The analytics job market is hot – and getting hotter. By 2018, the demand for data scientists will be 60% greater than the supply, McKinsey predicts, a sure sign that salaries will be set to rise to levels even higher than they are now.
While there’s hardly a business that will escape the need for analytics professionals in some capacity, growth will be highest in a handful of sectors. According to the Bureau of Labor Statistics, industries that use big data include government, businesses, finance, healthcare, scientific research and higher education.
More specifically, WANTED Analytics says the top five industries hiring big data expertise Professional, Scientific and Technical Services (25%), Information Technologies (17%), Manufacturing (15%), Finance and Insurance (9%) and Retail Trade (8%).
Where else might the competition for talent heat up? Here’s a look at seven industries to keep an eye on.
Industries that need analytics professionals include technology, retail, healthcare, government, manufacturing, automotive and financial
- Technology. Not surprisingly, analytics professionals are in high demand by technology companies like IBM, SAS and SAP, which provide data analytics solutions to their customers. But Internet companies like Facebook and Google also have a need for people who can develop and interpret the outsized volume of data their businesses collect. (Facebook, it’s worth noting, recently hosted 1 billion active users in a single day.)
- Consumer Retail. Recent data breaches are just one of many reasons retailers like Target and Amazon are investing in advanced analytics capabilities. Managing privacy and security will be a high priority.
- Healthcare. The Affordable Care Act ushered in the era of electronic health records, which now consume 25%-35% of health IT budgets compared to 5%-10% just a few years ago. Healthcare systems are looking for people who can tease more value out of this data.
- Government. While government has been slow to adopt analytics, the potential for growth is there. For example, IBM’s most requested uses from government customers are traffic management, water management, emergency response, energy consumption in buildings and public safety.
88% of manufacturing executives say big data analytics is a top priority
- Manufacturing & Industrial. The Internet of Things is opening up incredible opportunities for new lines of business and growth as machine-to-machine data sharing creates entirely new digital ecosystems. Competitiveness is top of mind for executives here. Two-thirds believe they could lose their market position in next one to three years, and 88% say big data analytics is a high priority for them, according to Accenture.
- Automotive. As the Internet becomes a feature – and in some cases the driver – of new cars, this industry will be grappling with increasing amounts of data and the need for data scientists. Predictive analytics, in particular, will play a pivotal role in the development of connected cars.
- Finance & Insurance. In the banking and insurance sector, firms are already tapping advanced analytics to redefine offerings and control costs. Also, predictive analytics will play a role in forecasting and mitigating risks.
Organizations in these industries may be leading the way, but others are likely to follow. As Gartner notes: “The value is in the answers, not the data.” Talent that can provide organizations with those answers will be in high demand.