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UCSI University, a leading university in Malaysia, has announced the launch of an Institute of Actuarial Science and Data Analytics (IASDA) at its KL campus to produce top talent in this field. The launch of IASDA is a reflection of the university’s continued academic investment and leadership in the education sector. The institute is established to help meet the growing need for actuaries and data analysis training and expertise in the country.
According to the Director of IASDA, the programs offered under IASDA are recognized by international professional accreditation bodies such as the Society of Actuaries (SoA) which provides professional certifications to students, and the Institute and the Faculty of Actuaries (IFoA), where students can obtain an exemption for the CM1, CB1 and CB2 papers.
IASDA programs include Doctor of Philosophy in Mathematical Sciences; Master of Science (Actuarial Management) – (blended mode or coursework); Master of Science in Mathematical Sciences; Bachelor of Science (Honours) in Actuarial Science; Bachelor of Science (Honours) Actuarial Science and Finance; and Arts Foundation (actuarial science). These programs are also accredited by the Malaysian Qualifications Agency (MQA).
January, May and September intakes are available for all programs mentioned above. So far, the university has more than 1400 students enrolled in these undergraduate and postgraduate programs. Actuarial science students at UCSI University have continued to shine over the years by passing SoA preliminary papers in record time.
To address the significant talent shortage, particularly in actuarial science and data analytics, the institute will be a key catalyst for talent development by exposing students to the data-driven industry and economy. Currently, a total of 668 undergraduate and postgraduate students have graduated in this field of study, said the Deputy Vice Chancellor for Studies and Internationalization (Kuala Lumpur Campus).
IASDA at UCSI University will enhance student expertise and experiences by effectively driving data-intensive research discoveries, strengthening industry partnerships, sharing best practices with international institutes, and preparing all its graduates to lead in a data-driven economy.
The global big data and business analytics market size was valued at US$198.08 billion in 2020 and is projected to reach US$684.12 billion by 2030, growing at a CAGR of 13.5 % from 2021 to 2030.
Big data analysis is the key aspect of the business; it helps organizations manage, process and rationalize large sets of real-time data and improve their decision-making capacity. Furthermore, a major purpose of big data and business analytics is to help organizations better understand their customers and refine their target audience, thereby improving business marketing campaigns.
Additionally, various industries are embracing big data and business analytics to analyze the massive volume of data generated by offline and online commerce. Moreover, with the introduction of cloud-based big data and business analytics, users can access all information online from anywhere in the world. This helps various big data service providers to increase their investments in cloud technology and gain a competitive advantage over other service providers.
The growth in the adoption of big data analytics software by various organizations to provide better and faster decision making and to provide competitive advantage by analyzing and acting on information quickly is contributing significantly to the growth of the market world of big data and business analytics. Additionally, an increase in demand for cloud-based big data analytics software among SMBs is positively impacting the growth of the market.
However, high implementation costs and shortage of skilled labor is expected to hamper the market growth. On the contrary, an increase in the need to acquire better information for business planning and emerging trends such as social media analytics are expected to provide remunerative opportunities for market expansion over the forecast period. Each of these factors are expected to have a definite impact on the growth of the Big Data and Business Analytics market.