Data Analytics Industry
Last Updated on November 9, 2023 by newseditor
Data analytics has grown to become one of the most sought-after sectors in the global commercial ecosystem. This is because commerce has become more lucrative in recent years, and companies are continually expanding. These large businesses depend on data to predict trends and make smart decisions accordingly. However, this is only possible with efficient and accurate data analytics.
Data Analytics in Saudi Arabia
Data analytics is the process of analyzing to make specific conclusions. Many techniques are deployed to deduce meaningful insights from large chunks of data. These insights and decisions often guide companies in their quest to increase profitability and expand their customer base.
Saudi Arabia has been at the forefront of the Middle Eastern ecosystem for many years. Thus, it is unsurprising that the data analytics sector is prominent in the kingdom. According to Mordor Intelligence, the big data and Artificial Intelligence (AI) market was valued at $164.9 million in 2020 and is expected to peak at $891 million by 2026. These numbers depict that the Saudi Arabian data analytics sector is set to become more lucrative in the coming years.
Opportunities in Data Analytics
A financial analyst is sought after in large financial institutions and investment banks. Financial analysis involves interpreting data, evaluating historical results, and organizing information. This information is used to make projections that guide a company’s financial planning. Thus, the primary function of financial analysts is to oversee a company’s financial performance and deploy data analytics to make better financial decisions. The average salary of a financial analyst in Saudi Arabia is SAR117,162.
Market research involves compiling, interpreting, and analyzing information on products and market conditions. A market research analyst is responsible for identifying potential markets and effective ways of penetrating such markets. The market research also requires analysts to forecast market trends and recommend strategic decisions to optimize profitability in the market. The average salary of a market research analyst in Saudi Arabia is SAR199,455. Essential skills for market research include attention to detail and strong analytical skills (including the ability to analyze charts and statistical information).
Big Data and Machine Learning
Large companies have to process large data volumes in today’s commercial climate. These companies constantly seek persons that can effectively analyze big data and deploy big data technology. Machine learning is crucial to the data analytics process because its algorithms are instrumental in categorizing data and translating it into useful insights. Many data analysts do not possess machine learning skills. Thus, it will likely be an advantage for prospective data analysts that possess this skill.
Saudi Arabia is set to expand its position as a global tech and commercial hub in the coming years. Thus, the data analytics sector will likely expand in the coming years and more job opportunities will emerge for intending data analysts.