Business Analysts

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Business Analysts

Key Takeaways

  • The number of business analysts in the United States will grow from 806,400 in 2016 at a compound annual growth rate (CAGR) of 14.3% between 2016 and 2026 to reach 3.069 million by 2026. Business analysts are more likely to work at large companies (10,000+ employees), with 57% of business analysts in the United States hired by large companies.
  • The number of marketing analysts in the United States is 134,968, while the number of product analysts is 4,099. Large companies are more likely to hire marketing analysts and product analysts, with 50% of marketing analysts and 44% of product analysts being hired by large companies.
  • According to data collected from Glassdoor job listings, 27% of business analyst job listings require SQL skills, while 73% do not. However, the requirement for SQL is increasingly expected from business analysts.


Introduction

This research provides an estimation of the number of business analysts in the United States. It also provides the breakdown of this number by job title, company size, and company type. The attached spreadsheet outlines the number of different types of business analysts and the breakdown by company type and size.
While there is no publicly available data surrounding the share of business analysts with SQL knowledge, we provided insights into the share of new business analyst job openings requiring SQL knowledge and the growth in demand for these skills.


Business Analysts by Numbers

Number of Business Analysts
  • According to BrainStation, the Bureau of Labor Statistics (BLS) doesn't provide statistics for the "Business Analyst" job title within its job outlook database. However, "it does track multiple job categories that fall under the broader umbrella of business analysis, including Management Analysts, Financial Analysts, Market Research Analysts, Operations Research Analysts, and so on."
  • Zippia estimates the number of business analysts in the United States to be 271,513. However, this number represents only employees with "business analyst" as job title, excluding other job titles under the "business analysis" umbrella, such as management and risk analysts.
  • According to Career Explorer, there were 806,400 business analysts in the country in 2016. The number of business analysts will grow by a compound annual growth rate (CAGR) of 14.3% between 2016 and 2026.
  • To calculate the projected number of business analysts, we relied on this reverse CAGR calculator. The starting value is 806,400 (2020), the CAGR is 14.3%, and the number of periods is 4 (years). Based on these figures, we calculated the projected number of business analysts over the next five years:
    • 2020: 1,376,371 analysts
    • 2021: 1,573,192 analysts
    • 2022: 1,798,158 analysts
    • 2023: 2,055,295 analysts
    • 2024: 2,349,202 analysts
    • 2025: 2,685,138 analysts
    • 2026: 3,069,113 analysts
  • Thus, the number of business analysts in the United States is anticipated to reach 3.069 million by 2026.
  •  It is unlikely that the expected growth in this market will meet the 2020-2026 forecast predictions since none of these predictions took the COVID-19 pandemic into account. However, "the 2020 pandemic has further accelerated corporate investment in business analysis, which implies that even these bullish projections will fall short of the actual demand, both in 2021 and in the future."
  • Between 2016 and 2026, the United States is expected to need 120,400 business analysts. "That number is based on 115,200 additional business analysts, and the retirement of 5,200 existing business analysts."
Breakdown by Company Size and Type
  • According to Zippia, the companies that are more likely to hire business analysts are large companies with more than 10,000 employees, with 57% of business analysts in the United States being hired by large companies.
  • The chart below outlines the breakdown of business analysts' employment by company size.
  • Business analysts prefer to work at public companies, with 62% of business analysts in the United States preferring public companies over private companies.
  • The chart below outlines the breakdown of business analysts' preferences by company type.
Breakdown by Job Type
  • Marketing analysts: The number of marketing analysts in the United States is 134,968. The companies that are more likely to hire marketing analysts are large companies with more than 10,000 employees, with 50% of marketing analysts in the United States being hired by large companies.
  • Product analysts: The number of product analysts in the United States is 4,099. The companies that are more likely to hire product analysts are large companies with more than 10,000 employees, with 44% of product analysts in the United States being hired by large companies.
  • Risk analysts: The number of risk analysts in the United States is 8,208. The companies that are more likely to hire risk analysts are large companies with more than 10,000 employees, with 41% of risk analysts in the United States being hired by large companies.
  • Supply chain analysts: The number of supply chain analysts in the United States is 71,357. The companies that are more likely to hire supply chain analysts are large companies with more than 10,000 employees, with 54% of supply chain analysts in the United States being hired by large companies.
  • Management analysts: The number of management analysts in the United States is 148,124. The companies that are more likely to hire management analysts are large companies with more than 10,000 employees, with 57% of management analysts in the United States being hired by large companies.
  • Data analysts: The number of data analysts in the United States is 81,065. The companies that are more likely to hire data analysts are large companies with more than 10,000 employees, with 61% of data analysts in the United States being hired by large companies.
  • Finance analysts: The number of finance analysts in the United States is 256,132. The companies that are more likely to finance analysts are large companies with more than 10,000 employees, with 66% of finance analysts in the United States being hired by large companies.
  • The attached spreadsheet outlines the breakdown of different types of business analysts' employment by company size and type.

SQL Knowledge

  • Large companies (10,000+ employees) are more likely to require SQL knowledge to hire a business analyst. Companies with 51-200 employees are also more likely to require SQL knowledge.
  • The requirements for SQL are also affected by the different career levels of experience requested by employers and by the company’s ability to provide SQL on-job training for business analysts.
  • According to LN Mishra, a business analysis & management consultant with more than 25 years of experience, "technology skills are increasingly expected from Business Analysts, especially SQL as that helps in data analysis."
  • With big data and relational databases being the new norm for most companies, SQL knowledge is a prerequisite for almost any business analyst job.

Research Strategy

For this research on the share (in %) of US business analysts with SQL knowledge, we leveraged the most reputable sources of information available in the public domain, including government databases, industry-related studies, market reports, and statistic portals/databases, and trusted media articles. In pursuit of this strategy, we checked government websites, such as the Bureau of Labor Statistics (BLS). Moreover, we leveraged industry-related websites and associations, such as the International Institute of Business Analysis (IIBA) and the Certified Business Analyst Foundation (CBAF). We also scoured research websites like Research Gate, Industry Daily Observer, Business Wire, and PR News Wire. We also checked consulting websites such as Statista, Deloitte, KPMG, Accenture, and McKinsey, and media websites like Reuters and Forbes.

This strategy did not lead us to any helpful information that directly provides the requested data. Lastly, we provided insights into the share of new business analyst job openings that require SQL knowledge and the growth in demand for these skills.
Sources
Sources