-in pipelines and lose some time. These all can cost you some extra work hours.

Learning Data Science is not an easy task, and it will take time. It is always better to accept the fact before jumping into it and still want to continue then prepare yourself accordingly.

If you are ready to learn Data Science in a hard way, the time invested in learning will be the best long term investment for your career. Data Scientist is one of the best profession to chose as a career.

Is Data Science a good career?

Learning Data Science skills is one of the brilliant Career options. As a career option, it is bright, while the path is not so easy you have to master in Python, R, SQL, and other essential Technical Skills.

However, finding a job can take some time and effort. But once you are in, then, there is no stopping.

The Job Titles you can look for after you have good knowledge of being Data Science are Data Scientist, Data Analyst, Data Engineer.

Data Analyst is the entry-level job which requires only intermediate technical knowledge.

While there are related job titles in Data Science are Machine Learning Engineer, Quantitative Analyst, Data Warehouse Architect, Business Intelligence Analyst, Statistician, Business Analyst, System Analyst, Operations Analyst, Marketing Analyst.

There are a lot of advantages to learning Data Science; you can even have a fair chance of doing Freelance work. Now, you must be thinking Data Science and Freelancing, can this happen. Yes! You can do freelancing, and you can earn $100-$200 per hour for being a Data Scientist Freelancer.

It is one of the best careers if you want to do something in the technological field.

Does Data Science have a future in India?

Data Science considered as one of the top professional careers chosen has a perfect future in India. There are a lot of companies coming up in India, and every industry irrespective has bulks of data and require a data scientist anyway.

Previously, the companies used to rely on their gut feelings to take any significant steps. But now they have a data scientist who gives a calculated reason before landing on a decision. It is better to be calculative than following your Gut.

People have seen rapid growths and able to analyze the market trends in a better way. A calculative step minimizes the risk factor.

All these factors clearly, showcase the scope of Data Science in India.

What exactly does a data analyst do?

A data analyst is not much different from the data scientist. Data Analyst converts the numbers into English that will let the company make easy decisions. The company usually have sales data, Market Analysis, Survey reports, Logistics, and others.
Now the Analyst has to take the data and analyze the whole thing and make the data usage that will help in choosing the better business decision. This may include a lot of things such as figuring out new ways to increase business, launching new products into the marketing, or managing the costs of the company.

There a lot of job roles for the data analyst for various fields such as operations analyst, marketing analyst, financial analyst, digital analyst, and so on.

How much money does a Data Analyst make?

Data Analyst being an entry-level pays well off to the entry-level employees.

Data Analyst

Source: University of Pennsylvania

The minimum Data Analyst Salary is: $42,208 per year

While the range for this is still uncertain, but if we check and estimate, then the highest-paid is approximately $140k per year.

Can acquire the bonus up to $10,000 and $8000 plus profit sharing.

The companies like IBM, JP Morgan, University of Pennsylvania, Cognizant Technology Solution are paying $ 74,732, $67,674, $59,781, $70,627 per annum salaries respectively for the Entry-level Data Analyst.

How much do Data Analysts make in India?

Data Analyst in India also makes a reasonable amount, in the entry-level as a Data Analyst.

The minimum salary for an entry-level Data Analyst is Rs 4,40,000/- per annum.

While the average Data Analyst Salary in India is Rs 5,81,887/- per annum, this showcases how much in demand Data Analyst job is in India.

Going to a maximum salary paid, we can never imagine what the maximum wage would be it all depends upon your work and dedication. However, according to some Job Seekers websites like Payscale and Glassdoor, the highest salary for a data analyst is calculated to be Rs 12 LPA and so on.

Some of the Indian MNC’s who are offering jobs in Data Analysis fields

Accenture: Rs 633,169/- per annum

Myntra: Rs 798, 949/- per annum

Tata Consultancy Services: Rs 480,000/- per annum

Capgemini: Rs 686,611/- per annum

IBM: Rs 470,039/- per annum

Is Data Analyst a good career?

A skilled Data Analyst is one of the sought after professional career anyone can opt. You would be wondering why is it so, the answer is because it is in demand, companies strongly require Data Analysts.

The requirement of Data Analyst is huge, but the supply is less. So, opting for a career as Data Analyst will increase your demand. Even you can have leverages such as huge salary, excellent perks, and a lot of liberties in the entry-level only.

