We are ushering in the dawn of the big data era. With the rise and integration of next-generation information technologies like AI, 5G and Internet of Things, data is exploding at an incredible rate. By 2025, the amount of global data is expected to reach 180 ZB. As data assets continue growing, data is viewed as an important factor of production and many data analytics talents are already in short supply.

The surging demand for data analysts is a megatrend. Professional data analysts need comprehensive capabilities in data collection, cleaning, modeling, analysis and result visualization. As data analytical work has high complexity, high requirements are placed on the academic qualifications and skills of the analysts. Meanwhile, the importance of analytical outcomes has become increasingly prominent, largely determining the success or failure of an enterprise’s digital transformation. Data analysis is no longer an internal function of the enterprise IT department, but elevated as a key competitive factor impacting enterprise growth.  

These profound changes in the data analytics industry have led to the continuous rise of remunerations for data professionals. In industries like Internet, finance, retail and telecom, the average annual salary for data analysts has reached around $80,000 already. For senior data scientists at top companies in tier 1 cities, their annual salary even exceeds $220.000

The million-dollar paycheck represents the high value of outstanding data science talent. Current big data executives and experts mostly hold relevant PhD degrees and have high citation counts for their AI research papers, with very profound technical skills. The million-dollar salary also signals that the data analytics industry has entered the phase of “fierce competition over scarce talent”, with the survival of the fittest well underway.  

Looking ahead, in the new era of full digitalization, the importance of data assets and analytical capabilities will be further amplified. There will be a permanent talent shortage for big data professionals and the high pays for data analysts are not surprising. The scarcity of world-class data scientists and algorithm experts is comparable to that of top programmers and chip designers. The foremost step to embrace big data is to strategically focus on nurturing and bringing in data science talents. Only with deep data accumulation and value-adding application abilities can enterprises stay ahead in the fierce competition of the digital economy going forward.