Scope of Data Analytics

Why Big Data Analytics is the Best Career move

If you are still not convinced by the fact that Big Data Analytics is one of the hottest skills, here reasons for you to see the big picture.

1. Soaring Demand for Analytics Professionals:

Jeanne Harris, senior executive at Accenture Institute for High Performance, has stressed the significance of analytics professionals by saying, “…data is useless without the skill to analyze it.” There are more job opportunities in Big Data management and Analytics than there were last year and many IT professionals are prepared to invest time and money for the training.

The current demand for qualified data professionals is just the beginning. Srikanth Velamakanni, the Bangalore-based cofounder and CEO of CA headquartered Fractal Analytics states: “In the next few years, the size of the analytics market will evolve to at least one-thirds of the global IT market from the current one-tenths”.

Technology professionals who are experienced in Analytics are in high demand as organizations are looking for ways to exploit the power of Big Data. The number of job postings related to Analytics in Indeed and Dice has increased substantially over the last 12 months. Other job sites are showing similar patterns as well. This apparent surge is due to the increased number of organizations implementing Analytics and thereby looking for Analytics professionals.

In a study by QuinStreet Inc., it was found that the trend of implementing Big Data Analytics is zooming and is considered to be a high priority among U.S. businesses. A majority of the organizations are in the process of implementing it or actively planning to add this feature within the next two years.

2. Huge Job Opportunities & Meeting the Skill Gap:

The demand for Analytics skill is going up steadily but there is a huge deficit on the supply side. This is happening globally and is not restricted to any part of geography. In spite of Big Data Analytics being a ‘Hot’ job, there is still a large number of unfilled jobs across the globe due to shortage of required skill. A McKinsey Global Institute study states that the US will face a shortage of about 190,000 data scientists and 1.5 million managers and analysts who can understand and make decisions using Big Data by 2018.

India, currently has the highest concentration of analytics globally. In spite of this, the scarcity of data analytics talent is particularly acute and demand for talent is expected to be on the higher side  as more global organizations are outsourcing their work.

According to Srikanth Velamakanni, co-founder and CEO of Fractal Analytics, there are two types of talent deficits: Data Scientists, who can perform analytics and Analytics Consultant, who can understand and use data. The talent supply for these job title, especially Data Scientists is extremely scarce and the demand is huge.

3. Salary Aspects:

Strong demand for Data Analytics skills is boosting the wages for qualified professionals and making Big Data pay big bucks for the right skill. This phenomenon is being seen globally where countries like Australia and the U.K are witnessing this ‘Moolah Marathon’.

According to the 2015 Skills and Salary Survey Report published by the Institute of Analytics Professionals of Australia (IAPA), the annual median salary for data analysts is $130,000, up four per cent from last year. Continuing the trend set in 2013 and 2014, the median respondent earns 184% of the Australian full-time median salary. The rising demand for analytics professionals is also reflected in IAPA’s membership, which has grown to more than 5000 members in Australia since its formation in 2006.

Randstad states that the annual pay hikes for Analytics professionals in India is on an average 50% more than other IT professionals. According to The Indian Analytics Industry Salary Trend Report by Great Lakes Institute of Management, the average salaries for analytics professionals in India was up by 21% in 2015 as compared to 2014. The report also states that 14% of all analytics professionals get a salary of more than Rs. 15 lakh per annum.

A look at the salary trend for Big Data Analytics in the UK also indicates a positive and exponential growth. A quick search on Itjobswatch.co.uk shows a median salary of £62,500 in early 2016 for Big Data Analytics jobs, as compared to £55,000 in the same period in 2015. Also, a year-on-year median salary change of +13.63% is observed.

The table below looks at the statistics for Big Data Analytics skills in IT jobs advertised across the UK. Included is a guide to the salaries offered in IT jobs that have cited Big Data Analytics over the 3 months to 23 June 2016 with a comparison to the same period over the previous 2 years.

 

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