Saturday, May 25, 2024

Data Analytics: Job Outlook & Market Guide for 2024

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The data analytics job outlook is good, with the market poised for continued growth as businesses across all industries become increasingly reliant upon data. Data analytics job-seekers and existing professionals that want to expand their expertise need to know what factors are driving the data analytics job market and what skills are likely to be in demand in order to make themselves competitive. Here’s a look at the current market, where we think it’s going, and what skills and certifications you’ll need as a data analyst to succeed once you get there.

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Data Analytics Job Outlook & Key Insights

The data analytics job market is thriving, with an increasing demand for people who can handle the complexities of large data and extract useful insights. Here are our key insights into the current market and predictions for the future:

  • Increasing complexity—Data analytics job roles and responsibilities are getting more sophisticated as they increasingly incorporate artificial intelligence and machine learning (AI/ML), Internet of Things (IoT) data, augmented analytics, and other emerging technologies into their work.
  • Fast growth trajectory—Projections show a significant growth trajectory for the data analyst job market, a quick rise that highlights the growing relevance of data in shaping critical decision-making processes across a variety of businesses.
  • High demand—An analysis of more than 1,000 data analytics job postings on LinkedIn in 2023 revealed a pressing demand for skilled professionals with a comprehensive understanding of the evolving terrain within the dynamic data analytics field.
  • More opportunities—The number of data analysts working across most sectors is expected to increase by 25 percent by 2030, with as many as 10,000 job openings.

Data Analyst Job Description: Roles and Responsibilities

Data analyst jobs require a wide range of skills across multiple disciplines. The following are some of the most important skills for this field:

  • Data collection and cleaning—Collect and clean data from several sources to ensure correctness and dependability.
  • Analysis and interpretation—Use statistical techniques to examine and evaluate data, detecting trends and patterns.
  • Visualization and reporting—Create visualizations and reports to share findings with stakeholders.
  • Predictive models—Create and apply prediction models using statistical and machine learning approaches.
  • Database management—Manage and improve databases to ensure efficient data retrieval.
  • Data governance and ethics—Adhere to data governance principles and ethical standards when working with sensitive data.

What to Know About the Data Analytics Job Market

The data analytics employment market is dynamic, with opportunities across a wide range of businesses. Navigating this landscape successfully requires ongoing learning, adjusting to changing technology, and capitalizing on possibilities for job progress.

Job Roles and Specializations

Data analysts, business intelligence (BI) analysts, and data scientists are just a few possible employment opportunities in the data analytics industry. Specializations within these professions might include areas like healthcare, banking, and marketing, as well as specialized analytical approaches like machine learning.

Industry Applications

Data analytics is used in a wide range of industries, from banking to healthcare to e-commerce to technology. Understanding how it fits within a particular industry may help jobseekers customize abilities to become more competitive.

Salary Trends

The salary of data analysts in the United States varies, with an average annual income of $64,000. Salaries in this field are competitive and are affected by geography, industry, and skill.

Educational Paths and Certifications

While a bachelor’s degree in a relevant field is a popular starting point, higher degrees or certifications like the Certified Analytics Professional (CAP) or Microsoft Certified: Power BI Data Analyst Associate can increase marketability.

Skills and Qualifications

In addition to technical programming and data analysis capabilities, strong analytical thinking, problem-solving talents, and good communication skills are essential, and continuous learning and adaptation to new technology are additionally valuable.

5 Companies Hiring Data Analysts

Because the data analytics job market spans most industries, many global organizations are actively seeking qualified data analysts. Here’s an overview of five top-tier firms that are industry leaders providing dynamic environments in which data analysts can flourish, contribute meaningfully, and impact the future of business via the strategic use of data.

The Cigna Group logo

The Cigna Group

The Cigna Group sells health insurance and provides a variety of healthcare products and services. Data analysts at Cigna are expected to play an important role in jobs like claims analysis, customer behavior analysis, risk assessment, operational efficiency improvement, healthcare outcomes analysis, fraud detection, and market research. Sample jobs include the following:

  • Medicare Stars Data Science Lead AnalystHybrid position responsible for supporting the analytics strategy for Cigna Healthcare, performing research and analysis within the Medicare Stars program. Salary not posted.
  • Medicare Stars Business Analytics AdvisorHybrid position on the Stars Analytics and Reporting team interpreting data and analyzing results using statistical techniques and providing ongoing reports for Stars operations. Salary not posted.

