RISING DEMAND OF DATA SCIENCE

RISING DEMAND OF DATA SCIENCE

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As for India, in 2018, demand for data scientists shot up by 41 percent, however the versatile professionals were not in shortage though there was such a rise in demand.

RISING DEMAND OF DATA SCIENCE

The amazing job of the 21st century, data science, has seen heaps of demand with no vital dip at any purpose of time over recent years. Consistent with a study, it absolutely was found that there's a demand for 28% additional data scientists worldwide. So, it's solely too truthful to assume that the data science career alternative in 2020 won't bog down.

Data Science Statistics

In 2019, 2.9 million data science job openings were needed, and looking out at the trend, 2020 can solely see a rise. Consistent with a report, in 2020, the job needs for data science and analytics are projected to boom from 364,000 openings to 2,720,000. And consistent with the U.S. Bureau of Labour Statistics, 11.5 million new jobs are going to be created by the year 2026. Therefore, it’s safe to mention, even with the quantity of shortage in talent, there won't be a dip in data science as a career choice.

The increase in data science as a career selection in 2020 also will see an increase in its numerous job roles. Analytics India Magazine has listed a number of them below:

  • Data Administrator

  • Data Engineer

  • Statistician

  • Machine Learning Engineer

  • Data and Analytics Manager

The increase in the job roles are due to growth inbound sectors, and these sectors can want data science personnel to process and handle the data that they turn out. Below are some industries which can create additional jobs in 2020, notably in India:

Agriculture: The backbone of our country and the most the foremost distinguished areas to adapt technology worldwide, and thus can demand applications of data science, ML and AI. These can facilitate improved farm output, pricing, and forecasting.

Healthcare: Analysis of the large data made by the health care department would require the help of data information science as more and additional data is provided each day. Not solely is this data large-scale, however conjointly sophisticated, therefore the demand for a talented data scientist will skyrocket in this sector.

Aviation: Aviation firms produce an awfully large amount of data. This data is employed by them to boost their services like client expertise, fix flight schedules, safety data, route optimization, preventive maintenance, etc.,

Cyber Security: Cybersecurity has seen a recent surge with varied firms levelling up their security systems with increasing malware. The data engineer demand can increase as the corporations will want them for anomaly and intrusion detection uses.

Highlights of Data Science

The data science career could attract many folks due to its difficult nature, however, the payment related to it adds another layer to that. In India, the common earnings of a data scientist as of Jan 2020, in line with Glassdoor, is ₹1,052K/yr, which is pretty engaging. The opposite job roles vary in keeping with the companies and therefore the position.

In recent years with the number of shifts in analytics and data science, the market revenue has accrued. Per the report by AIM, in 2018, analytics, data science, and massive data trade in India generated concerning $2.71 billion annually in revenues, and in 2019 it grew to $3.03 billion in size. This 2019 figure is anticipated to double by 2025 nearly.

Prime Facts Regarding Data Science

  • The primary issue contributing to the boom in the data science sector is the increase in data being generated and at an equivalent time, the quantity of information that's being consumed also. This data is generated all over from one’s mobile phones to the foremost vital healthcare procedures, therefore the huge data has contributed as a major factor in goading the expansion of data science.

 

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  • Another issue to be thought-about is the accumulated computing power and advancement of tools. This plays a very important role, as a result of the massive data, as helpful as it is, desires a robust computer system to that one will with efficiency crunch and create the info helpful to an affordable quantity. There are cloud computing platforms like AWS, Cloudera, Microsoft Azure, GPS, etc., that give intelligent solutions.

  • If we glance at the previous year, 2019, then in keeping with a survey, 46 percent of the CIOs who participated aforementioned that they'd suffered a shortage of expert data scientists. So, it becomes imperative that together we should consider this high hard job seriously, however it's equally essential to be an expert at it. In India alone, 97,000 jobs are vacant due to the shortage of expert employees. One should participate in varied data science boot camps, projects, and different varied opportunities to upskill themselves and move towards being skilled, so consider beginning a career in data science.

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