Data science and data analytics are two sides of the same coin. Both help drive business innovation with various types of data cleaning, collection and analysis for more informed decision making. With growing digitalisation, massive volumes of data are at the disposal of companies, in the form of texts, emails, tweets, user searches, social media chatter and IoT. This data needs processing and analysis, which traditional systems are unable to perform due to the enormity, diversity and complexity of the data being generated. This is where data science and analytics come into play.
Data science is a multidisciplinary field that works with large datasets. It involves the use of tools, algorithms, and machine learning principles to uncover hidden patterns from unstructured data. Data analytics is a focused version of this field that creates actionable insights. In other words, it converts data into information that can be put into action.
A career in these two fields can be highly rewarding. Job opportunities for data science and analytics rose by 30.1% in April 2022, compared to the same month in the previous year. India contributed to 11.6% of the total global jobs, which is a considerable jump from the 9.4% in June 2021. In fact, LinkedIn declared the data scientist career path as the most promising one due to the tremendous advancements expected in the future. So, here’s a guide for those of you wondering whether data science is a good career.
Table of Contents
- 1 Benefits of being a Data Scientist
- 2 Pay scale of Data Science related jobs
- 3 Where you can hope to work
- 4 Data Scientist vs Data Analyst: Which is better?
- 5 Prospects of Data Science and Analytics
- 6 The bottom line
Benefits of being a Data Scientist
To build a career in data science, one may perform a range of activities on large datasets. These activities include data mining, data processing, validating data integrity, garnering business insights with the help of algorithms, statistical analysis and machine learning. Is data science a good career?
Here are the main advantages:
- The opportunity to work with industry behemoths like Apple, Amazon and Google.
- Rewarding career, with an average salary of ₹11 lakhs per annum.
- The demand for data science professionals is unlikely to fade.
- Work with different technologies and programming languages.
- Get to solve real-world business problems.
- Gain in-depth knowledge of statistical software tools like R, SAS and Python.
Still wondering why data science as a career option? Here’s a look at how monetarily rewarding it is. At the entry level, salaries average around ₹5 lakhs per year. People with 1 to 4 years of experience earn a little over ₹6 lakhs per annum. Those with 5 to 9 years of experience can expect to earn annual salaries between ₹12 and ₹14 lakhs. Data scientists typically earn more than data analysts.
- Your knowledge and expertise
- Location in India
- Work experience
You will need knowledge of algorithms, statistics, mathematics, machine learning, and programming languages like SQL, Hive and Python. Good communication skills are also a key advantage.
Where you can hope to work
Aspiring data professionals often consider which country is best for a data scientist. Although the US is one of the highest paying countries, India is the second-largest country offering data scientist jobs. This is because analytics adoption among the largest Indian firms grew to about 74.5% in 2021. Some of the most reputed Indian and foreign companies hiring data scientists include Wipro Technology, IBM Corp, Accenture, McKinsey, and JPMorgan Chase.
In India, Mumbai is the hub for this career, with around 43.4% of the analytics functions of leading companies being based here. It is followed by Delhi, at 24.3%.
Data Scientist vs Data Analyst: Which is better?
There are some differences between the roles of a data scientist and a data analyst. The role of a data scientist is suitable for those who are keen on building advanced ML models and using deep learning techniques to make human tasks easier. You will need:
- Mathematical skills like advanced statistics and predictive analytics
- Programming skills like advanced object-orienting programming
- Software and tools like Hadoop, MySQL, TensorFlow and Spark
- Knowledge of machine learning and data modeling
If analytics excites you, consider the career of a data analyst. You will need:
- Mathematical skills like foundational math and statistics
- Programming skills like basic fluency in R, Python and SQL
- Software and tools like SAS, Excel and business intelligence software
- Other skills like analytical thinking and data visualisation
For data analyst roles, you will need a Bachelor’s degree in a field like math, computer science or finance. Data scientists can consider a Master’s degree in data science, statistics and information technology. There are also professional courses at GeekLurn that help to build the necessary skills.
Although there are differences in roles, a data analyst can become a data scientist by upskilling.
Prospects of Data Science and Analytics
Investments in AI and ML are projected to grow by 33.49% in 2022 alone. The data analytics industry is predicted to create over 11 million jobs in India by 2026. These highlight the exciting prospects of a career in data sciences and analytics.
Data analysts can move to management positions, like senior-level analysts, analytics managers, chief data officers and directors of analytics. You can also specialise in a specific area, like business analyst, operations analyst, marketing analyst and financial analyst.
A whopping 463 exabytes of data is expected to be created globally every day by 2025. Experts will be required to convert this massive amount of data into actionable insights using advanced technologies. Almost all industries will continue to have demand for such expertise. This highlights why data science has become an exciting and satisfying career option.