Data science, specifically Data Analytics, deals with analyzing, modeling, exploring, and generating helpful information from data. Because of today’s technological advancements, data analytics has become a popular topic across industries. More organizations are recognizing how data analytics can help boost their businesses, especially if done properly. Thus, the immediate need for professional and knowledgeable data analytics professionals is always up in the market these days.
But to further understand why this field is indeed in demand, let’s explore some of the top reasons why data analytics jobs are very lucrative.
1. Increase in Devices
At present, there are more than 31 billion internet-connected devices across the globe, according to IHS Markit, a data and information analytics firm. At work and home, connected devices are growing quickly:
- Computer servers, external hard drives, desktops, laptops
- Fax machines, printers
- Tablets, readers, printers
- Smart speakers with voice-activated assistants (Siri, Alexa)
- Wearable smart technology (monitors, smartwatches)
- Routers and modems
- Building and house controls (light switches, thermostats, wi-fi connected security locks)
- Streaming devices (Apple TV, Roku)
- Home appliances (washers, dryers, refrigerators)
These are a few of the devices today that are connected to the Internet. Technology experts say that by 2025, the world will have 125 million cars connected. The more smart device there are, the more data will be generated. Therefore, more professional analysts are needed to translate this data.
2. Growth in Data Generation
When you use Google to make searches, share a photo on Instagram, update your Twitter, secure an online appointment, or buy something from your favorite online shops, data is generated. According to Cisco, the amount of data that lives and moves on the Internet is estimated at 201 exabytes (EB) per month.
3. Easy Access to Data
Probably the easiest and the most convincing answer why there is such a huge data surge is “because everybody can.” Because of technology, coupled with a rise in data generation, getting access to various data has never been this easy. Maybe you have heard of the phrase “democratization of data.” This signifies the easy availability of data to every internet user who is not necessarily data analytics experts. Managers, office staff, and executives have immediate access to data about their organization, target market, competitors, and even prospective customers.
While this is relatively a good thing, this can also be dangerous. A company needs somebody trained to mine and refine data so they can make changes if needed and come up with intelligent decisions. Because data is everywhere, an organization must tap the professional expertise of a data analyst to help the team make smart, safe, and data-driven business decisions.
4. Marketing and Customer Needs
At this point, consumers are ever so demanding. According to Salesforce, the web-based platform many businesses use to track leads and manage customers, 76% of customers think and expect that a company should understand their needs. Simply put, clients have very high expectations of a company. The company should know who they are, the things they need, and when they need them. Because of the massive data required to meet these non-stop demands, data analytics professionals can help get the job done.