As Harvard Professor Gary King told Harvard Magazine, “There is a big data revolution. The big data revolution is that now we can do something with the data.”
Today with tremendous change in technology, cloud prices, internet, computer use and industrial adoption towards technology, a huge amount of data is being generated in almost every aspect, in all processes and in all industries. The real Challenge in front of companies is to extract meaningful information from this data for better data driven decision making, and here companies require experts to process huge amount of data to extract useful information out of it and visualize to serve best decision making towards strategic business planning.
The increasing interest and investment in Clouds, Big Data, Analytics, AI, in turn, leading to the emergence of new tools for collecting and analyzing data and new enterprise roles and responsibilities towards generating decent demand pool for data science professionals.
IDC says that worldwide revenues for big data and business analytics will grow from $130.1 billion in 2016 to more than $203 billion in 2020, at a compound annual growth rate (CAGR) of 11.7%. In addition to being the industry with the largest investment in big data and business analytics solutions (nearly $17 billion in 2016), banking will see the fastest spending growth.
By the end of 2017, revenue growth from information-based products will double the rest of the product/service portfolio for one third of Fortune 500 companies, says IDC.
Big Data & Analytics Is the Most Wanted Expertise By 75% of IoT Providers, says Forbes
9 Reasons which makes Data Analytics most promising career of the century:
1. Adoption of Big Data and Analytics
With high market competition, companies began to realize the power business analytics in strategy design and implementation. As things stand today, 77% of top organizations consider data analytics a critical component of business performance. This means big data professionals have a huge influence on company policies, business and marketing strategies.
2. Used across all industry
Big data analytics applications used across all industries like Banking & Finance, E-commerce, Insurance, Pharmaceutical, Retail, Chemical, Manufacturing, Automobile, Oil & Gas, Petrochemicals, Refinery, Power Generation and Distribution, Supply Chain, Logistics, Entertainment, politics etc.
3. Used across various functions in an organization:
Organizations moving towards data driven decision making for various functional departments like Human Resources for predicting employee attrition ratio, in Marketing to decide best Go To Market strategy, in Finance for risk analytics, In Sales for sales prediction towards setting Salesforce targets, In Supply Chain, In Asset management, In Production and in operations for Maintenance optimization, Equipment life prediction, Spare part optimization and many more…
4. Increasing Demand for Data Science professionals
As companies started adopting analytics across all functional departments there is decent increase in requirement for data science professionals and it is predicted that it would be increase exponentially in upcoming years.
5. Attractive salary packages
According to survey of Payscale, Data Science professionals has most decent and attractive salary packages compare to others:
Since the field of data science is still nascent, the Bureau of Labor Statistics doesn’t have any, well, data on data analyst salaries. But according to GlassDoor, the national average salary for data analysts tops more than $60,000.
Here’s some financial context for your prospects as a data analyst, according to DataJobs. USA National salary ranges for the following data jobs:
- Data analyst (entry level): $50,000-$75,000
- Data analyst (experienced): $65,000-$110,000
- Data scientist: $85,000-$170,000
- Database administrator (entry level): $50,000-$70,000
- Database administrator (experienced): $70,000-$120,000
- Data engineer (junior/generalist): $70,000-$115,000
- Data engineer (domain expert): $100,000-$165,000
6. Range of Job Titles
A data analytics professional has a broad range of job titles and fields from which to choose. Since big data is used almost everywhere today, you can choose to be a:
- Data Analyst
- Business Analyst
- Data Scientist
- Data Analytics Consultant
- Metrics and Analytics Specialist
- Big Data Engineer
7. Data analytics Adoption rate is high is taking over faster than expected
A survey conducted by Nimbus Ninety shows that data analytics is taking over much faster than was projected. The survey found that data analytics tops the list of technologies to look out for in the coming 3 years
8. Data Scientist are at core of decision-making
Data Scientists are an integral part of business decisions and future strategies, thus giving an important role and purpose within the organization led to high job satisfaction.
9. Freelancing opportunities
People who are steadily looking for ways to diversify their sources of income, data analytics provides perfect opportunity to become a well-paid freelancer or analytics consultant, majorly in IT sector. This kind of job can be done from anywhere in the world at any given time. Therefore, you do not have to be tied to a desk.
Data analytics demand is on the rise and soon, it will be an integral part of every organization and everything we do.
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