Future of Business Analytics in Canada

Most businesses now rely on data to extract appropriate information about various aspects, whether the market, target audience, business performance, or productivity. Consequently, the demand for analytical experts has skyrocketed. In other words, the market has witnessed a whopping rise in the jobs for business analytics professionals with appropriate skills and degrees.

Besides, more people are becoming aware of the role of business analytics in organizational growth or company, increase in revenue, and a better understanding of the target audience. Therefore, the business analytics market in Canada is one of the most demanding and opportunistic fields for thriving professionals who want to establish a well-secured career. This article will explain the current market trends of business analytics in Canada, the career options people will get, and the industry’s future.

Business analytics market in Canada

According to the latest studies from CFERF, almost 78% of Canadian companies rely on business analytics to obtain deeper insights into the markets, target audience, internal and external business attributes, and so on. The study also revealed that larger organizations use top-notch and advanced intelligent software programs compared to small-scale businesses. The latter still rely on spreadsheets for data management and processing.

According to the studies, there is an approximately $15 billion market size of big data business analytics. Ontario, one of the biggest cities in Canada, generates over 55% of revenues in this market. It provides a golden future for every professional seeking secured, high-paying jobs in the technical field. In 2020, Canada’s big data service market was $1,814 million.

Following are some industries in which business analytics Canada is more prevalent and has been used for several years.

1. The IT services industry comprises almost 67% of the business analytics market in Canada. Top tech giants in this country provide business analytical services to various other small and large-scale businesses within and outside the country. It contributes to the large market size.
2. The manufacturing industry uses business data analysis for inventory management, automatic order placement, and prevention of dead stocks.
3. The aerospace industry has also adopted business analytics and now thriving hard to provide optimum and highly advanced services.
4. Healthcare and e-commerce industries also contribute to the business analytics market in Canada.

Business analytics careers in Canada

There are multiple business analytics career opportunities in Canada. This is because there is a huge demand for professionals in the country, and companies accept this new concept with wide, open arms. People understand the importance of studying data and the host of information and opportunities it can offer. Investing in business analytics has become a prime goal of many businesses across several industries, including IT services, aerospace, healthcare, retail, consumer goods, e-commerce, and so on.

Business analytics job types

There are multiple roles and positions in various companies where professionals skilled in business analytics Canada can grow their future. These are:

1. Business Analytics Manager

As the name suggests, the manager will manage the entire business analytics process from start to end. The professional monitors and supervises data collection, web scraping, and processing. It will include all the phases to ensure the results obtained are accurate and precise.

2. Data Engineer

This is another field where people find numerous business analytics jobs in Canada. As a data engineer, you will handle the technical side of data and data science. It can be designing algorithms to collect data from various sources or writing codes for analytical models that can be further used to generate visual data reports or predictive forecasts.

3. Data Scientist

A data scientist collects data from various relevant sources per the business requirements. They also proceed further with qualitative analytical methods. Every professional must understand the patterns and trends in the data sets. Another job aspect is converting them into valuable insights from various visual representations, including graphs and charts.

4. Data Architect

Another job role that will shape the business analytics market in Canada in the future is that of a Data Architect. The person will handle all the infrastructures and architectures and be involved with data collection and processing. Apart from this, they will be responsible for optimizing the models used for the data analysis process.

Job type/role	Annual salary in INR
Business Analytics Manager	22,00,000
Data Engineer	8,00,000
Data Scientist	11,00,000
Data Architect	22,00,000

Find out some of the high-paying jobs in business analytics.

Skills and qualifications required for business analytics jobs

If you are looking for the best business analytics jobs in Canada, you must develop appropriate skills and acquire the qualifications needed. You can complete an online master’s degree or a diploma in data science, business analytics, and other relevant fields. This will give you the knowledge you need to implement it in the real world and solve the challenges.

Apart from these, you also need to develop the following specific skills:

1. Programming skills – machine learning and artificial intelligence are implemented to develop analytical models. You also need to gather knowledge and hands-on experience using a database because it is the ultimate library where all the records will be stored.
2. Mathematical and statistical skills – You need these two skill sets to write the algorithms and logic for the data analytical models and collections.
3. Data visualization – It is an essential skill in establishing a secure career in business analytics Canada. Data visualization is a process through which the information from data analysis can be transformed into visual insights, like graphs and charts.

Future of business analytics in Canada

The business analytics future in Canada is based on technological advancements. With the adoption of artificial intelligence and machine learning, more and more companies can streamline their analytical processes. They can also ensure appropriate datasets are used to learn and gather profound insights. 

As professionals will upscale themselves on these technologies, they can apply for the best jobs in the country. However, business analytics will take much time to become a dominating market, like software development and designing, digital marketing, etc.

Apart from this, there will be some potential challenges in technology adoption, digital transformation, gaps between requirements and available skill sets, and so on.

You may be interested in reading these blog posts on business analytics.

Conclusion 

This article has spoken about some of the significant aspects concerning business analytics future in Canada and the present market. Based on the information, you can clearly understand how profitable this field can be. However, it will be possible only when a working professional develops the required skill set and acquires appropriate educational qualifications. Thus, if you want to work in business analytics, avail yourself of the online M.Sc. in business analytics from Manipal Academy of Higher Education and make your portfolio more versatile.

Key takeaways:

1. The business analytics market in Canada is quite huge, and the IT service companies contribute the biggest.
2. Business analytics professionals have several job opportunities thanks to the growing market capacity and size.
3. With appropriate qualifications and skill sets, professionals can secure high-paying jobs in Canada in various industries under business analytics.