For the business progression of any industry or organization, understanding and adopting the recent market trends are necessary and for this task, an industry analyst is required. An industry analyst is one who carries out research on the collected information and studies various trends and segments of wide industrial companies. He/she works by considering the economic sector disciplines and conducts intermittent research on trends and developments in the sector.
Basically, the industry analyst responsibilities focus on providing advice and recommendations for the growth of the firm after carrying out market research in the same field. Advising long and short term asset selection opportunities to the investors in the industry is also included in their routine tasks. Industry analysts carry out primary as well as secondary market research in the similar sector such as consulting, information technology or insurance. They evaluate sector trends, size markets, create segment taxonomies, develop industry models and prepare forecasts.
Usually, industrial financial analysts are typically specialized in one particular sector or a sub sector; they perform research on the extensive progression of the market rather than targeting specific publicly bartered investments, equities, companies or associated financial prospects as a financial analyst. They work for advisory and research service firms, while some may conduct consulting services.
In the same way, even industry analysts conduct research in the context of a specified segment or market segment in addition to the competitive proposals of the public and non-public firms that involve the market. Majority analysts organizations focus on multiple market sectors which may include wireless communication, cloud computing, pharmaceutical industry safety supervision or audit services.
Such organizations and the analysts working with them are perpetually shifting and enhancing their coverage areas to maintain a stride with trends like media convergence or technological convergence. The reason behind this is the requirement of industry analyst research services is likely linked with the frequency of modification in an industry.
Industry analyst responsibilities vary as per the sector they are working with. For example, a health care industry analyst is responsible for carrying out a monthly research survey, editing and publishing a health related newsletter on a weekly basis and building audience for potential readers. He/she also draws charts and assembles spreadsheets, assesses financial data and suggests beneficial financial products and programs to investors. Some of the basic tasks of an industry analyst are mentioned below:
A bachelor's degree in the concerned field with relevant work experience of four years is the minimum required qualification for the position of an industry analyst.
Basically, industry analyst responsibilities target specified market research in order to assist the growth of the organization with all aspects. They contribute in the overall development of any industry.