Data science is a mix of probability, statistics, data analytics, math and programming. It is ideal for organising Big Data, something that is not possible by traditional methods. The main objective of data science is capturing, processing and analysing massive datasets and extracting meaningful information. This is critical for business decision making, as incomplete or inaccurate data can generate wrong predictions. The impact of decision making with faulty data can range from lost opportunities to business blunders, threatening the very survival of the organisation. This is why data science is so critical for companies and they are willing to pay handsome salaries for data scientist positions.
The scope of data science is fast expanding. This is because human-generated data (from their online activities) is growing 10 times faster than conventional business data, while machine data (from sensors and smart devices) is growing 50 times faster. With this the demand for data scientists is at an all-time high in India. Along with being a lucrative career, here are some other reasons to learn data science.
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1. Data Science and healthcare
Healthcare is one of the fastest-growing sectors in India and is expected to reach $372 billion in 2022. Data scientists can take advantage of this growing demand since the pharma industry leans heavily on data science for predicting diseases. This is done by ‘deep learning’ algorithms. It can drastically improve patient lifestyle and help doctors build an effective treatment strategy. This is why data science is important in genomic industries as well, to analyse the impact of drugs on genetic complexities. It can provide practical insights for data-driven decisions, boosting the quality of the health system. Being a data scientist in the healthcare domain can be extremely fulfilling, as you contribute to the overall well-being of people.
2. Covers skill gap
As per a report, India ranks 66th in the world in data science and technology skills. On the other hand, the demand for specialists in this field has been steadily growing. So, how to learn data science? The good news is that there are courses focusing on the knowledge and skills most relevant to closing this skill gap. For instance, individuals or companies can choose the data science course offered by NASSCOM-certified Geeklurn, as this focuses on both theoretical and practical aspects of the subject, aimed at making the student industry-ready. This is done through:
- 320+ hours of live interactive sessions with data scientists
- Opportunity to conduct research work
- Project work at authorised centres funded by IISC, ISB and IIM
You gain a deep understanding of the underlying concepts, while getting enough practical exposure to incorporate what you have learned in real-world scenarios. Equipped with this knowledge and experience, one can bridge the gap between skills and organisational demand.
3. Quick career growth
Are you still wondering why to learn data science? This field has been cited as the ‘most promising career’ by LinkedIn. Leading industries, like digital marketing, automotive, retail, healthcare, BFSI, media and entertainment and telecommunications, are actively hiring data scientists to add value to their business. The opportunity to work with some of the world’s largest companies is why some choose data science. The possibilities within data science have increased, both in terms of job opportunities and real-life applications. Although the field has grown significantly, it is still at a nascent stage, poised for robust expansion. This gives you enough scope to build a successful career.
4. Unmet demand and less competition
Hiring in the data science industry has increased by 46%. Still, around 93,000 jobs in the field were vacant in the country as of August 2020. Less competition means better opportunities to grab your dream job. This is one of the top answers to why you may want to learn data science. Get started by considering a course and learning the skills well. There are three main components: Big Data, Machine Learning and Modeling, covering topics like coding, business intelligence, mathematics, algorithms, and data structures. The demand for data scientists is expected to grow in the years ahead, with increased automation across industries.
5. Earn a good salary
The average salary of an Indian data scientist is ₹6,98,412 per annum. An entry-level executive can make approximately ₹5,00,000 annually. This will keep rising as your expertise and work experience grows and you gain specialisation in fast-growing industries. Skill enhancement and learning capabilities are two important factors in determining the salary slab. Jobs for data professionals are among the most lucrative in the non-technical arena and can help you achieve financial milestones quicker than other fields.
The application of data science is beyond business intelligence. All types of industries including social organisations are becoming increasingly data driven. This is why data science is one of the fastest-growing fields in the country and the number of open analytics and data science jobs spiked by 30% year-on-year in April 2022.