At a time when most major economies are undergoing digital transformation, it is of much importance that we understand which sectors are flourishing and holds much potential. While digitization has thrown open many new sectors, some among them are proving to be very promising. One such amazing sector is the field of data analytics. No business enterprise can deny data analytics’ impact on the world economy and no business leader can ignore the power data analytics holds. More interestingly fastest growing economies like the Indian economy are leveraging data analytics to drive growth and flourish.
What makes data analytics so prominent today?
Rapid digitization has led to the increasing reliance on data. Data is like ‘oil’ of a digital economy, capitalizing on which business ventures can witness tremendous growth. Thus gathering data and then analytically cultivating it is must for any company that exists in a digital economy. Advancements in digital technology have changed both the nature and volume of data to a large extent, this in turn has led to the extinction of old tools and techniques by which data was analyzed before. Today in order to make meaning of petabytes of data, companies need to take help of modern day data analysts who are equipped with cutting edge tools to manage any kind and any volume of data. Hence, data analytics is indispensible to business organizations today and even non-profit organizations and governmental agencies are embracing data analytics for the benefits it offers.
Market of data analytics:
- The global data analytics market is expected to exhibit remarkable growth with a CAGR of 30.08% to make it to USD 77.64 billion within 2023- according to a report by Market Research Future (MRFR).
- IDC forecasts that Big Data and business analytics solutions will reach a market valuation of USD 189.1 billion by the end of 2019 and grow to USD 274.3 billion by 2022 with a CAGR of 13.2%.
- A MARKETSANDMARKETS report claim that the predictive analytics market alone will make it to USD 12.4 billion by 2022 with a CAGR of 22.17%.
- Statista projects that the global big data market alone will grow to USD 103 billion by 2027.
Data Analytics in India!
Interestingly India has made much progress in terms of adopting data analytics as its data analytics industry is valued at USD 3.03 Billion which is expected to double within 2025. Moreover, reports suggest that companies based on major Indian cities are increasingly adopting data analytics and the results are fantastic. With a great digital sector and the fastest growing e-commerce sector, data analytics is quickly becoming an important part of business strategies for all the business enterprises in India.
However, there are still miles to go for data analytics to fully bloom in India due to a number of challenges that the country face at the moment. For instance, a lack of talents has been plaguing India for a long time for which companies based in India are unable to recruit candidates in important data analytics positions. It is not that there is a lack of engineers or talented graduates in India, in contrast, every year a substantial number students graduate in India in Science including a massive number of engineers. But most of them lack industry relevant skills. In a report published by Aspiring Minds in March 2019 claimed that 80% of engineering grads in India are not fit for employment mostly due to lack of skills. The study also claimed that only 2.5% of engineering graduates in India possess skills in digital technologies like AI and ML. Thus, while many data analytics related positions remain available in India, only a few gets employed.
An opportunistic scenario for many!
At a time when unemployment remains a huge problem in India, data analytics offers the perfect opportunity for many who are determined to work hard and make a successful career. If you wish to seize this opportunity then you must act fast as this is the perfect time to seek a career in data analytics in India. Get enrolled in any of the Data analytics courses in India and gain industry relevant skills and in no time lucrative job opportunities will land on your feet. You will even find good employment options in the government sector as the Indian government is also embracing data based solutions for better governance. Data analytics courses in India will not only enable you to find a good job but also a hefty pay package, stable future, exciting roles and many more.