Data analytics sector has seen a continuous uptrend for the professionals in India. In fact, 8 out of the 10 highest paying jobs are in the tech sector. Couple it with the fact that the number of jobs in the analytics domain doubled from April 2016 to April 2017. In terms of percentage, the growth in the said year for data analytics job profiles was 52 percent compared to the 40 percent growth from April 2014 to 2015!
If you are looking to switch to a highly rewarding career with bright prospects in India, then almost 50,000 positions in Analytics domain await you. Before that, it is recommended that you get the required training and certification in a recognized analytics course near you.
For a better understanding, we have compiled a list of the domains that will be growing rapidly under the influence of Data Analytics.
Take a look!
Data Analytics has already spread its roots in the retail sector worldwide. Retailers, whether they sell online or offline, are now leveraging the power of analytics to optimize their operations, maximize ROI, and forecast business trends with high accuracy. For example, a study by IBM revealed that 62 percent of the respondents (retailers) believed that data analytics gave them a competitive edge. The following use cases of Data analytics in the retail domain will help you understand the immense scope of this technology in the country;
- Retail businesses can analyze the demand and predict the sales with better accuracy, thereby giving them more control over inventory management and supply reducing over-purchase and under-purchase of the products.
- Customer behavior is another crucial edge that analytics provides to the retail businesses. Retailers can analyze the data and map every step of the customer journey to enhance engagement.
- Insights from the sales data can help retailers target and successfully engage ‘high-value’ shoppers to boost their sales and retain loyal buyers.
Healthcare & Medicine
Frankly speaking, the real magic of big data and data analytics will be seen in the healthcare and medicine industry across the world and in India. Since this is a technical field which requires careful analysis of thousands of data points, analysis of mega-sized data sets is already proving to be fruitful. Here is how Data analytics is contributing towards the advancement of this industry and creating a demand for qualified professionals.
- Wearable Technology- It is not just the cool smartwatches or wearable cellphones disrupting this space but an entirely different concept of healthcare and patient assistance that is being powered by Data analytics. Think of a small patch to conduct blood tests remotely, a smart band that continuously sends heart-health of the patient to the health center, even devices that can forecast health conditions of people!
- Mapping Diseases- During outbreaks, especially of those viral diseases that have been mutating continuously, researchers find it hard to trace back the origin of the disease. Knowing the origin of an outbreak not only helps in predicting the future outbreak patterns, but insights into the vulnerability and adaptability of the virus/bacteria. With apps, IoT sensors, and a real-time analytics network, mapping diseases has become easier.
- Predictive Analytics- There are chronic diseases whose onset shows no noticeable symptoms. There are also rare diseases which take a very long time for doctors to diagnose. Data analytics in such case proves to be a boon if it can ‘predict’ a person’s probability of certain disease in the future. For example, cancer shows no early signs until advanced stages, HIV displays similar patterns, heart diseases occur without warning, etc. Predictive analytics can help us narrow down the probability of a disease occurring in a person so that corrective measures can be taken.
Banking and Finance
If you think that this is the least tech-enabled industry, then you will be surprised to know that data analytics has found huge scope in this field as well. To begin with, interactive online bots are already servicing the customers by leveraging natural language processing and predictive analytics. Erica, a virtual assistant deployed by Bank of America, is a great example of this application.
Another crucial sector where analytics is disrupting banking and finance is auditing and fraud-prevention. Finance market is rife with fraudulent practices that harm the overall economy. Data analysis from the finance networks, firewalls, past fraud incidents, etc. can help in building a ‘preventive’ system for fraud detection and risk mitigation.
Besides the above applications, smart-investment bots are also being deployed in the market. These bots analyze the market performance, previous market trends, risk appetite of the investor and several other factors to choose the best investment options for maximum growth for people.
Logistics and transportation is a highly important industry on which several other domains rely heavily. Without a punctual and efficient logistics system, economies of scale cannot function. Data analytics and Big data are complementing this field by providing solutions such as real-time route monitoring, best suggestions for routes, most efficient routes (to save fuel and costs), market and demand trends, etc.