What is the Scope of a Data Analyst?
Companies today are becoming more tech-driven and thus relying on data for their growth and success. Data is helping companies to make more informed decisions and subsequently launch products and services based on the market needs. It also helps to address real-time issues of customers and thus stay ahead of the competitors.
Considering the enormous value of data analysis, almost every company ranging from startups to the tech giants, has started hiring data analysts for their workforce. This demand for data analysts is growing exponentially and is expected to continue offering more jobs in the near future.
According to the 2020 data, India contributed upto 9.8% of global analytics job openings in August and 7.2% in February [Source: Economic Times]. The top 10 organizations that offered analytical jobs were mainly domestic IT, MNCs, and KPO firms. It was also predicted that around 2.7 million data-related job opportunities in the US alone [Source: Forbes India].
As this demand is surging, students are now looking for online courses to improve their skills. The highest demand is for a data analyst course in Kerala, followed by Delhi and Mumbai. As more and more candidates desire to enter this field, let’s have a look at the scope potential in this career field.
Who is a Data Analyst?
Data analysts are professionals who collect and analyze data using various techniques and algorithms. They gain meaningful insights from the raw data and help the stakeholders understand them, thus making strategic business decisions out of it.
Some of the responsibilities of data analysts through which they add value to the organizations are:
- They help the organization spot trends by figuring out yearly website traffic, monthly revenue, quarterly sales, etc.
- They identify dependencies and patterns by comparing descriptive data sets, thus helping the organization to determine the cause of the positive and negative outcomes.
- They detect tendencies to determine likely outcomes and help organizations take proactive decisions based on that.
What is the Career Scope after Becoming a Data Analyst?
In the world of big data, data analysts have huge opportunities, as the data continues to be generated at an increased rate. It has been estimated that the total size of data is expected to grow up to 50 times in the coming years.
However, this data will be of no use for businesses if it is not analyzed properly by trained experts. Therefore, companies now scout for certified professionals who are well versed in analytics and can draw meaningful insights for them out of it. So as the data generation increases, the demand for data analysts also increases.
What is the Role of a Data Analyst in Various Sectors?
Data analysts are required in various sectors like Policing, Banking, Fraud Detection, e-Commerce, Telecommunication, Stock Market, Healthcare, Travel, Gaming, etc. The companies in every sector want to use data for their benefit. How data analysts add value to these various sectors has been explained below.
- The role of data analysts in the banking sector is to gather analytical reports from the surveys and help the institutions make better decisions.
- The major areas where data analysts are required in banking are customer-centricity, cost containment, global terror, cyber threat combating, and compliance & risk management.
- Data analysis is exceptionally crucial in the case of e-Commerce. It helps to predict purchases, profits, losses, and customer behavior.
- The data analysts will create customer profiles, figure out their sore points, and market the product according to their search history, previous purchases, etc. For this, they also make use of technologies like Machine Learning (ML).
- The data analysts handle some of the processes in e-Commerce: market basket analysis, warranty analytics, price optimizations, inventory management, location of new stores, customer sentiment analysis, merchandising, and lifetime value prediction.
There are billions of devices connected to the internet, and with this, we generate tons of data. The telecom industry uses the power of data to deliver better communication and services. Data analysts are crucial in this industry as they use their skills to:
- Identify areas with low or no internet connectivity. This helps the telecom company to take measures and build telecommunication infrastructure for improved coverage.
- Identify internet usage patterns of users. It is used to create hyper-personalized mobile and internet plans at affordable prices.
Travel and Tourism
- Data analytics is also helpful in the field of tourism. The tourism companies hire data analysts to manage the revenue, handle the reputation, enhance customer experience, target the audience, and research trends.
- Data analysts provide insights into the preferred locations during particular seasons, which help the tourism companies increase or decrease their prices of hotels, flights, etc., to create revenue.
What are the Jobs and Salary for Data Analysts?
There are many top companies in the sectors like IT, e-Commerce, Telecom, Tourism, Finance, etc. which offer multiple job openings for the profile of a data analyst. Some of these top companies include:
- JP Morgan
- Ernst & Young
When it comes to the salary of a Data Analyst in India, initially the salary as a fresher is quite average and stays between ₹3-5 lakh per annum. However, as an employee gains experience, their salary increases eventually.
- As a fresher, a data analyst in India can earn an average of around ₹4.5 lakh per annum.
- With a medium experience of around 5-10 years, they can earn around ₹6.9-9.4 lakh per annum.
- A professional with more than 10 years of experience in data analysis can make around ₹10-25 lakh per annum.
Data analysts have huge scope and opportunities available in various sectors along with a lucrative salary. Those who are figuring out how to enter this field can start with improving their programming skills and taking online data analytics training courses.
Companies like IBM, SAS, and Microsoft offer industry-oriented skills through their data analytics certification. These programs will help build a strong foundation of data analytics concepts and teach the best practices and latest trends. So why wait for it? Join a training course today and establish your credibility while applying for your dream job.