Wells Fargo logo

Wells Fargo

Wells Fargo is U.S.-based financial services organization hiring data analysts to navigate the complexities of the financial world, collecting insights from large datasets to guide strategic decision-making and risk mitigation. These analysts use sophisticated analytics and creative technology to improve consumer experiences and create cutting-edge financial solutions. Sample jobs include the following:

  • Senior Lead Data Management Analyst, Data GovernanceThis individual contributor role delivers evidence of compliance with the Data Management Policy and Procedures for the Consumer Lending and Consumer Banking businesses. Salary ranges from $120,400 to $287,600.
  • Data Management AnalystWorks with product owners to design and develop the Data Quality Checks and Controls and conduct moderately complex analysis to identify and remediate data quality or integrity issues and to identify and remediate process or control gaps. Salary not posted.

JP MOrgan and Chase logo

JP Morgan Chase & Co

Global financial services company JP Morgan Chase needs data analysts to analyze and interpret large datasets for strategic decision-making, risk management, customer relationship management, regulatory compliance, operational efficiency optimization, fraud detection, and market trend navigation. On top of that, JP Morgan is also offering an AI and Data Science Internship for recent graduates seeking experience in data analytics. Sample jobs include the following:

  • Data Analytics and Visualization AssociateResponsible for gathering requirements from business partners, determining the best way to tell the story with data, building dashboards, ad hoc reporting, and presentations. Salary not posted.
  • Analytics Solutions AssociateManages a range of projects coordinating client profitability data and reporting improvements; develops new Intelligent Solutions in Alteryx and Tableau to meet demands from internal stakeholders. Salary ranges from $99,750 to $165,000.

Verizon logo

Verizon

Telecommunications provider Verizon is seeking analysts to improve network performance and consumer experiences and study user behavior and preferences to provide individualized service offers. These roles manage and safeguard data, assure regulatory compliance, and help Verizon achieve its aim of providing efficient and cutting-edge telecommunications services. Sample jobs include the following:

  • Business Intelligence ConsultantResponsible for developing reports and complex analytics in support of strategic business efforts, leveraging multiple systems (GCP, SQL Server, Redshift, Sagemaker, Tableau etc.) and enabling stakeholders to make data-informed decisions. Salary not posted.
  • Senior Data ScientistLeads projects that develop and perform complex analyses using Big Data technologies; designs, develops, and tests custom analytic software systems for telecommunications and data communications applications. Salary not posted.

AT&T logo

AT&T

Telecommunications giant AT&T is currently hiring a wide range of data analysts in roles that contribute to increased network efficiency, improved consumer experiences, and strategic business choices. Sample jobs include the following:

  • Senior Advanced AnalyticsAnalyzes data from multiple sources, including data lakes, data warehouses, etc., and uses predictive modeling, statistics, trend analysis, and other data analysis techniques to collect, explore, and identify the appropriate data to be analyzed to explain or predict behavior, solve a variety of business problems, and build business cases. Salary ranges from $106,100 to $178,200.
  • Lead Advanced AnalyticsResponsible for business case development, big data analytics, and business process integration; gathers, analyzes, and interprets a wide variety of data to identify causal relationships, trigger points and ultimately make predictions. Salary ranges from $116,700 to $196,100.

Certifications for Data Analysts

If you’re looking to get started in the data analytics job market, a certification can boost your skills and demonstrate to potential employers that you’ve got the knowledge and experience to thrive at the job. Here are some of our recommendations for data analytics industry certifications:

Successful data analysts should invest in a strong educational foundation, stay updated on industry developments, and cultivate a professional network. Tools and technologies are always changing, and it’s essential to keep pace with them.

Bottom Line: Data Analytics Job Outlook & Job Market

The data analytics job market is vibrant, providing many prospects for those seeking careers in data analytics. Given the increasing importance placed on data-driven decision-making, this field offers a future-proof career path.

Investing in competent data analysts is critical for organizations to maintain a competitive edge in an era when data drives innovation and long-term success. Data analysts play an important role in making strategic choices, increasing efficiency, and improving consumer experiences for businesses. To stand out, ambitious analysts should hone their abilities and remain up to date on industry trends.

If you’re looking for a career in data analytics or are a data analyst who wants to improve your skills, read our guide to the top data analytics tools to learn more about the best software used by professionals in this field.

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