You can find the need for Data Analyst in diverse fields and companies, any company that has to use the amount of data requires a data analyst for the analysis. For some of the jobs roles in Data Analyst involve analyzing the data to making important investment decisions, target the customers, assess the risk, and check the money allocation.

Data Analysts have to take mountains of data and make it short. They have to make it sweet according to the trends, forecast. With the data help, the employers make a better decision and keep the business going.

You can find Data Analysts in Wall Street, at investment banks, private firms, top MNCs, hedge funds everywhere. Data Analysts are not limited to specific terrain; Data Analysts are in every field.

What is a Data Scientist Salary?

According to the leading Job Seeking site Glassdoor, the average salary of a Data Scientist is $113,436 per annum. This indicates that people, most importantly, the forms are understanding the importance of Data Scientist and want to use their skills to drive smart business decisions.

It is not a hidden secret. Data Scientists earn enormously. Just prove your skills, whatever deal you want you to get it. But, proving yourself capable of everything is very important.

A lot of companies irrespective of their domain are looking for Data Scientist. The lowest payment for Data Scientist is $86,000 per annum.

While the highest salary is uncertain because it all depends on your hard work and the company you are working. However, if we take a look at some top Job Seeker sites, LinkedIn is providing the highest salary up to $280,000.

As you know, Sky is the limit, similarly for your talent and hard work the pay scale would be limitless.

What is the scope of Data Scientist Jobs in India?

There are a lot of jobs for Data Scientist in India, giving a vast exposure to the people who want to be a Data Scientist. As we check Naukri.com, one of the top Indian Job seeking sites say more than  25,000+ jobs are there in India just for Data Scientist. And as we checked LinkedIn one of the top job finding a place in the whole world, more than 14,000+ jobs are there in India for Data Scientist.

If we rely on the statistics, in the year 2015, there were 2.3 million job openings solely in India. This statistics even increased when it came to 2018; they estimated job vacancies were 2.9 million. We can say that the companies require some Data Scientist and the requirement will grow and can never decrease.

This clearly shows the requirement of the Data Scientist in India. According to the Indian Times analysis;

Recently, business report reveals that 50,000 jobs in Data Scientist and Machine learning. This shows how business analytics increased in India.

How much can a Data Scientist earn in India?

Data Scientist Salary: The average salary of a Data Scientist in India is $1,029,665 per annum. Excluding the bonus, profit share, it all depends upon your talent and experience.

We can expect that an experienced Data Scientist can earn up to $3.5 million.

You see the scope of the Data Scientist and how the future will require a data scientist. There are a lot of online and offline platforms offering Data Science courses you can always choose.

Nowadays, online courses have become very feasible, for the best data science course you can opt Udemy.

How many Data Scientists are there in India?

According to Deloitte, there is a massive requirement of Data Scientist all over the world. In simple ways, we can say that Yes! There is a shortage of Data Scientist. If we follow the latest report alone in the US, they have a lack of 151,717 people with data science skills. With particularly, 34,032 people shortage in New York, 31,798 people shortage in the San Francisco Bay Area, and 12,251 people shortage in Los Angeles.

Coming to India, if we follow the LinkedIn reports, India has less than 10 percent of the data scientists that are available globally. If we check for America, they have 40 percent of the data scientist.

The exact number of people in Data Science is not known, but when estimated, then only 8000 people are working as a Data Scientist. However, the industry requirement for the Data Scientist is much more.

Data science is considered as the backbone for all the services that are based on IoT or Internet of things, Artificial Intelligence, Machine Learning. If a company has several skilled Data Scientist, then they have higher competence. As the Indian IT services are increasing, so the requirement of Skilled Data Scientist also increases.

Who is the best Data Scientist?

As it is the said Data Scientist is one of the Sexist jobs, we are listing out some of the best Data Scientist presents. Check it below:

  • Dean Abbott: The co-founder and Chief Data Scientist at SmarterHQ
  • Sebastian Thrun: The CEO of Udacity, as well as the research professor at Stanford University.
  • Kenneth Cukier: the chief data editor at The Economist.
  • John Elder: the founder of a data mining consultancy Elder Research, Inc,
  • Andrew Ng: the chief Data scientist at Baidu Research, including the associate professor at Stanford University. And also the founder and chairman of Coursera.

