Data science has been a game-changer across every industry. With high-level digitization of processes, the generation of data is at peak and thus data science technology and tools are deployed to drive more productivity across organizations. This tech-field as a whole has a bunch of perks to provide including technologies for Big Data, Data Mining, Machine Learning, Data Analysis, and Data Analytics.
As problem-solving lies at the core of service providers and businesses, data science has the ability to analyze heaps of data to resolve problems more quickly and efficiently than was previously possible with a purely engineered solution. Moreover, driven by the emergence of proficient ML algorithms and a shift from descriptive to predictive analytics, predictive maintenance has been steadily gaining ground in the industry and shows no sign of slowing down.
The world is seeing a surge in demand for data science services in various field with market researches estimating its potential growth in the near future. With increasing demand, the path gets open for new talents and job seekers to try their skills and hard work in this genre. The plethora of data-technologies is creating a number of job opportunities for budding data professionals to grab shortly. Moreover, in India, the data science jobs are expected to see 1.5 lakh new openings in 2020, which is an increase of about 62% as compared to 2019, according to a report by Great Learning. Currently, 70% of job postings in this sector are for Data Scientists with less than five years of work experience.
Hari Krishnan Nair, co-founder, Great Learning said, “Organizations across domains are adopting emerging technologies at a fast pace in order to remain competitive and relevant in today’s market. With vast quantities of data being generated, the Data Science vertical is key to mining actionable insights for businesses. We are delighted to witness the growing demand for Data Analytics professionals in India. This has naturally resulted in professionals acknowledging the scope of this field is working towards upgrading their skills to meet the demand for Data Science professionals. 2020 is set to be a big year for Data Science in India.”
Furthermore, BFSI, energy, pharma/healthcare, e-commerce, media, and retail are the sectors that are creating the greatest number of jobs in this field with average salaries ranging from 10 to 14 LPA.
The analysis by Great Learning also revealed that such sectors have been facing a massive skill shortage in the country. In 2019, as per a study, around 97,000 positions related to analytics and data were vacant due to the dearth of qualified talent. However, there has been an increase in the number of professionals upskilling in data science, but the no. of jobs created has outpaced the professionals count.
It is also expected that the perks of data science jobs may invite young talents to join the league to foster the technology advancements further in the near future. The report also presents with various career paths that are available for Data Science professionals today and the remuneration on offer across different roles – Data Scientist, Data Analyst, Data Engineer, and Business Intelligence Developer.