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Which Are The Top Industries Hiring For Data Analysts And Why

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The popularity of data analytics skyrocketed in recent years. Therefore, there is a corresponding increase in demand for highly skilled and well-trained data analysts in various verticals.

This boom in data analytics and the rising demand for data analysts worldwide can be attributed to the proven benefits that accompany a company when data-driven decision-making methodologies are employed.

Data-driven decision-making is vital for a company’s growth because of the following reasons:

  • Companies can set measurable goals
  • Companies can quantify their problems
  • Companies can forecast certain events by extrapolating the trends
  • Brands can foresee the performance of their ad campaigns and tweak them accordingly
  • Businesses can analyze and understand the customer mindset at a macroscopic level
  • Businesses can evaluate customer intent at a microscopic level
  • Brands can reflect and reciprocate on customer biases

The opportunities for data analytics and data science are virtually endless, especially for profit-driven businesses. Therefore, as a data analyst, you can potentially find innumerable job openings in several sectors across the globe.

Let us look at six industries that are hiring data analysts, like hot cakes being sold in a bakery!

Consultancy Services

Consultancy services stand out when it comes to making data-driven decisions. Every word and statement that a reputed consultancy utters to its clients is backed by throughout research on the matter and extensive data.

Consulting companies not only pay their data analysts a hefty salary but also invest large amounts in data analytics and data gathering. A recent study by Consultancy.UK reflected an expenditure of USD 43 billion on analytics consulting in 2017 alone! This was backed by the fact that an organization can rapidly advance its clientele and competitors’ understanding.

Which Are The Top Industries Hiring For Data Analysts And Why

Consultancy services revere data because the decisions that are made with larger amounts of genuine and high-quality data tend to be more accurate. This increases the company’s reputation and also provides the right value for the customers and clients.

In the future, the use need for data analysts will only go up in this industry, along with skills like programming. So, if you want a head start in this industry, consider joining as a data analyst intern and make your way up from there.

Social Media and Entertainment

The social media and entertainment industry thrives on data. The companies of this industry regularly collect millions of terabytes of data every single day to refine their services and cater an experience to their audience that is unique to each individual.

Some examples are Netflix, YouTube, Facebook, Instagram, and Snap Chat. They collect data from your everyday usage to serve you content that best suits your interests.

Ever wondered how the laptop you were exploring on the internet suddenly showed up on your Instagram feed as an ad? Well, you can credit that to a data analyst.

No, data analysts are not spying on you, they are merely evaluating your behavioral trends that are quantified using complex machine learning (ML) algorithms to show you the advertisement that resonates well with you.

Aviation

The skills of a data analyst are of paramount importance in the aviation industry. Data analytics is employed in every nook and corner of this industry to ensure the citizens’ safety and security, airspace, and the land.

For example, a data analyst can provide an analysis of how many tickets will be booked on a specific date by extrapolating from previous data and plugging in new variables. This will help the airline prepare flight plans and flight schedules accordingly, which leaves less room for last-minute adjustments.

Which Are The Top Industries Hiring For Data Analysts And Why

Data analysts’ skills are also helping the aviation industry reduce costs by improving preventive maintenance procedures through predictive analysis. The average salary of a data analyst in the aviation industry is about USD 62,000, according to Glassdoor.

Healthcare Sector

Recruiting data analysts in the healthcare sector have helped save and transform numerous lives for the better!

The data in the healthcare industry is largely unstructured piles of numbers and letters. By structuring the data into meaningful chunks and drawing conclusions from them, data analysts are able to come up with innovative suggestions for doctors such as:

  • Chances of recovery of a patient
  • Accuracy of the diagnosis of a disease
  • Reliability of a machine or other medical equipment
  • Amount of drug to be prescribed to a patient

Research on Hindawi website on data analytics in mental healthcare, published in July of 2020, reported that approximately 700 million people suffer from mental illnesses all over the world. Hence, data analytics is also being used to evaluate a person’s mental health and help mitigate events like suicide, depression, and anxiety.

E-Commerce Websites

E-commerce websites are highly dependent on data to broaden their digital footprint and drive sales.

Unfortunately, the data they collect can be vast and unstructured. In certain cases, businesses might not even know what data to collect. Knowing what is the right kind of data to collect is also very critical for e-commerce businesses.

Data analysts are tasked with finding inconsistencies in their businesses and make recommendations such that the sales and conversion funnels of an e-commerce website are more effective. The inputs that are given by data analysts also determine the website’s digital media campaigns and audience targeting methodologies.

Banking and Finance

Banking and finance industries rely heavily on data and data analysts for a wide variety of operations like giving loans, making investments, and more.

Data analysts run a large variety of AI and ML algorithms by profiling the customers’ data and history to assess potential risks before, during, and after a transaction has been made.

They help minimize fraud, risk assessment, predicting the lifetime value of the customer, credit scoring, and more.

Conclusion

Apart from the six mentioned above, there are many other industries for you, as a data analyst or a data analyst trainee, to dive into and get started, like telecommunications, energy, automobile, and more.

However, before you apply to these jobs, you should make sure that you have a data analyst’s relevant skills. If you do not have any prior experience, or have never gotten a taste of the profession, consider taking up data analyst training.

With that said, go on and start applying for your dream job as a data analyst!