Data is the new oil in today's digital economy, and businesses that are able to harness it are the ones staying ahead in the competition. It's evident when you look at some of the biggest and the most innovative brands of the era — such as Google, Facebook, Amazon, and Apple — that treat data as their holy grail. And, they are investing heavily in data analytics to drive the maximum value out of their data.
Data analytics has surfaced as one of the key competitive resources in recent times. And not just for these tech giants, but businesses of all sizes. In fact, 67% of small businesses today spend more than $10K annually on analytics tools and technologies. Also, the number of businesses relying on data analytics has seen a massive jump in the last few years. Looking back at 2017, which was a banner year for analytics adoption, more than 50% of organizations across industries like healthcare, education, finance, and telecom made data analytics a part of their business expense and operations. By 2020, that figure has inflated massively, with 90% of businesses considering data and analytics to be key to their organization's digital transformation initiatives.
The data explosion of the past decade has made it critical, if not essential, for organizations to become more data-driven and derive value from their data. And now, with the global pandemic forcing millions of companies to rethink their business models almost overnight, the race to achieve digital transformation is more intense than ever. They are under mounting pressure to adapt in order to survive and sustain. And they need people skilled in interpreting and managing their data to unlock the potentials and opportunities that Big Data presents. With analytics sitting at the top of the current skill gap in tech jobs, there lies an enormous opportunity for aspiring analysts to carve a great career in this field. If you're one of them, updating your knowledge and learning new skills could be your first step towards a fulfilling career that holds limitless potential for decades to come.
This data analytics trend report rounds up the top data analytics trends for 2021 and glances back at the trends that developed over 2020. It further highlights the most popular analytics tools in use and the most sought-after skills that hiring companies are looking for to fill their data analytics positions.