What is the difference between a data analyst and a data scientist?

According to the Havard Business School Review:

Being a Data Scientist is one of the sexiest jobs in the 21st Century, and companies will require a lot of data scientist in future. Data Scientist is considered to be one of the coolest in IT.

There are four different roles for Data Scientist:

  • Data Researcher
  • Data Developers
  • Creatives for Data
  • Data Businesspeople

The data analyst job roles constitute of four major tasks:

  • Data Architects
  • Analytics Engineer
  • Database Administrators
  • Operations

Qualification needed for Data Scientist and Data Analyst:

Data Analyst And Data Scientist

Job trends for Data Scientist and Data Analyst in Google trends:

 

Source: Google Trends

Data Scientist

Source: Google Trends

While coming to the salaries of Data Scientist and Data Analyst, Data scientists earn more than that of Data Analyst. The average payment of Data Scientist is $117,000 on the other side the average salary of Data Analyst is $62,000.

We can say that Data Analyst is a part of Data Science. They perform a variety of other tasks included in Data Scientist like collecting data, organizing it, and obtaining the statistical information. Data Analyst is responsible for keeping the data in the form of Charts, Graphs, tables which are used to build the database for the company.

Can a data analyst become a data scientist?

Yes, a Data Analyst can, of course, become a Data Scientist, as earlier said Data Analysts are a part of Data Science. While their primary work is to convert all the Data, Market Research, Surveys, Collections into an understandable and robust language. However, there are particularly crucial that should be taken into account if you want a data scientist from an Analyst.

Work with Different People

Try to work with various sets of people in different fields; it will let you grab the knowledge from diverse areas. Therefore, identify the right pool of team and connect with them.

Exercise your role

You must always keep on exercising your skills in the same position. This makes you analyze what you know and what is yet there to understand. You should still consider yourself as old enough to be a Data Scientist. It is because the Data Scientist position requires critical thinking and specific problem-solving skills. You should be practicing your Data Analyst skills to become a Data Scientist tomorrow.

Improve your Skills

Apart from just the Mathematical skills, you should be able to improve the model skills. This will provide you insight and lets you work with other people and helps you face the problem-solving situations. The best way of developing data science is to improve all your skills and try to adopt new skills and take on real-life issues.

Position yourself in Market

Once you have made your mind to shift to Data Science from Data Analyst, make yourself the best so that you get hired by the best. Therefore, you need to have all the necessary skills to grab the chance in the best organization. Gaining confidence to use various tools that will help you in work, and solve all the problems quickly.

What skills does a data scientist need?

If you are potential data scientist whatever the situation maybe you will use any information to conclude. Craving into Data Science is what a Data Scientist does. Below we are going to mention the Technical skills and the Non-Technical skills required to become a data scientist.

Technical Skills

Technical Skills

If we consider the technical skills, then Statistical Analysis is most important. And should always have an analysis to leverage the power of computing the framework that can be processed, then presented all the unstructured data into structured data. This is one of the top-notch technical skill that a data scientist needs.

  • Programming Language: You need to have some basic knowledge on the programming languages such as Python, C/C++, SQL, JAVA. However, Java with Python is considered to be the most imperative Programming language for the Data Scientist. The Programming Languages are required traits in a Data Scientist to clean and structure the unstructured data.
  • Analytical Knowledge of SAS and R: The Analytical knowledge will help you extract the required data, valuable insights from the chunk of unstructured data. SAS, Hadoop, R, Spark, Hive are the most critical Analytical Tools that a Data scientist most know. However, there are a lot of classes that offer certification course.
  • Adapt Yourself: When we say that Data Scientist must structure the unstructured data. Which means the data scientist should be habituated and adapt themselves certainly so that they can solve the unstructured data from any junk of information. If the Data Scientist is working on Marketing related work, he should be capable enough to take out the relevant insights from the bunch of information.

Non-Technical Skills

So, the above were some of the critical technical qualities that a Data Scientist should have, now its time to know the Non-technical Aspects that a Data Scientist requires.

  • Awareness to Business: If a data scientist doesn’t know what his business is, what his company is going through. On the other hand, don’t know how to make a successful business model, then all the technical skills that you know are useless. You can’t learn the problems and get to a conclusion. Then technical skills are nothing because Problem Solving quality is the first tactic.
  • Communication Skills: As being a Data Scientist, you will have a group of people working under you whom you have to address. Not just the people working with you, even the one who is non-technical and new to it should understand when a data scientist explains. Strong communication skills are a must.
  • Have a bright instinct: Want to be a great data scientist then have a higher intuition, because this is one of the top traits of the data scientist. Having a great instinct means having everything. It makes your path along with the pile of all the information that you will find the moment you step in to become a data scientist. This is the work that makes a data scientist more efficient.

How can I become a Data Scientist in India?

As mentioned about you need to have some specific Technical Skillset, before that you need to be qualified and hold some specialization degrees. You need to have at least four years of Bachelor’s degree. If you want to be in a demanding leadership position, you should surely have a Master’s degree and Doctorate.

Some of the schools offer Data science degrees too. he degree can be very beneficial for the long run as the degree will provide you all the necessary skills to process and analyze a set of data. The degree will you provide prior information about the field, and provides information related to statistics, computers, and analytical skills. Enhance your judgemental decision based on the data.

The most common degrees that will help and make your Data Scientist course easy:

  • Computer Science
  • Physics
  • Statistics
  • Mathematics
  • Applied Maths
  • Economics

The skills will also include Coding, Quantitative Problem Solving, Analytical Reasoning, Experimentation, and so on.

CONCLUSION

While we come to an end, it is visible that Data Science and the requirement of Data Scientist in India are increasing a lot. As we can see clearly, Jobs in Data Science will improve a lot.

If you also want to be a Data Scientist, then follow all the things that we listed above. With all the technical skills that are required to be. Rest, it is you and your talent that will help you in landing a position like this.

If you need any help regarding Data Science and want to know more about Data Scientist job-related things in India. Do leave a comment below.

What is GDPR? and Why it is important after May 25th?

What is GDPR? and Why it is important after May 25th?

WHAT IS GDPR AND GDPR COMPLIANCE?

General development privacy regulation is a rule which was declared by the European Union law for the protection of data privacy of normal persons and keeps it personal data safe which can be passed on securely. It was declared in the year 2016, 27th April in the name of “Regulation EU 2016/679” in European Parliament. After a whole 7 years of brainstorming the law finally got implemented. It is a re-written or replaced version of the 1995 Data Protection Directive which gave the minimum service in the protection of privacy of the data. Whereas with the new GDPR it has strengthened more the personal privacy of an individual. An individual can easily demand the company he is working to delete all his personal data that he doesn’t want to shared or opened out.
This General development privacy regulation was a storming decision for the protection of the personal data and it was being implemented by every country. Which made the common men individual power more strong. If an individual accuses a company of their having illegally held his personal data then the individual has every right to file a case against that company to delete all the personal data that is related to him and the company is bound to delete or omit all the things he has asked for. This is the first time when a regulation got so strict for the companies and helping the individuals. And this, not it if some company doesn’t follow this rule that company will be charged with a fine of €20 m (£17.5m) which is somewhat the 4% of the yearly turnover of the company.

EFFECTS ON COMPANIES DUE TO GDPR

General development privacy regulation decision the companies get affected a lot mainly those companies who keep the consumer information or data which involve technological firms, marketers, the data brokers and all. It has become a very difficult and direct task for them as they always have to keep this in their mind and work accordingly. It becomes a huge burden for any company to first access the data that is required and then delete all the data.
Its most of the effects can be seen in those companies whose main work is to get the relevant data from the required consumers and then exploit the data because now the company has to take the consent of the consumer if they want to use it and if the company has to use the data then they have to revise it and reuse it with the individual’s consent.

WHAT ARE THE PERSONAL DATA INCLUDED IN GDPR?

There the different things which are involved in the GDPR and are considered as the personal data. The data that are considered to be personal is being divided into the various organization now which even includes the very important online identifier that is the IP address which is now considered as the personal data.

The information like the medical health records, economic, cultural information are all included as the identifiable personal data. The personal information that is Pseudonymised always fall under the GDPR regulations as it depends on how easy or difficult way the data can be found. All the things and the data that come under the act of Data Protection Act will also be coming under the General Development Privacy Regulation.

WHAT IS PERSONAL DATA AND SENSITIVE DATA?

