Data analytics is the buzzword right now! In India, its growth is largely driven by the exponential growth in internet penetration. This huge jump in users is generating massive amounts of data, and by analyzing it accurately, companies can make informed and insightful decisions. These are the reasons companies are willing to shell out more than a 20% increase in salaries for professionals with data analytics skills in all domains! In this article, we cover 8 key trends in this red-hot category for 2022, including the fight for talent, the job roles in demand, salaries, and must-have skills to succeed.
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1. Companies Will Fight For Talent With Data Management Skills
Data Analytics is among the most sought-after skills in the job market today. According to McKinsey, data management is among the ‘top 7 emerging talent battlegrounds’, implying that it’s an area where companies will struggle to find and retain talent.
In India, among the top 3 analyst roles, data analysts have more than double the demand of business analysts and nearly 3x that of business analysts.
2. There’s A 30% Surge In Data Analytics & Data Science Jobs In India
According to a report in The Hindu’s Business Line, analytics & data science jobs saw a rise of 30% from April 2021 to April 2022. This is simply a continuation of an ongoing trend. After all, the period from March 2020 to April 2022 saw a massive 73.5% increase in open jobs in the same category.
India is also a leading player in this segment, home to 11.6% of all open jobs in data science & analytics - a 2.2% increase from last year. And when it comes to experience levels, freshers are most in-demand - there are a whopping 70k entry-level open jobs on LinkedIn.
3. AI & ML Will Help Companies Churn Large Amounts Of Data
Artificial intelligence & machine learning have been progressing swiftly in the area of data analytics, supporting human intelligence, as well as helping derive business insights.
In the future, AI-ML systems will crunch large amounts of data, deriving insights in real-time, which data management professionals can use to make business decisions. An example is predicting demand based on customer transactions, indicating which stock to place orders for, and to which warehouses it should be sent.
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4. Data Analyst Is The Most Wanted Data-Related Role In India
Data from across job platforms show that data analyst is the most wanted job title when it comes to data management. LinkedIn alone had more than 1 lakh jobs available, out of which 32k+ were fresher roles.
As you can see in the graph below, the second most in-demand job role is data scientist, around 21% less than data analyst when compared across the top 4 job platforms in India - LinkedIn, Naukri, Indeed, and Monster. A Data Engineer is a close 3rd and is a more technical position, often linked to deep software knowledge.
Confused about the difference between data analysts, scientists, and engineers? Here’s our article that’ll shed some light on it.
5. A Shift From Big Data To Small & Wide Data
According to Gartner, 70% of companies will shift focus from big data to small and wide data by 2025. So, what’s small and wide data? It simply is small amounts of data, from a wide variety of sources. One of the key focus areas will also be on how to reduce data redundancies in the system.
Technological developments, including data fabric and composable analytics solutions, will facilitate this change. It will allow the analysis of data from multiple sources, in incompatible data formats, so that actionable insights can be derived from it. These wide sources allow for more intelligent and contextual decision-making.
6. Data Analysts’ Salaries Are Through The Roof
According to 6figr.com, data analysts earn an average salary of INR 16.6 LPA, going up to as much as INR 42.1 LPA. As per their analysis, the highest paying data analyst jobs are:
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7. Storytelling With Data Will Be A Key Differentiating Skill
Gone are the days when simply putting together data and displaying it with a colourful graph or chart was a data professional’s main job. Today, the key part of such professionals’ role is telling a story with the data. It means intelligently stringing together a series of insights, depicting it visually, and using that sequence to tell a story. It may centre around why something happened, what is likely to occur in the future, or, even why your company should make a pivot, and in which direction.
A Harvard Business School piece explains that when you hear a story, many areas of your brain are activated, especially those related to language understanding, emotional reactions, and empathy. As a result of this, a story is more likely to be stored as long-term memory, as opposed to a mere presentation of facts. That’s why storytelling with data is such a sought-after skill - it helps sell ideas to upper management, clients, and teams.
8. Power BI & Tableau Are The Most Popular Data Tools In India
With story-telling being in demand, skills in tools that help depict data visually are a must-have today. The most sought-after tools for data analysis are Power BI & Tableau which fall in the category of business intelligence tools. Python is a programming language used for more advanced Data Analytics.
To explain, BI tools provide easier and more evocative data visualizations, whereas Python is great for its versatile and powerful data handling as well as analysis capabilities. While Python has much more demand as compared to Power BI and Tableau, the fact is that it’s mostly required for various software development roles. Therefore, the data for Python presented below only counts the requirement for data/analyst roles.
Data-driven organizations are 23x more likely to acquire customers, 6x more likely to retain them, and 19x more likely to be profitable. Plus, the average RoI for companies leveraging data analytics and business intelligence is a whopping 1300%! And at the forefront of this drive to maximize data will be professionals well versed in data analytics and its tools!
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