by Aishwarya Banik
January 17, 2022
IT workers with analytics expertise are in high demand as businesses attempt to maximise the potential of big data
Thanks to technological improvements such as greater access to massive volumes of data, big data has a bright future ahead of it, allowing organisations to gain more insights, increase performance, generate revenue, and evolve more swiftly. Data and analytics, as well as artificial intelligence (AI) technologies, will be critical in the quest to predict, prepare for and respond proactively and quickly to a global recession and its effects.
Analytical Professionals are in High Demand
“Data is meaningless without the expertise to evaluate it,” says Jeanne Harris, a senior executive at the Accenture Institute for High Performance. There are many more job openings in big data and analytics this year than there are now last year, and many Technology professionals are willing to put in the time and money to learn. Indeed.com’s job system to measure for data analytics shows that there is still a rising trend for it and as a result, the number of employment possibilities is steadily increasing.
Massive Job Openings and Closing the Skill Gap
The demand for analytical talents is rapidly increasing, yet there is a significant supply gap. This is happening all across the world and isn’t limited to a specific spot. Regardless of the fact that data analytics is a “popular” career, there are still a lot of unfilled positions due to a global skills shortage. According to a McKinsey Global Institute study, the United States would be short 190,000 data scientists and 1.5 million managers and analysts that can analyse and make choices based on big data by 2018.
The increasing importance of data analytics expertise is driving up rates for competent experts, and big data is willing to pay top dollar for the right people. According to the Institute of Analytics Professionals of Australia (IAPA2015Skillsand)’s Compensation Survey Report, the annual median salary for data analysts in Australia is US$130,000, up 4% from the previous year. IAPA’s membership has increased to over 5000 members in Australia since its inception in 2006, reflecting the growing demand for analytics experts.
In many organisations big data analytics is a top priority
Data analytics is one of the top objectives for the organisations who participated in the study, according to the conclusions of the ‘Advanced Research with Big Data Analytics’ research, since they feel it enhances their businesses’ performance. More than 60% of respondents said big data technology helps them improve their social media marketing abilities in their sector. The QuinStreet poll supports the notion that analytics is the need of the hour among large enterprises.
The use of big data analytics is increasing
Increasingly complex data analytics on vast, heterogeneous datasets has become simpler thanks to technological advancements. According to the survey, more than a quarter of respondents are now employing analytics tools on large datasets for jobs such as business analytics, predictive modelling, and data mining. The usage of crucial analytics technology has expanded as a result of data analytics offering a competitive advantage.
Data analytics help in decision making
Many businesses use analytics as a competitive advantage. Without a question. According to Tom Davenport’s ‘Analytics Advantage’ poll, 96% of respondents believe analytics will grow more vital to their companies. This is due to the large amount of data that is not being utilised, and only rudimentary analytics are being performed at this time. About 49% of respondents feel that analytics is a critical aspect in improving decision-making abilities. Another 16% think it’s great because of its excellent strategic efforts.
Unstructured and semi-structured data analytics are on the rise
According to a big data analytics survey, unstructured and semi-structured analytics are rapidly growing in popularity. Weblogs, social networks, e-mail, photos and multimedia are among the unstructured data sources being processed and analysed by 84% of respondents. The remaining respondents stated that they are in the process of putting them into action within the next 12 to 18 months.
Surpassing big data analytics market forecasts/predictions
Big data analytics came out on top in a Nimbus Ninety poll as being the most disruptive technology that will have the most impact in three years. Over the 2020-2025 timeframe, the data analytics global market for apps and analytics technology will expand at a 32% CAGR, while cloud Technology will grow at a 20 percent CAGR, computing technology will grow at a 10% CAGR and NoSQL technology will develop at a 20 percent CAGR.
Various job titles and types of analytics are available
From a professional aspect, there are several possible choices in terms of industry and employment type. There is a multitude of job descriptions available because analytics is employed in several different businesses. Data scientists earn more than 75 lakh per year, as compared to 8-15 lakh for CAs as well as 5-8 lakh for engineers with the same level of experience. The US$2 billion data and analytics business is encouraging graduates because of a skewed demand-supply imbalance.
Big data analytics is used everywhere
Because of its numerous benefits, big data analytics is undoubtedly in high demand. The enormous growth is indeed due to the wide range of industries in which Analytics is used. The image below shows the various job opportunities available in various domains.
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