The global data and business analytics market has witnessed a valuation of US$193.14 billion in 2019. It is slated to reach USD 420.98 billion by 2027, growing at a CAGR of 10.9% from 2020 to 2027 while triggering a drive among learners to join the workforce and upskill themselves. The Industry 4.0 has ensured that all sectors from IT to agriculture will mandate the need for data analysts in defining strategies.
Years 2020 and 2021 will leave a deep imprint on our memories of the disruptions caused due to Covid-19 pandemic. Economies all over the world came to a standstill, and sectorial losses caused numerous industries to shut shop as millions were rendered jobless. These events completely transformed the way we lived socially and had a great impact on the business world. To stay relevant, businesses underwent significant organisational changes with the adoption of big data analytics and transitioned various aspects of business to the online mode.
The big data analytics market has enabled businesses to strategise solutions to support their entire life cycle of data integration, analysis, automation, etc, as massive volumes of data are analysed abetted by cloud computing. It has facilitated organisations to take swift decisions that lead to a competitive advantage. Data analysts had already assumed a prominent role during the pre-pandemic era and had their demand scaled up over the past year and a half. Along with information technology companies, there is a massive demand for professionals with expertise in analytics across sectors further boosted by the significant rise of start-ups worldwide.
The World Economic Forum’s 2018 report on the future of workforce through 2022 predicted that 85 per cent of the companies would have adopted big data and analytics technologies. The report mentioned that 96 per cent of companies were planning or are likely to hire personnel with relevant skills to fill future roles in this domain. Every industry has realised the impact of data analytics for their organisation and relied heavily on predictive analysis for future decision-making.
A report by LinkedIn mentions that data analytics is among the fastest-growing in-demand jobs since 2019 and would continue for years to come with an increase in hiring of data scientists, data science specialists, data management analysts by up to 46 per cent. However, while there is a massive growth potential for analytics, there is a dearth of qualified personnel in the industry.
Prof. Kulbhushan Balooni, Director, Indian Institute of Management Kashipur, mentions the swift need for Indian students to upskill themselves for the new-age requirements. “Analytics will be the key driver to our economy. Currently, we are unable to meet the increasing demand considering the colossal growth witnessed in this sector. The recent disruptions have shown the potential of data analytics in building a career. We will have to build competencies, nurture talent, and upskill learners to narrow down the skill gap. Learners can opt for several management courses offered by leading institutions like the IIMs that offer comprehensive programmes in analytics.”
Mckinsey estimated that India will need 200,000 data scientists and are staring at a talent crunch and training their workforce to meet the industry needs. The U.S. Bureau of Labor Statistics report reveals data science expertise will drive a 27.9 percent rise in employment by 2026. In India, the analytics industry is predicted to grow to a market size of $98.0 billion by 2025 and $118.7 billion by 2026. Bureau of Labor Statistics data from 2020 shows the average hourly wage for a financial analyst at $40.22 and can range from $23 to $76 and market researchers can range from $17 to $44.
Mr. Anish Srikrishna, Chief Executive Officer, Times Professional Learning, predicts India will emerge as a global hub for analytics with the growing uptake for courses in this domain. “Employability will be the key, and current trends suggest that India will soon emerge as the hub for data analytics. The salaries offered to our students by global organisations are at par with global trends, which only speaks volumes of India’s talent. Institutes like Indian Institute of Management Kashipur have launched the Executive Master of Business Administration in Analytics to impart multidimensional skills and build analytical competencies for its learners that will contribute greatly to the sector.”
Industry 4.0 will gain immensely with the usage of predictive analysis and maintenance, engagement in automation with big data analytics, and its use in self-service systems across several IIoT platforms. Prof. Balooni adds that integration of big data analytics, IoT, cloud with the industry will lead to greater automation and productivity to enable machines to make decisions based on data processed in real-time. “We are witnessing the expansion of the analytics industry and waiting for it to realise its true potential. It has created a paradigm shift across businesses, and with the influx of skilled professionals, it will open a plethora of employability options over the coming years. The Indian Institute of Management Kashipur is highly committed to the requirements of ‘Industry 4.0’ and have introduced the Executive Master of Business Administration in Analytics to bridge the skill supply-demand gap. Over time, we shall launch several micro-courses in data analytics to boost upskilling of professionals in their industry domains.”
Disclaimer: Content Produced by Times Professional Learning (TPL)