Data science which is defined as the significant technology of current times has been a game-changer across various industries. In a world where high-level digitization of processes is surging, the generation of data is in volumes, giving rise to the popularity of data science technology and its tools. Such solutions when deployed, tend to drive more productivity and efficiency. With its innovative offering including Big Data, Data Mining, Machine Learning, Data Analysis, and Data Analytics, data science as a field has become the backbone of several business processes today.
We can observe the surge in demand for data science services in various fields with market researches estimating its potential growth in the near future. According to a market report, the big data market is projected to reach US$103 billion by 2027, up from US$49 billion in 2019. As of now, the market is anticipated to value US$56 billion in 2020.
It has also been predicted by several market reports that the data science platform market size is expected to grow from US$37.9 billion in 2019 to US$140.9 billion by 2024, at a CAGR of around 30 percent during the forecast period.
The increasing focus of organizations on ease of the use of methods to drive efficient business processes and address growing need to derive comprehensive insights from large datasets to gain a competitive edge is considered as one of the major key factors fostering the growth of the data science platforms market. Moreover, the enhanced inclination of enterprises toward data-intensive business strategies while embracing advanced technologies to create infinite opportunities for the vendors of the data science platform is also catalyzing the flourishment of data science as a field.
The impact of this market influence can be gauged through growing demands for skilled data scientists and engineers in different regions. Where data scientist has become the sexiest job of the century, we can see the perks one can get in attaining the title. In terms of salary, data scientists are the ones earning quite handsome amounts among others in countries like the US, China, UK, etc. This has increased competition among various aspiring candidates who strive to possesses innovative skills to thrive in the data science field.
The US being the leading hub for technological advancements encourages the lavish scaling of data science programs and opportunities. Outside of the US, Shanghai, Paris, Tokyo, London, and certain other big cities are serving with great scope for a data science career.
Moreover, data science is gaining momentum in India as well, as various startups are adopting innovations driven for data-technologies. Data science has a great scope in India. However, considering this as a relatively new field, it has been observed that very few have the right expertise required for data science. India is also facing a similar challenge. The country lags behind in comparison to the US, where the boot camps and universities are offering experimental and relevant pedagogy to learners.
Besides, numerous startups across India are seeking to monetize on specialized data scientists who possesses the right skills to fulfill their requirements. Currently, there is a need to advance the conventional IT roles including software development, testing, IT administrators, database managers, etc. across the country to harness better aspects of data and data science as well.