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Market Analysis: Data Science and Data Analytics Market Analysis: Data Science and Data Analytics Prepared for Graceland University September 2018 In the following report, Hanover assesses demand for bachelor’s and master’s degree programs in data science, specifically highlighting demand trends for programs in the region including Iowa and Missouri. The report includes an examination of student and labor market demand, and an analysis of potential competitor programs. www.hanoverresearch.com Table of Contents Market Analysis: Data Science and Data Analytics Executive Summary Page 3 Degree Completions Analysis Page 5 Labor Market Analysis Page 6 Real-Time Job Postings Analysis Page 7 Competitor Analysis Page 8 Program Analysis Page 9 Research Centers & Funding Page 11 Program Benchmarking Page 13 2 Executive Summary Market Analysis: Data Science and Data Analytics Recommendations Regional Benchmark Analysis – Bachelor’s Based on an analysis of degree completions, and market competitors: Comparison of bachelor’s degree completions related to data science and relevant labor market to all completions and all occupations in the Plains Region Graceland University should continue exploring offering a data science program. Student demand for data science programs has been increasing 2024 rapidly at both the bachelor’s and master’s levels, and relevant occupations - Emerging Program High Growth Program are expected to grow faster than average. 2014 8.4%, 17.3% Before launching new data science programs, Graceland should develop a Rate, strategy to differentiate its offerings from an increasingly crowded 6.3% market. To stand out, Graceland could consider emphasizing unique features Regional Average, and specialization tracks when advertising or recruiting. Growth All Occupations Low Growth Program Established Program Key Findings and Program Demand Forecast Market For bachelor’s and master’s in data science programs in the Plains Region -1.6% Labor Regional Average, All Programs Student demand for bachelor’s and master’s programs in data science-related fields has been growing regionally and nationally. At both award levels, annualized Annualized Degree Completions Growth Rate, 2012-2016 growth rates for data science-related programs are faster than the rates for all academic programs at the same degree levels. Regional Benchmark Analysis – Master’s The market for data science programs is increasingly competitive. At the bachelor’s Comparison of master’s degree completions related to data science and relevant level, several programs closed between 2012 and 2016, which could mean that all labor market to all completions and all occupations in the Plains Region student demand is being met. Meanwhile, approximately 80 new master’s programs 2024 opened in 2017 and 2018, and several more have been announced for 2019. - Emerging Program High Growth Program Graduates of data science programs are likely to find employment, especially at 2014 16.0%, 17.3% consulting and financial firms, and healthcare or insurance companies. Relevant occupations are projected to grow faster than average in the region and the United Rate, 6.3% States. During three months in 2018, over 5,700 relevant jobs were listed in the Regional Average, region, requiring skills such as statistical programming and database management. Growth All Occupations Low Growth Program Established Program Some regional institutions host or participate in data science-related research centers, many of which are publicly funded. Some of these centers are funded by Market -0.1% state grants, others by federal government departments and agencies. Several Labor Regional Average, institutions are affiliated with the Midwest Big Data Hub, which receives funding All Programs from the National Science Foundation. Annualized Degree Completions Growth Rate, 2012-2016 Overview of Related Fields Market Analysis: Data Science and Data Analytics Despite some formal differences between the meaning of “data analytics” and “data science” the terms are often used interchangeably when referring to academic programs – according to the Institute for Advanced Analytics at North Carolina State University, data science is a “close kin” to analytics, and both program types use similar curriculum. In this report, Hanover uses the term “data science” when referring to relevant programs. Data analytics, data science, and information science programs all rely on students having a foundation in computer science. Data analytics focuses on analyzing data once it has already been collected in order to answer business or policy questions. Data analytics programs are most likely to include concentration related to specific industries. Data science focuses on creating data-driven solutions by developing models for data