The global data analytics market has witnessed strong, continuous growth in the past few years and is projected to continue this same path.

A recent market study shows that the data analytics market is expected to grow 30% from 2020 to 2023. With the help of data analytics, organizations can now leverage data to extract valuable insights, which are used to create actionable decisions. Read on to get a glimpse of functions in this industry and what skill-sets are required to enter this massive and increasing market.

In What “Space” Will You Work?

Sample Job Titles

  • Business Analyst
  • Data Analyst
  • Data Engineer
  • Data Scientist
  • Database Administrator
  • Business Intelligence Analyst
  • Data Analytics Manager
  • Data Security Administrator
  • Database Developer
  • Information Architect

Top Five Career Paths in Analytics

Types Of Data Analytics

Descriptive Analytics

Summarizes raw data and converts it into a form that can be easily understood. Describes in detail an event that has occurred in the past and derives patterns from past events or draws interpretations to better frame future strategies.

Diagnostic Analytics

These analytical tools aid an analyst in digging deeper into an issue to arrive at the source of a problem. In a structured business environment, tools for both descriptive and diagnostic analytics go hand-in-hand.

Predictive Analytics

Any business pursuing success should have foresight. Predictive analytics helps businesses to forecast trends based on the current events. Whether it’s predicting the probability of an event happening in future or estimating the accurate time it will happen can all be determined with the help of predictive analytical models.

Prescriptive Analytics

This type of analytics explains the step-by-step process in a situation. For instance, a prescriptive analysis is what comes into play when your Uber driver gets the easier route from Gmaps. The best route was chosen by considering the distance of every available route from your pick-up route to the destination and the traffic constraints on each road.

Top Industries Where Analytics is Used

Below is a list of top 10 industries applying big data and analytics, according to Research Reports World.  

  1. Telecom and information technology
  2. Retail
  3. Media and entertainment
  4. Manufacturing
  5. Health care
  6. Government
  7. Energy and power
  8. Education
  9. Banking, financial services and insurance
  10. Other applications

Learning the Tools Needed for Analytics

In addition to your School of Management courses in analytics and management science and systems, you may consider building your skills in SQL, Python, Excel and statistics with some of these resources.