The Rise of Data
The data consumption in India may grow at a CAGR of around 72.6% to 10,96,58,793 million megabytes by the year of 2022. Everyday huge amount of data (structured and non-structured) are accumulated by different organisations. Only a very small amount of the total data is put to any use. The Big Data industry in the next decade is expected to grow 60 times. As per studies, organisations will use insights backed by data to understand their customers and market their product. This will provide them an edge to determine business policies and investment. With data taking up such a momentum in the world of business, data analysis skills will be a must to thrive. Without data, growth for both employers and employees will come to a standstill situation.
The Need of Data Analysts
Not only in India, but the demand for data analysts has increased all over the world. From mid-size companies to MNCs spread across the globe, data analytics is adopted by every single entity. As per Analytics India Magazine, in India, Bangalore leads the job market of data analytics constituting almost 24% of total analytics work in the country. Banking, e-commerce, healthcare, manufacturing, insurance, telecom, travel – Each sector is now engaged in a rat race to gain advantage over their competitors with the help of the emerging technologies.
The Talent Gap
Indeed, one of the well-known job portals, presented a report in January 2019 showing an increase of 29% in the demand for data scientists year over year. The same report also shows a 344% increase in demand for data scientists since 2013. Presently, almost 97,000 jobs under the profile of data analytics is vacant. As of 2021, it is expected that total job openings for data analysts will reach 2,30,000. However, skilled data analysts in the market will be of 90,000 only. Hence the demand-supply gap of both stands at 61% almost.
The Skills and the Advantage
R Programming, Tableau Public, Python, SAS, Apache Spark, RapidMiner, Knime, QlikView, Splunk, Apache Hive, Mahout are some of the analytics tools that are used mostly in industries. Skills related to these tools are highly in demand. From data mining to storage to processing – Each of these tools specialize in specific tasks related to data management and analysis. Due to extensive shortage of talent in the market at present, data analysts can learn any domain of data analytics, gain experience and move quickly up the ladder.
Average median salary for analytics professionals in India is about 11.1 lakhs per annum, as per a report by Great Learning. The same report mentioned that about 23% of advertised jobs for data analysts were offering almost 15 lakhs per annum. People who are skilled in R, Hadoop or SAS get a 10 to 20% additional premium to their salary. Some of the top companies that came up with maximum number of data analytics job openings are Accenture, Amazon, Wells Fargo, KPMG, Honeywell, Deloitte, Dell International, E&Y, eClerx Services. The designations that were mostly advertised for are Analytics Manager, Research Analyst, SAS Analyst, Statistical Analyst, Business Analyst, Hadoop Developer, Analytics Consultant, Data Analyst and more.
To gain skills in analytics, one must enroll into a data science course or data analytics course. iLEAD from the academic year of 2019 has started an undergraduate degree course of B.Sc in Data Analytics and M.Sc in Data Science. While ‘data’ is emerging out as the future, one must not think much but consider it as a future career.