Business leaders want to frame business initiatives by making solution-driven decisions. This is why they look for professionals who can stare at data, spot trends, and identify profitable opportunities are important.
The professionals are data scientists!
Yes, the future is greener for data scientists in India and across the globe.
Analytics and data science support novel business models, operational effectiveness, and shape business performance. According to AnalyticsIndiamag.com, analytics, data science, and big data industry in India would be USD 2.71 billion annually. It has grown to USD 3.03 billion in size may double by 2025.
The scope of data science in India is evident in almost all organizations such as banking, energy, pharmaceuticals, e-commerce, telecommunications, etc. According to a study, India stands second to the United States of America in recruiting data science professionals. Among cities, Bengaluru accounts for 28% of the jobs, followed by Delhi NCR (25%) and Mumbai (18%).
Prime Minister Narendra Modi’s ‘Digitize India’ initiative promotes e-governance, e-banking, e-health, e-education, and is transforming India into a knowledge economy. The forecast is:
- Digital India program will generate 18 lakh jobs
- Reliance Industries will create employment for over five lakh people
- Tata Group will hire 60,000 professionals
- Aditya Birla Group would invest INR 44,500 crores in the next five years in the digital space
The digital India initiative and organizations outsourcing work from India has led to the demand for talent. But data analytics talent is acute. In India, the analytics professionals have a work experience of about 8 years and around 22,000 freshers got added to the analytics workforce in India this year, Analyticsindiamag.com reports. According to Hindustan times, by 2020, We’ll have over 364,000 new jobs in data science.
The employment of big data analysts in India is almost 38% with large-sized companies, 33% in mid-size organizations, and 29% with start-ups. Flipkart, Amazon, Netflix, and several big companies have massive openings for data scientists. MNCs like Accenture, TCS, Myntra, Capgemini, IBM, and others are investing a hectic amount of money on data scientists. According to a recent survey by The Hindu, there are approximately 97,000 data analytics positions vacant in India.
The dependency of data analytics by companies has contributed to a 45% increase in total jobs as compared to last year. These figures will give you the scope of data scientists in India.
With this unbeatable upsurge, let us investigate why data scientists are in demand and how data science is the career of the future.
Why data science is the future
“The job of a data scientist has grown sexier,” says Andrew Flowers, author of the Indeed report. Data has become the fuel for the fourth industrial revolution.
With the advent of data science, industries can analyze market trends, analyze risks, and make intelligent business decisions. It is minimizing losses as industries are deciding business based on acts and not ‘gut feelings.’
Stupefying amount of data
It is known that about 2.5 quintillion bytes of data are created per day. Data science and big data analytics are all about unlocking the actionable values from this flood of data. According to Seagate.com, five billion consumers interact with data daily and this number will increase to six billion by 2025.
Companies need data scientists to manage their data
Businesses today have many opportunities to collect data from sources like the Internet of Things (IoT), social media, web and mobile technology, and more. But they could not analyze or categorize the stored data. They need data scientists to stare data and spot market trends for making wise business decisions.
Data privacy regulations demand data scientists
There is a need for real-time analytics and responsible storing of customer data as per the General Data Protection Regulation (GDPR) and California data privacy rules. People are aware of data breaches and data scientists can help businesses align data with privacy stipulations while using people’s data.
Moreover, the data collected may be structured, semi-structured, or unstructured which requires formatting for maximum yield. This demonstrates the reasons why data scientists are necessary for today’s business and those of the future. The companies are demanding meaningful insights from the data to sustain among the mushrooming competitors. The need for big data analysts is becoming high across the industries.
So, make hay while the sun shines. It is time to start your career as a data scientist. Let us see how.
How can you make use of the data science career scope in India?
Big data and analytics market will continue to grow in India. As data science entrenches the various industrial domains, acquiring the right skills is the go. Earning a certification in data science may help you run the race.
Data scientists are expected to know at least one programming language, either Python or R. Also, learn tools such as Big Query, AWS, Hadoop, Spark, Hive. Get trained in machine learning and statistical modelling. Know SQL, NoSQL databases, and relational database management systems.
Companies are embracing the next wave of disruption. How about you?
Learn data science and be the next.