As more companies realize the potential of data-driven expansion, growth of the Business Intelligence (BI) market is exploding. Nearly every prediction for the BI market expects this trend to continue well into the next decade and beyond. According to a report by Zion Research, the global business intelligence market is growing at a CAGR of around 8.4% between 2016 and 2021. BI accounted for USD 16.33 billion in 2015 and is expected to reach USD 26.50 billion by 2021.
With features like graphical results and visualization enabling business professionals to make data-driven decisions like never before, BI tools have become a core piece of the business analysis process. Stakeholders and key executives can view consolidated data from multiple systems across departments that used to be available only in silos, thus providing an entirely new, and more comprehensive, view of company health.
As the BI field continues to evolve and grow at an accelerated pace, qualified BI professionals are in high demand and the market is becoming increasingly competitive. For those that choose to center their career path on BI, their opportunities will be vast. There are numerous roles that exist for BI professionals in both back-end development and front-end analysis. For example, a back-end developer might work on creating new BI solutions, enhancements, or platforms; while a front-end analyst would focus on data comprehension and creating efficient methods to present and communicate the data to key stakeholders.
According to the University of Tennessee—Knoxville website, the average base salary of 2015 graduates from its business analytics master’s program was $80,800, and the average total salary of 2015 graduates, including signing bonuses and stock options, was $86,800. Additionally, the business analytics master’s program has placed 100 percent of its graduates within three months of graduation since its first class graduated in 2011. There is no denying that the BI market is hot; and according to the U.S. Bureau of Labor Statistics, demand for business intelligence analysts is expected to grow by 14% through 2024.
The good news is that there are several ways to get up to speed. According to StudyPortals, there are plenty of Bachelor’s degrees available for data scientists in the US focused on business intelligence and analytics. For those not interested in pursuing a degree, there are various big data certifications from which to choose.
Keep in mind, BI is not just limited to business analysts. As BI tools become easier to use and their use becomes more pervasive across departments, many existing roles from marketing and sales to finance and HR will evolve to include the need to access, analyze and interpret business information.
Learning a BI tool will become a critical skill for most business professionals. The BI opportunity applies not only to those beginning their first career but presents a lucrative opportunity for those already in the workforce to learn new skills and enter a high-demand market. Learning a BI tool now will give you a lot of flexibility in your career.
ClicData offers easy-to-use BI solutions with pre-built dashboards for marketing, finance, HR, project management and more. Solutions are incredibly flexible, built in the cloud and available via browser or app for mobile devices. Take a test drive today and see what BI can do for you.