Once upon a time, oil companies ruled the globe. Without oil, progress would halt and economies would shrink. Fast forward to the 21st century, Data has become the new oil. With about 2.2 billion gigabytes of data being produced everyday on a global scale, businesses are increasingly utilizing data-based insights to gain a competitive advantage by making better decisions and improving customer experiences.
In this blog, we will explore what Data Science is and what are the related career prospects in India.
Data Science is an interdisciplinary science that focuses on extracting knowledge from large data sets. It borrows techniques and theories from many different fields, including statistics, mathematics, computer science, and the humanities.
Early entrants into the data science world included the BFSI sector, communications and media sector, and the retail sector. From 2018 to 2020, more and more industries started becoming data-centric and we witnessed a 260% increase in the number of firms that recruited data experts. IBM says that finance & insurance (24%), professional services (18%) and IT (17%) are the top three sectors responsible for creating 59% of all the data science jobs available (2019). Remaining 41% of the jobs can be imputed to the sectors that have recently started deploying data science capabilities. These include the Healthcare sector, the Pharmaceuticals sector, the Telecommunications sector and the Energy sector.
According to a survey conducted by Analytics Insight, just by the end of 2021, there will be more than 3 million job openings worldwide in the Data Science domain. Since, India is the second-largest recruiter of employees in that field (following US), there has been a significant rise in demand for skilled data science experts, leading to around 1 lakh positions being vacant!
Not only in India, but across the globe, the Data Science industry has experienced a surge in jobs. So, without further ado, let's look at the diverse job roles offered in this domain -
Data Scientist: It comes as no surprise that Data Scientist is acclaimed to be the ‘sexiest job of 21st century’ by Harvard Business Review. They are known to transform raw data into meaningful insights which are then used to drive key business decisions.
Data Analyst: This job role revolves around understanding complex business problems and using data analysis tools to analyze this data and provide strategic solutions to these problems.
ML Engineer: Machine learning engineers use algorithms to design machine learning models that enable predictive automation. A byproduct of Machine Learning that most of us have used is- image recognition on our phone.
Data Science Consultant: The work of Data Science consultants is to use their in-depth understanding of the industry and problem-solving skills to advise clients and help their business reach unprecedented heights.
Business Analyst: With their business acumen and data analysis skills, business analysts articulate the technical output for people at the business front, thus bridging the gap between techies and management folks.
Data Engineer: Data Engineers are responsible for building and maintaining data pipelines. They use their technical skills to develop algorithms that transform crude data into tangible data sets.
According to IBM, the above-mentioned job titles are the most coveted jobs in the world.
Data Science experts have effectively tackled many real-world problems and set new paradigms in every industry they entered. So, does the idea of building a career in Data Science amuse you? If yes, AlmaBetter is just the right place for you! Join us and kick-start your career in the field of Data Science.