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Data Science & Business Analytics jobs: What to expect

Data Science

Blog Date
February 16,
2023

The two terms – data science and business analytics – are the two faces of the same coin. They are not only related but also highly interdependent. With data science, business analytics will exist. Alternatively, if businesses focus more on analytics, there will be a demand for data scientists. Thus, data science and analytics are the two most important technologies shaping the future in the best possible manner.

Knowing more about how these two technologies are essential in shaping the global job market. This way, you will understand the market more. Moreover, acquiring the necessary education or developing the skills won’t be a problem anymore. Hence, we have discussed how these two technologies are interrelated. 

The data science and business analytics industry has grown significantly in the past few years. As a result, companies are investing considerable money in building a team of data scientists and business analysts. This can help them obtain appropriate insights into various aspects of the business by using datasets.

The below points will help you understand how the world is advancing towards a new technological age with business analytics and data science.

  1. In 2020, the total market size of business analytics and big data was projected at $98.08 billion.
  2. The market size is expected to hit a whopping value of $684.12 billion by 2030.
  3. Based on these two expected values, the CAGR or annual growth rate cumulatively is expected to climb to what overall value of 13.5% from 2021 to 2030.
  4. Northern America dominated the entire big data and business analytics market as of the reports from 2020 if we go by region-wise classifications and contributions.
  5. According to the forecasts, the Asia Pacific region is also expected to have a whopping growth in the number of jobs, data generated, companies adopting business analytics and data science, and so on.
  6. Some of the latest market trends in big data and business analytics are acquiring datasets from social media, the requirement of analytical data reports to gain insights into business planning, and so on.

From these above explanations, it’s evident how these data science and business analytics job market trends will change the world’s future. These two technologies are essential for IT-related industries. However, aerospace, healthcare, consumer goods, retail, e-commerce, manufacturing, and fabrication can also employ them. 

Additionally, adopting machine learning, natural language processing, sentiment analysis, prescriptive analysis, and artificial intelligence will propel the market toward a golden future. Therefore, if you are looking for some of the best data science and business analytics job opportunities, it is high time you acquire the skills and proper qualifications.

Data science and business analytics jobs

The entire data science and business analytics industry is extensive and versatile. It is like bringing two independent pillars together to form a strong base of what we know as computational analysis. Therefore, you must rely on more than just your hands-on experience in either of the fields to get the best job you are looking forward to in your favorite company or with a higher salary slab. To achieve success, you must know the appropriate skills required, drop types, and many other related aspects.

You may be interested to read some of the best articles on data science.

Types of data science and business analytical jobs

You can avail of different types of data science and business analytics job opportunities based on your knowledge and experience. The roles and responsibilities will vary from one job type to another, so acquiring generic and specific skills is essential for every professional. Moreover, you must be qualified to work as a business analyst, data scientist, or in any other relevant role.

As of now, here we have discussed some of the job types you can look for in the business analytics and data science fields.

business analytics and data science fields.

Job typeExpected salary (INR per LPA)
Data Engineer8,00,000
Business Analytics Manager22,10,000
Database Administrator7,20,000
Data Scientist11,00,000
Data Miner1,20,000
Data Architect22,00,000
Data Security5,29,000
Data Analyst6,00,000
Source: Glassdoor

Qualification and skillset needed

As already discussed, the existing business analytics and data science job market trends prove that every professional must be highly qualified. With appropriate qualifications, you will be able to gain the skill set required to become a data scientist, business analyst, or any other relevant title holder with expertise. 

Hence, the following are some skills you must develop to ensure you can get the best job in the data science and business analytics field.

  1. Programming knowledge is essential because you must design the data analysis models. You can start with Python or Java as the basic programming languages. However, experienced professionals can go for high-level languages like R programming.
  2. You also need to know about the database, queries, schemas, table views, patching activities, etc. If your job demands being a database administrator or supervisor, you must handle the entire storage warehouse of various data sets and records.
  3. Knowing statistical and mathematical methods is important for a business analyst or data scientist. This is because you need to write algorithm logic based on which data can be collected, processed, cleaned, and analyzed.
  4. Try to gain hands-on experience in web scraping and data visualization. These two are the preliminary steps to convert datasets into valuable insights.

Future of data science and business analytics in the job market

Whether blockchain or serverless computing, data science and business analytics have increased by a whopping value in the past few years. Almost every business wants to achieve an upper hand in terms of sales, customer base, and brand reputation. Data can provide them leverage by giving them deeper insights into the market and target audience. Apart from this, data science and business analytics help solve real-time challenges promptly, mitigate business failure risks, and eliminate bottlenecks in the market.

Conclusion

This article focused on how the future of data science and business analytics will shape the entire global market. We have also discussed the current market trends, job opportunities, and skills every professional must develop. Based on these explanations, it’s evident that data science and business analytics will become a dominating market by the end of 2030.

Acquire the necessary data skills with online M.Sc. in Data Science or Business Analytics program from Manipal Academy of Higher Education (MAHE). Offered through Online Manipal, the programs are designed for online delivery and help learners become future-ready. On the state-of-the-art learning management system (LMS), you can access the course material any time, anywhere using your favorite device. Online Manipal also provides placement assistance to help you find a suitable career and thrive in your professional life. To know more, visit Online Manipal website.

Key takeaways:

  • The global data science and business analytics market will hit a total valuation of approximately $684.12 billion by 2030. 
  • This blog will give you an idea about the growing business analytics and data science market.
  • Appropriate skills and qualifications are essential for the best data science and business analytics job.

Disclaimer

Information related to companies and external organizations is based on secondary research or the opinion of individual authors and must not be interpreted as the official information shared by the concerned organization.


Additionally, information like fee, eligibility, scholarships, finance options etc. on offerings and programs listed on Online Manipal may change as per the discretion of respective universities so please refer to the respective program page for latest information. Any information provided in blogs is not binding and cannot be taken as final.

  • TAGS
  • Business Analytics
  • data science
  • Online MSC Business Analytics
  • Online MSC Data Science

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