According to the U.S. Bureau of Labor Statistics, business analyst jobs are predicted to increase by 22 percent by 2020. According to a recent McKinsey & Company big data report, by 2018, the United States alone could face a shortage of 140,000 to 190,000 professionals with deep analytical skills, as well as 1.5 million managers and analysts with the know-how to analyse the large chunk of big data to make effective decisions.
Another indication of supply-demand gap is the increasing trend in salaries. In the US analytics salary bands have been consistently rising over the years. The average predictive analytics salary (non-managers) in 2015 was $88.4K with a mean bonus of 11 percent, and for managers is $160K with a 19.1 percent bonus. Data scientist salaries are even higher, with the average (for non-managers) being $120K with a mean bonus of 14.5 percent and for managers $183K with a 19.5 percent bonus.
The same trend is observable even in the Indian job market. India is likely to be the supply hub for this demand. The analytics market in India could more than double from the current $ 1 billion to $ 2.3 billion by the end of 2017-18 according to an Industry Report by NASSCOM. Analytics firms in India will soon face a shortage of 2 lakh data scientist as reported in the leading national daily, The Hindu. According to the Big Data Salary Report 2016 prepared by Jigsaw Academy and Analytics Vidhya the job market across India is seeing a 32.2 percent demand with people having qualification in business analytics over and above degrees in IT or business administration or even doctorates. This is six to eight times more than the demand for IT jobs that is 26.4 percent nationally. According to the analytics school, data analytic graduates are being paid Rs 12.19 Lakhs per annum in Mumbai, followed by Bengaluru, Rs 10.48 lakhs and Delhi—NCR, Rs 10.4 lakhs per annum. Bengaluru offered 30,000 (the highest number) of jobs for analysts and data scientists followed by Delhi, with around 23,000 jobs and Mumbai with around 12,000 jobs. [Big Data & Analytics salary Report 2016]
Data Science Analytics profession has evolved in recent years into many roles which can be considered from Data Scientists to Data-driven Decision Makers with inverse proportion of analytical rigor as shown in the table 1 below: