Is Data Analytics a good career option
Apart from the growing demand and popularity, data-related roles often come with high paychecks
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:
