Tuesday, May 24, 2022

The Data Analytics Job Market

Data analytics is used to discover and interpret meaning from patterns in data. The data analytics job market is thriving as data proves more important in corporate decision making.

As of 2022, 52% of businesses worldwide consider data analytics and predictive analytics primary parts of their operations. Furthermore, the need for data analysts and experts is only expected to rise as more companies invest in data and digital assets.

Whether you’re looking to get into the data analytics market as a fresh graduate, looking for a career change, or looking to refresh your skills in the field, it’s important to understand the current landscape of the data analytics job market:

Data Analytics Market

The global market for data analytics was $231.43 billion in 2021, a 10.6% increase from $206.95 billion in 2020.

The market is expected to grow by a compound annual growth rate (CAGR) of 13.2% in the upcoming half a decade, reaching $549.73 billion by the year 2028. 

North America is expected to keep leading the market, with the U.S. alone holding 86.7% of North America’s data analytics market in 2019. The same year, the U.K. held 36.1% of the market’s share in Europe.

See more: Data Analytics Market Review

Data Analytics Job Types

Despite having a core idea of analyzing data to extract information, insights, and predictions, data analytics is multifaceted. In fact, data analytics tends to overlap with various disciplines to achieve the desired results.

For instance, expertise in finance, marketing, and business can be combined with data analytics to generate highly specific insights and predictions. Such jobs are performed by:

  • Finance analysts
  • Marketing analysts
  • Business intelligence (BI) analysts

As for the technical parts of data analytics, computer scientists and engineers can work as data engineers, IT systems analysts, and data architects, helping structure data and put it to full use.

Other job types related to data analytics include:

  • Transportation logistics specialists
  • Operations analysts
  • Quantitative analysts
  • Data analytics consultants
  • Large-scale project managers

See more: 5 Top Trends in the Data Analytics Job Market

Education for Data Analytics Roles

Since the data analytics market overlaps with other industries and fields, your education options are wide. You still, however, need to take into account the technical aspect, as working with databases and programming languages requires some degree of technical knowledge.

In order to break into the data analytics market, many candidates have tech- or finance-related degrees, such as:

  • Data science
  • Computer science
  • Data analytics
  • Mathematics
  • Physics
  • Business information systems
  • Engineering
  • Economics
  • Accounting

Traditional undergraduate degrees aren’t strictly necessary to work in data analytics. You can make use of independent courses and certification programs to develop the skills needed to work in data analytics, such as:

  • SQL, R, and Python
  • MATLAB
  • Data visualization
  • Data cleaning
  • Probability and statistics
  • Data management
  • Machine learning (ML)
  • Mathematics — calculus and linear algebra, in particular

More specific knowledge in data management and analysis software may be required by some companies.

See more: Top Data Analytics Certifications

Data Analytics Job Openings

Data analytics software providers, such as IBM, Cisco, and Tableau, are currently looking to fill various positions tied to data analytics, including:

  • Operations analyst
  • Senior business systems analyst
  • UX business analyst
  • Marketing analyst and strategist
  • Associate analyst
  • Information technology analyst
  • Business intelligence analyst
  • System analyst
  • Analytics data architect

Data Analytics Salaries

An entry-level data analyst can expect to make anywhere from $46,000 to $90,000 a year, with the majority averaging $70,000 a year, according to data analytics salaries from Glassdoor.

A mid-level data analyst has an average salary of $96,000 a year, while senior data analysts with over 10 years in the market often making $105,000.

Conclusions

Now is a good time to work in the data analytics market, as just over half of companies are making a shift toward both in-house and outsourced data analytics for their business operations, finances, and customers.

“What business users want are insights that will help them make smarter decisions,” says Ashley Kramer, a member of the Forbes Technology Council. “They would rather have answers where and when they think of a question, without having to leave their workflow and open yet another application.”

Data analytics is expected to become invisible, integrated into every part of an industry, such as platforms used by companies and their employees.

See more: 10 Top Companies Hiring for Data Analytics Jobs

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