management; these programs may include a greater focus on programming or software engineering than analytics programs. Meanwhile, information science focuses on the application of technology and other analytical tools to improve the usability of data in a variety of professional fields. Data Analytics Data Science Information Science The application of information Uses statistics, mathematics, Creates sophisticated analytical systems and technologies to computer programming, machine models to build new data sets and understand data and improve its learning, and visualization tools to derive new insights from data analyze large quantities of data usability Statistics and Data Driven Information Data Visualization Mathematics Decision-Making Data Engineering Management Presenting data and trends Developing questions for Developing, maintaining, Developing statistical The process of collecting, in a manner that is easy to research and designing and evaluating models to infer trends storing, managing and understand data models to answer database solutions within from data maintaining information these questions organizations Computer Science and Programming Developing and using software to collect, organize, store, model, analyze, display, and interface with data Source: DataFloq, Technopedia, University of Delaware, SimpliLearn 4 Degree Completions Analysis Market Analysis: Data Science and Data Analytics Regional Bachelor’s Completions Volume Analysis of Findings Distribution of bachelor’s degree completions in the region from 2012 to 2016 Student demand for bachelor’s degrees related to data science grew consistently at 2,500 the state, regional, and national levels. 2,000 In Iowa, related bachelor’s degree completions grew at a rate of 12.8 percent, whereas 1,500 completions in all fields decreased by -8.3 percent. Similarly, related completions grew at a rate of 8.4 percent in the region and 9.9 percent nationally, while bachelor’s degree 1,000 completions in all fields decreased by -1.6 percent regionally and increased at a slow rate of 1.7 percent nationally. 500 0 Student demand for master’s degrees related to data science grew at the regional and 2012 2013 2014 2015 2016 national levels, but declined slightly in Iowa. Data Modeling/Warehousing and Database Administration Information Science/Studies Related master’s degree completions grew at a rate of 16.0 percent in the region and Management Sciences and Quantitative Methods, Other 17.4 nationally, faster than the growth rates for all fields in each geographic level (-0.1 Statistics, General percent regionally and 1.0 percent nationally). In Iowa, related master’s degree Computer and Information Sciences, General completions decreased by -1.1 percent, but still performed better then all fields of study in the state, which shrank by -8.9 percent. Regional Master’s Completions Volume Distribution of master’s degree completions in the region from 2012 to 2016 Total Degree Completions Aggregate degree completions by geographic level (2016) 1,000 Level Iowa Plains National 800 Computer and Information Bachelor’s 191 1,249 17,015 600 Sciences Master’s 22 383 9,823 Bachelor’s 51 267 2,313 Statistics 400 Master’s 35 136 3,027 Management Sciences and Bachelor’s 97 97 586 200 Quantitative Methods, Master’s 7 47 1,171 Bachelor’s 6 388 6,982 0 Information Science/Studies 2012 2013 2014 2015 2016 Master’s 0 260 6,338 Data Modeling/Warehousing Bachelor’s 0 0 172 Data Modeling/Warehousing and Database Administration and Database Administration Master’s 0 8 361 Information Science/Studies Total – Bachelor’s 345 2,001 27,068 Management Sciences and Quantitative Methods, Other 5-Year Growth Rate – Bachelor’s 12.8% 8.4% 9.9% Statistics, General Total – Master’s 64 834 20,720 Source: IPEDS Computer and Information Sciences, General 5-Year Growth Rate – Master’s -1.1% 16.0% 17.4% Note: The Plains Region includes Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota. 5 Labor Market Demand Market Analysis: Data Science and Data Analytics Regional Current and Projected Job Availability Analysis of Findings Regional data science-related positions as of 2014 and 2024 (projected) Graduates of a data science program at Graceland are likely to find employment, 30,000 because related jobs are projected to grow faster than average. 25,000 Data science-related occupations are projected to grow at a rate of 21.1 percent in Iowa, much faster than the growth rate for all occupations in the state (8.6 percent). Similarly, the selected occupations are projected to grow at a rate of 20,000 17.3 percent in the region and 15.6 percent nationally, both faster than the growth rate for the region 6.3 percent) and the country (7.4 percent). 15,000 In data science-related occupations, most workers hold at least a bachelor’s
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