By now, most people will have the adage, “Data is more valuable than oil”. According to sources, data is more valuable than gold. So, it should be no surprise that people with skills to manipulate data and make that data tell accurate stories to businesses are in very high demand. This is one of the significant reasons why changing careers to data analytics is a great move.
Here’s the thing: if you’re new to the tech world, you may be wondering what the big deal is. You may wonder why now is such a good time for a career in data science. In this short blog, we’ll look at what makes data analysts so in-demand in today’s business world. We’ll also talk about how you can enter this exciting industry in as little as 12, 16 or 52 weeks.
Demand for data analysts
The digital skills gap is real, and it is still growing. Data analysts are among the most in-demand roles in the world right now, according to the World Economic Forum. The WEF is one of many sources highlighting this demand. For example, if you log onto LinkedIn jobs and use “data analytics” in your search, you may see as many as 85,000 roles in Europe and 20,000 in the UK. In Germany, that number is circa 40,000 roles.
To put the size of the data market in perspective right now, here is an interesting statistic: The Big Data Analytics Market was valued at USD 284.3 billion in 2023 and is expected to reach USD 842.6 billion by 2032.
Why are data analysts in such high demand?
But why are these skills in such high demand? Well, companies, now more than ever, rely on data insights to make decisions. It’s all good for a company to have vast amounts of data, but they need the right people to give them insights from that data. This isn’t unique to the tech industry. Data-driven decisions are now being made in every industry – from how we play sports to purchasing products. The finance industry, the health industry, the retail industry, and the marketing industry. You name it, but data-driven decisions can help grow business and more within those industries.
Here’s an example: I asked Google’s Gemini to give me their AI answer for the following prompt:
“Give me an example of how data analytics are used in soccer” I’ve chosen sports as an example to highlight how data can be used beyond traditional business.
Here is the response:
“Data analytics in soccer helps teams make informed decisions about player performance, tactics, and transfers. For example, a team might analyse a player’s passing accuracy, shot conversion rate, and defensive actions to assess their overall contribution. This data can help identify areas for improvement and inform decisions about player selection and training. Additionally, analysing historical match data can reveal patterns in team performance and opponent strengths, allowing coaches to develop effective strategies.”
Interview with a Subject Matter Expert on Data Analytics
Recently, I had the pleasure of interviewing David Kelly, a seasoned Subject Matter Expert in Data & AI Leadership with extensive experience guiding businesses across the utilities, insurance, telecoms, and banking sectors. David, who has assisted in the development of Code Institute’s Data Analytics with AI Bootcamps, answered many questions for me, including one about why data decision-making is so important to businesses. Here’s his response:
“Data analytics is fundamental to every company’s future strategy. In today’s world, you can’t move without data. To make data-led decisions, you have to drive insight from the data. Therefore, how you’re set up to secure, extract, transform, and then gain insight from your data has never been more critical.
The competitive market is so strong that if you’re not keeping up with what’s going on outside your business, then you’re going to have a problem inside. And if you’re not data-led in decision-making, you’re going to suffer and lose your competitive edge.”
Why Switch to a Career in Data Analytics?
Changing careers is a daunting task. However, there can be numerous reasons as to why someone considers changing their careers. Some do it because they truly dislike the job path they are on. Others, because they want more money. Then, some are just bored with their current position.
As we all know, technology is constantly evolving, and whether we like it or not, it greatly impacts our work. Whether you are changing careers or not, a knowledge of technology is hugely important to the future workforce. This is why skills like data analytics or software development are highly important.
As technology advances, the advice to everyone, everywhere, is to upskill in technology if you can. It will help solidify your job role. But, if you want to make a full career change, then the opportunities in data analytics are abundant – no matter what industry you want to work in.
The other great news is that data analysts, in general, are well-paid. For example, a data analyst in London, on average, earns in a range from £35,000 – 60,000. In Ireland, the range is circa €50,000 – 65,000. Meanwhile, machine learning specialists are in the range of €65,000 – 110,000 in Ireland and £80,000 – 110,000 in the UK. In Germany, according to Glassdoor, the average salary for a data analyst is between €53.000 and 73.000 and €59.000 to 79.000 for machine learning specialists. One source in Sweden says data analysts can earn an average of 868,163 SEK per annum.
How to become a data analyst
Learning is the secret to changing careers. It’s not much of a secret, but it is, without a doubt, a good way to move from one role to another. There are many ways that someone can approach learning data analytics, from teaching yourself to going to university. However, teaching yourself can lead to a lack of direction, and it can be hard to stay on track or even know where to start.
Another way is to learn the skills you need through a bootcamp. For example, Code Institute offers a few options for people who want to either upskill or change careers in this field. For upskillers, we run a programme that is intended for business professionals who want to gain the skills needed to progress within their company. The 12-week course is called Data Analytics for Business Professionals. For career changers, Code Institute offers a 16 or 52-week bootcamp called Data Analytics with AI, where career changers can learn both the science and AI-tooling of analytics.
No matter how you approach it, learning anything takes dedication. Our programme is there to help, and we offer an extensive range of support to help you on your journey. If you want to find out more about that, contact an education advisor here.
Final words
As I mentioned earlier, I had the pleasure of interviewing our Subject Matter Expert, David Kelly, recently. I’ll leave you with a few words from David, who explains much better than me about why moving to data analytics now would be a good move:
“Transitioning to a career in data analysis will be a good move mainly because the industry is moving in that direction. We’re moving more towards data decision-making at every level.
So it’s facts, logic-based arguments that are winning at the C-suite. Therefore, they’re winning at your manager’s table; therefore, they’re winning at every table. So if you want to move into an area that is going to be futureproofed for the next 20, 30 years, gives great satisfaction in terms of delivering an output at every level, knowing that you’re shaping events from strategy through to product development, through to product design, through to target marketing, all hugely relevant and drive ROI for a business.
You will be at the centre of that because you’ll be mastering skills that drive that decision.”
If you want to learn more about our data analytics courses, contact an education advisor using the form below.
