Data is everywhere, and it’s the foundation of everything we do. Why do companies need data science? Why are data scientists in high demand? Why is it so overhyped? To answer these, we will first examine what data science is and how it helps a business. From there, we’ll be able to understand why data science is in demand today and if you should consider becoming a data scientist.
As per LinkedIn’s emerging job report, the market is predicted to grow to USD 230.80 billion by 2026, which is a considerable number. Before moving forward, do have a look at the top data science course in Pune, which comprehensively covers the latest technologies.
Data Science – The Key Point in Every Business
Data Science combines math, statistics, programming and business knowledge. Data scientists use various tools to derive meaningful insights from complex data. These professionals work in multiple fields and are mainly focused on analytics. They utilize their expertise to dig deep into data and find valuable insights others have refused to see. There’s no doubt that data science has been making a difference in lives and businesses worldwide.
Who are Data Scientists?
Data Scientists are nothing but data experts. Massive amounts of data are gathered by businesses and governments every second of every day from people all around the world. All clicks from websites, applications, and smart devices are logged and kept in massive server vaults for data scientists to comb through and analyse.
Data scientists are trained in various disciplines, including mathematics, computer science, statistics, etc. They are responsible for developing algorithms that can extract insights from data sets. This allows businesses to make informed decisions based on past trends or patterns that may not have been apparent. They were buried within large sets of information like clicks on online ads or website visits where products are sold.
Because the uses for this data are so varied, data scientists are in high demand. For example:
- Clothing firms can utilise customer data better to manage the manufacturing and distribution of their products,
- Government researchers can use data to recommend policies to lawmakers
- Financial institutions can use data to evaluate new investments
How exactly do companies Benefit from Data Science?
Following are the ways businesses benefit from data science techniques:
- Companies can develop business plans to beat the competition by implementing appropriate data.
- Professionals can solve problems by making data-driven decisions using trends and data insights.
- Company growth and expansion recommendations can be established by integrating experiments and data.
- Great opportunity for businesses to accomplish sustainable growth and competitive advantage by analysing current data-driven methodology
Why are Data Scientists in demand today?
Data science is in demand today because of the need to collect and analyse data from various sources. This includes social media, customer data, and more. Creating predictive models based on this data is a valuable skill that helps organisations make more informed decisions about their customers, products, and even employees.
This has resulted in an increase in demand for data scientists who can help businesses understand what their customers want and how best to provide it. Some of the significant reasons why it is so overhyped are listed below.
-
Data-driven World
Since we live in a world much information is available from all possible industries. Businesses and companies are refocusing their efforts toward data-driven objectives and decisions. This is a prevalent phenomenon.
-
Huge benefit to the businesses
Companies need skilled data scientists because they can provide information about their customers that they would not have been able to get before this technology became popular today. This includes what kinds of products people want or how much money they spend each month on travel or groceries!
-
Multiple opportunities inside the field
When it comes to what professional path you can take in data science, the career opportunities are limitless.
Yes, you heard it right.
With data science skills, you can become a data analyst, statistician, BI analyst, machine learning engineer, or AI professional, depending on your interest. Even if these roles come with hurdles, you can succeed in any of them without needing the support of your friends or family. This is because some organisations offer online and offline training for jobs with the same duties.
According to top specialists and CEOs, the demand for data scientists, analysts, and other roles will increase in 2023. As time goes on, this will gradually increase.
-
Organisations can now handle massive data easily.
A study found that over 75% of businesses still have trouble competing with companies using structured or unstructured data. Whatever the case, they need to do this to handle the unpredictable surges in data.
The result is chaos throughout companies. Analytics tools like Google Analytics help businesses find valuable times to keep their operations running smoothly. The fact that
Google Analytics and other analytical tools that use fundamental Machine Learning techniques must also be understood by highly regarded businesses. They can use it to investigate market patterns and decide whether it is time to invest in enduring trends.
In the long run, goal-oriented data science management determines how and when to keep the data or remove the sub-datasets. Both productivity and profit margins will increase as a result of this. These businesses must focus on resilience and patience, which entails responding to changing trends.
-
Data Science is easy to learn and upskill
Since data science is a new field, it is easy for learners to familiarise themselves with data science techniques. Although vast, learning by specialising in a field or two can be smooth.
Upskilling is vital in a field as dynamic and ever-changing as data science. The need for data scientists with multiple skills has skyrocketed as more data scientists compete for the same position in the wake of the pandemic. Head to the certified data science and data analytics courses to upskill yourself with the modern cutting-edge technologies data scientists use.
-
Attractive Salary Package
Since many students or institutions don’t know this field much, and fewer skilled data science professionals are available today, they tend to get paid a lot. How? It’s simple.
They demand high pay from employers, and thus the companies have to accept them as they have no choice.
As discussed earlier, data scientists in India are highly sought after across all sectors and command excellent salaries. According to Glassdoor, the average salary of data scientists in India is around 11 lakhs annually. A fresher data scientist can make up to 4 lakhs per annum, whereas a senior data scientist with 7-9 years of experience earns upto 15 lakhs per annum which is comparatively higher than that of other IT professionals.
-
There aren’t as many competitions as you think.
It is hard to avoid competition, especially during the post-covid times when everything has become digital. Therefore, it’s crucial to think about how to maintain your interest in learning data analysis and other essential aspects of data science.
By 2026, there may be a staggering 200% increase in the global need for data scientists.
Around the next five years, analysts predict that India will have over 11 million employment openings in data science.
Thus, the level of competition in this market is now lower due to a lack of awareness. The competition will only increase with more recognition and acceptance of this sector. But in the near future, there won’t be a lack of employment chances for skill in this sector.
Thus, a career in data science not only ensures a person’s upward growth trajectory but also promises greater financial rewards. As a result, it is developing as a profitable employment choice for young people in India.
How to Get Started and Stand out from the crowd
Data science is one of the highest-paid jobs in the world. It’s also one of the toughest to crack, given its high competition rate among applicants.
Hence, what sets apart a successful data scientist from others? It’s not about how much you know how to program or how many different mathematical algorithms you know. Data science is a collaborative effort between statisticians and programmers, with lots of mathematical and algorithmic understanding of the trade. Moreover, given the vast amount of data generated daily, the competition can be very high. It takes lots of hard work to stay competitive and separate yourself from the competition. However, with a comprehensive data science course in Bangalore offered by Learnbay, becoming a data scientist is possible. This course thoroughly explains all data science concepts, from basic to advanced cutting-edge tools.
Bottom Line
By now, you should have a pretty good idea of why data science careers are in demand and how the field is expected to grow in the future. Data scientists and their supporting team members bring many skills to businesses working with large datasets. And if you’re still unconvinced about why data science has become so compelling, wait to see what’s coming next.
According to industry experts, this will undoubtedly lead to another data revolution, creating many desired jobs in data science every year. This brings me to the conclusion that data science is still very lucrative, and it doesn’t look like it will decline anytime soon. Iterating and evolving this category will ensure its continued marketability throughout the coming years.