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Data Science and Business Analytics have seen an exponential rise in demand for progressive businesses. According to Mordor Intelligence’s Market Study, the global Data Science market platform is predicted to reach USD 230.80 billion by 2026.
Necessitating the molding of companies’ data, and analysing their business, has become key in helping businesses navigate through a rapidly advancing, data-driven world. The ongoing pandemic has expedited the digitalisation of businesses across industries. Companies have embraced the power of these two technologies at a quick rate in order to stay relevant in today’s competitive market.
According to a new study by Tableau Software and YouGov, 83% of data-driven companies in India gained critical business advantages during Covid-19. With every passing day, the vision of why Data Science and Business Analytics are crucial for businesses is becoming clearer.
Data is being constantly generated from all over the world, and it’s what we do with that data that matters. Every newsletter we sign up for, every account we open, every reaction to an online post generates data. Leveraging the enormous amount of data with the help of various analytical techniques, we can classify and predict hidden patterns to derive meaningful insights from them.
Companies can bridge the gap between data clarity and analysis, leading to higher profitability in business. The report by Tableau Software and YouGov also states that nearly 76% of data-driven Indian companies are optimistic about the future health of their business for the coming months as compared to non-data-driven companies.
Apart from the data-driven decision-making process, they use it to build analytical models for problem-solving, identify the target audience, strategize business plans, and predict future trends.
For this, organisations actively look for proficient professionals who can utilise the advantages of data and analytics to join their teams and help them achieve their business goals. As of today, Google search shows 8.29 million vacant jobs in these two promising domains in the country.
In addition to that, here are two more reasons to develop expertise in that to fast track your career:
1. The pool of promising career paths: Data Science and Analytics offer a reservoir of opportunities to take one’s career to the next level. Knowledge, proficiency, and experience will allow the learner to build their career as a Data Scientist, Data Architect, Data Engineer, Data Analyst, Business Analyst, Data Engineer, Analytics Manager, or Business Analytics Specialist, to name a few.
2. Lucrative salary packages: Depending on experience, professionals in these spaces are paid handsomely. According to Payscale.com, an early career Data Analyst with 1-4 years of experience earns an average of Rs 4 lakhs to Rs 6.8 lakhs annually, while an early career Business Analyst with the same expertise earns up to Rs 5 lakhs to Rs 8 lakhs annually. As one gains more experience over the years, the salary slab also increases. A Senior Business Analyst with over 10 + years of experience earns Rs 12 lakhs to Rs 17 lakhs in a year.
According to Linkedin’s Jobs on the Rise in 2021 Report, job profiles in the Data and Analytics domains are some of the fastest-growing in-demand ones. This means it is the perfect time for analytical enthusiasts to upskill themselves in the domain and build a promising career.
Enhancing Data Science and Business Analytics expertise not only helps freshers and early-career professionals to get a head start in their careers but also helps mid-and senior-level professionals to transform their careers.