The data which in entered and the processing of the scope data that can or can not be identified of the subject of the data, this information of the data subject is known as the personal data.

The common data such as the name, place of birth, date of birth, picture, email ID, address are considered to as the personal data in the data processing.

The other data like the less evident data, other related data, and identifiers that are more useful for the digital platform which is also included in the personal data. The personal data include the identifiers such as the location data, behavioral data which can be known before through the new technologies involved like the IoT or Internet Of Things, Face recognition, Voice recognition, cookies, RFID etc. are all involved finding the required data and the data can also be taken with the help of the Government registration and all.

Eventually, Personal data and the sensitive data are not different both are the same whereas we can the personal data sometimes is considered as the sensitive data. The data which are sensitive require a lot of additional protection to the data with a stipulation. The sensitive things like the medical history someone, ethnic history, genetic identity, cultural background, religious beliefs etc.

HOW CAN PEOPLE ACCESS THE GDPR?

People can access this act of general development privacy regulation at regular and reasonable intervals. The main intention of this rule is to give the people the most possible access to the data that is given to them. And the controllers to whom the customers ask about their data would be having a month time to comply and give the data or delete the data and tell the consumers about it. The controllers who take on the data and the processor who process the data have to inform for what purpose they have taken the data? and in which field they are using it? And what is the main motive behind it? And the various ways they will be using it.

The act also says that the language should be very easy and must be user understandable language. It should be simple in language through which the consumers can know easily where their personal data are being used without being confused about the misuse of the data provided. Which officially made an announcement of the end of all the difficult terms, language, conditions which were previously involved.

Now the people can easily enjoy their right to know everything act. As the companies are now bound to disclose everything to the consumers that are related to them, that every small information that is involving their personal data may be directly or indirectly, for how long are going to store the data, and who all are going to see the data. And is the provided data is secure with all the controllers and processors working on it? People can even question when the data provided by you and the data shown by them is different. So, this act is like an advanced and enhanced “Right to Information Act”.

HOW THE FINES AND PENALTIES IMPLEMENTED IN GDPR?

The fines stipulated for the violation of the gdpr is the 4% of the annual turnover of the company or 20 Million Euros with the additional money that is the difference in both the amount goes to the consumer. These are the maximum amount of the fine money that is being implemented and it is always not necessary that the organization has to pay always sometimes while in the case of non-compliance or the breaching of the personal data contract the company is not required to pay the amount to the customers.

In the European Union, the GDPR cases have already been found resulting in the high amount of the fines being imposed on the companies. And it is very hard to believe that the penalties will be imposed on each and every company in any case who have kept the personal data of the people and not having their consent to use it. It can easily be seen that the people are in authority for everything or every information they provide to the others for their use. Whereas there are some other aspects such as the breach severity, non-compliance of the data, compromising with the data and the rights for the subject and in between all these what has happened with the original data taken.

The GDPR fines and penalties would be high when the personal data are being sent to offshore to some other country or some other company without the consent of the source person. The fines would be the highest in this case. There are different fine and penalties mechanism for the different breaches, non-compliance cases. But for the offshore sharing of the data without the person’s consent, the fines are a bit low which are 2% of the total annual turnover of the company or 10 million Euros would be given to the concerned person. This doesn’t include the reports of the data breaching and ignores the designing rule privacy. To know more about the fines and penalties refer to Article 23. Some more implementation of the similar type of the fines is coming soon.

Whereas the penalties in the General Data Protection Regulation are keen to introduce more other similar fines like this for the company who doesn’t respect the law that supports for the protection of the data privacy the DPA or the data protection authority can take the necessary steps which include:

  • Impose the fine or penalty on the company.
  • Take other necessary actions on the company.
  • Take both in account penalty and necessary action against the company.

WHAT WILL BE THE EFFECT OF GDPR?

This is a big step taken across the European Union which would definitely result in the working of the data processors more effectively and more carefully for using the old data for the new purpose. And the working of the controllers and processors becomes a very difficult task as they have to work very precisely.
Whereas the old data may sometime help the start-up for setting up the business and it is not easy for them to collect all the data again from the source then remodel it and use and the most important thing to get the consent of that person to use it becomes a very difficult task for them.
And presently this is being implemented in the UK laws and the parliament committed to maintaining it forever, we hope to find this kind of law everywhere not only in the UK.

REFERENCES