Forbes India 15th Anniversary Special

Is Data Analytics a good career option

Apart from the growing demand and popularity, data-related roles often come with high paychecks

Published: Jul 8, 2020 04:28:01 PM IST

Is Data Analytics a good career option
There’s no doubt that businesses are going digital and have huge growth potential. And what is driving this growth? Undoubtedly its data, now considered as the new oil. Over the past few years, big data is helping companies make more informed decisions and launch best-in-class products and services that are largely accepted by people. If you are not sure how serious companies actually are about their big data analytics, you should look at these figures - the global big data analytics market, that stood at USD 37.34 billion in 2018 is expected to grow at a CAGR of 12.3% (from 2019 to 2027) to reach USD 105.08 billion by the year 2027. With such whopping valuations, you can understand what would be the scope of big data analytics in the future.

Today, data scientists and data engineers are among the most sought-after job roles across countries. Every industry, be it finance and insurance, retail, healthcare, information technology, or telecommunication, has opened its doors for data analytics professionals. Surveys reveal that there would be around 2.7 million data-related job opportunities in the US alone by 2020. Moreover, around 70% of the business leaders in the US would prefer to hire professionals who have data skills by 2021. Evidently, more aspirants are now taking data analytics training to upskill themselves and make the most of the job opportunities available in the market.

If you are looking at what data analytics is all about and whether it is a career worth exploring, then this article is for you. Read on to know more about this career field.

What is Data Analytics?

There’s no denying that data is being generated at an exponential rate today. However, unless that data is analyzed, it is of no use for businesses. So, data analytics refers to the science of gaining meaningful insights from raw data by analyzing it using various techniques and algorithms. These insights then help leaders to optimize business processes and achieve higher efficiency over time. Some of the top industries that have leveraged data analytics include healthcare, travel, gaming, stock market, and the aviation industry.     

Data may be collected from different resources by companies and it can be in the form of text, image, videos, etc. The collection of data differs from company to company through sources like computers, sensors, government websites, or personnel. After the data is collected, data analysts work on organizing that data, generally on excel sheets or similar software. Then they ensure that the data sets are ready for analysis, meaning the data sets are complete, there is no missing value or duplicate entries. 

Some of the popular techniques that make data analytics quite powerful are:

●        Machine learning

●        Regression analysis

●        Content analysis

●        Genetic algorithms

●        Sentiment analysis

A Career in Data Analytics

By now, you are already aware of how the world of big data analytics is growing. Becoming a data analyst can be the best decision you take for your career. If you are skilled in data analysis, here are the top job roles you’ll be eligible for:

●        Data Scientist

●        Data Analyst

●        Data Engineer

●        Data Architect

●        Business Intelligence analyst

●        Database Administrator

●        Analytics Manager

●        IT Systems Analyst

Apart from the growing demand and popularity, data-related roles often come with high paychecks. The reason is the field of data analytics is complex and still evolving, resulting in only a few skilled professionals. Due to this shortage of talent in data analytics, companies are ready to pay high salaries even for entry-level professionals.

Here are the average annual salaries (source - Payscale) of data-related roles in the US which can give you a better idea.

Data Scientist - makes an average salary of $95,972.

Data Analyst - earns an average salary of $66,000.

Data Architect - earns an average salary of $144,315.

Data Engineer - earns an average salary of $91,989.

There is a huge demand for data professionals in big corporates as well as startups, including:

●        Google

●        Apple

●        IBM

●        Microsoft

●        Ford Motors

●        Boeing

●        JP Morgan Chase

●        Amazon

●        Accenture

Aspirants embarking on a career in data analytics need to be skilled in machine learning, Python/R programming, statistical analysis, numerical computation, data mining, data wrangling, and data visualization.

Become a Certified Data Analyst

Knowing all about the job roles, skills required, salaries earned, and top companies hiring, you should not skip the chance to enter this lucrative field. There are many who have achieved renowned certifications and established their expertise in data analytics. Universities, as well as eLearning platforms, have not left any stone unturned to offer the best data analytics courses and train the professionals. 

What’s more! Companies like IBM, SAS, Microsoft, and Cloudera have contributed to impart industry-oriented skills to professionals through their data analytics certifications. Here are the certifications that can give you a competitive edge in the market:

●        Cloudera Certified Associate (CCA) Data Analyst

●        IBM Data Science Professional Certificate

●        SAS Certified Data Scientist

●        EMC Proven Professional Data Scientist Associate (EMCDSA)

●        Microsoft Certified Azure Data Scientist Associate

●        AWS Certified Data Analytics - Specialty

To be honest, the path to achieving these certifications isn’t a cakewalk. It is highly recommended to take up a data analytics training course if you don’t have any prior knowledge of the field. Learning from industry experts through online training programs allow you to build a strong foundation of the data analytics concepts and know the industry best practices and latest trends. This would further establish your credibility while applying for your dream job. So, begin your data analytics career today and be a part of a highly desired talent pool. 

Disclaimer: The views, suggestions and opinions expressed here are the sole responsibility of the experts. No Forbes India journalist was involved in the writing and production of this article.