Many people are transitioning into the data industry, and you might be one of those wondering what all the fuss about data science and analytics is about.
According to Statista, the big data analytics market for software and services will be worth $103bn by 2027 — more than double its expected market size in 2018. This means that now more than ever, working in data is becoming increasingly valuable. This article will explore some of the advantages of working in data, and how it helps you develop a variety of other skills that you can apply outside the industry.
A Master’s in Applied Statistics is an excellent way to build your CV for a data-related role. Getting skilled is much easier than it used to be, with online learning options such as the ones offered at many top universities.
Advantages of working in data
There are different career opportunities in data across several industries such as health, education, marketing, manufacturing and travel. Regardless of the niche, working in data can be advantageous in the following ways:
- High demand
Data skills are in high demand. India Today reported that hiring in the industry has increased by 46% since 2019. Despite the high demand for labor in data, there is a limited supply of skilled labor in the industry. As a result, a worker in the data industry has better-negotiating power and can easily switch workplaces.
- High compensation
Workers in data are well compensated. Aside from their competitive salary, they also enjoy other perks of working in an unsaturated industry. Insurance benefits, overtime bonuses, travel opportunities, and flexible work hours are all benefits that a skilled worker in the data industry enjoys.
- An essential part of development and innovation
Workers in data are a core part of the development and business decisions. They provide the data that inspires informed planning and strategy implementation. Working in data can be an impactful career.
- Career progression
Career progression in data can be fast and highly rewarding. The opportunities for growth in the data industry are phenomenal, providing you keep developing your technical and management skills.
- Job security
The data market is currently on an upward track. There are also few players in the industry at the moment, meaning those within it have some semblance of security.
Skills you can develop by working in data
Aside from the aforementioned advantages, working in data also helps you gain transferable skills that you can apply to many other industries:
- Working in data improves your communication and storytelling skills as you must learn how to break down data for both technical and non-technical audiences.
- The industry requires an objective analysis of problems to generate outcomes that help to improve critical thinking, adaptability, and business management skills.
- Working in data boosts the ability to use images and words to translate technical knowledge.
Tapping into the numerous advantages of the data industry involves building the technical skills that would allow you to secure a job in the industry.