Career guidence | Data Science.. Career Outlook and Industry Trends

May 20, 2023 / 12:14 PM IST

What is Data Science?

Data Science is the study of data. It is a multidisciplinary area that combines various aspects of statistics, mathematics, and computer science to extract insights and knowledge from data. Data is of various kinds – text, numeric, images, voice files, video files and more. Data science is the science of collecting data from different sources, cleaning, processing, analysis, and visualization, to power better data driven decisions.
Applications of Data Science in various fields include-
Data Science is used in every walk of life. OTT platforms like Netflix, Amazon Prime, Aha and others use Data Science to understand the kind of video content that their viewers best like and bring in more content of that kind. Data Science is also used to make content suggestions and recommendations to the user.
Online shopping portals like Amazon, Myntra, Flipkart and others use Data Science extensively to find the best selling products and make smart recommen dations. Search engines like Google also use data science to bring up search results based on the words used by users to search for information.
Similarly, Data Science is used in the healthcare sector to analyse medical images, test results and much more. It can also be used in drug research, diagnostics, and Wearables; these devices help doctors collect data from the patient like heart rate, sleep patterns, blood glucose, stress levels, and even brain activity.
Data Science is also used in several other fields like autonomous vehicle technology (driverless cars), fraud and risk detection, mapping and route planning, social media, finance and banking, pharma research, drug development and many more. In fact, applications such as Siri and Alexa, are heavily dependent on data science.
Advanced technology such as Artificial Intelligence, Machine Learning, smart robots and generative tools like ChatGPT also depend heavily on Data Science.
Why do we choose Data Science as a career option?
High demand for Data Science professionals
Data science professionals will be in high demand as more and more businesses desire intelligent data-driven decisions, more efficient solutions, and more effective business procedures. Many organizations now consider data science a necessary component, and its significance will probably increase in the years to come.
Fascinating stats to prove that Data Science is the most in demand one in the market-
Around 80% of businesses worldwide are devoting a significant portion of their profits to building a capable data analytics division, hiring the most intelligent individuals in the field.
The US Bureau of Labour Statistics predicts that by 2026, there will be a 27.9 percent increase in the number of employees needing data science expertise.
Recent statistics indicated that data engineering is one of the technology fields with the richest growth, with an increase in job openings of over 88.3 per cent.
Data analyst, Data scientist, Machine learning engineer, Data Engineer, Data Architect, Business intelligence analyst, Statistician, Business Analyst, Database Administrator and Data visualizer, are some of the different career fields and positions that are available in the data science domain.
Job satisfaction
A career in data science is challenging and stimulating. You will be solving complex problems and making a real impact on businesses and society. This type of work is advantageous and fulfilling. As a data scientist, you will be able to see the impact of your work on the organization and society as a whole.
Skyrocketing salaries
Data scientists typically earn better salaries than other IT employees, and their earning potential only rises with experience. As data usage increases in industries the need for Data Science professionals also in creases hence companies pay high salaries to them because of the skills, knowledge and experience they bring to the table.
In India, data scientists are highly sought after across all businesses and earn excellent salaries. Glassdoor reports that data scientists in India make an average yearly pay of Rs. 11,07,640. This amount is a sizable data science package in India and is much greater than the national average compensation for other IT workers in India, which is 4,61,804 per year. The salary range for data analysts ranges from Rs 4 lakhs per annum to a whopping 40 lakhs per annum based on experience and expertise.
A professional with more than 3 years of experience can expect to earn an average income of roughly Rs. 8 to 10 Lakhs per year, while freshers can start at an average of Rs. 5.4 Lakhs per year. Salaries grow multifold as the experience level increases.
Another gripping reason to pursue a career in the data science and data analysis sector is the industry’s expanding need for these specialists and the high salaries associated with these job titles.
Who can pursue Data Science?
Anyone willing to learn data science, whether a newcomer or an experienced professional, both from IT and non-IT backgrounds, can pursue a career in data science. However, an aptitude and ability to learn mathematics and programming is required. People who want to upgrade, switch, relaunch and transform their career can choose Data Science course. Many platforms welcome students from various backgrounds to pursue their job-aligned boot camps with placement assistance. Joining these types of boot camps help students to upskill themselves for better careers.
What are the career prospects in Data Science?
Data Scientist (DS): A combination of mathematics and statistics knowledge along with software engineering skills, data communication skills and domain knowledge
Data Analyst (DA): A combination of mathematics and statistics knowledge along with data communication skills and domain knowledge
Data Engineer (DE): A combination of mathematics and statistics knowledge along with software engineering and domain knowledge
Data Analyst
The career growth trajectory for a data analyst typically involves starting as a Junior Data Analyst. As a Junior Data Analyst, you will collect and process data, perform fundamental analysis, and learn data analysis tools and techniques. As you gain experience, you will be promoted to a Data Analyst role where you will be more significant in analyzing data, identifying trends, and providing insights to stakeholders.
A Senior Data Analyst will be working on advanced analytical techniques to extract insights from data, build predictive models, and develop algorithms. They can also transition to more advanced technology roles like Machine Learning engineers.
Data Engineering
The role of data engineers is to design and build data applications. As they grow in their careers, data engineers may take on managerial positions or transform into data architects and solutions architects. Data engineers are essential contributors to the creation and upkeep of any company’s data architecture.
Data Scientist
Data scientists, to begin with, use data analysis and business intelligence to drive more intelligent business decisions and solve complex problems. A data scientist works on creating algorithms and data models to find patterns, trends, insights and forecasts from data. They primarily work on data that is mined, cleaned and analysed by data analysts. They also use machine learning techniques and other advance technologies to improve the quality of decisions made.
How upskilling with Data Science is one of options for the career transition to the tech/IT sector.
Data science is an emerging field with lots of job opportunities available. Also, it is a stack of technologies including Python, SQL and tools such as PowerBI, Tableau and others. Upskilling in these technologies opens up a whole lot of career opportunities for professionals.
Furthermore, since domain knowledge is an important part of a profile of a data scientist and data analyst, this is a good area to upskill for people from different domains trying to transition into emerging technologies.
Upskilling is a great option for:
A graduate looking for their first job in the data science domain
A professional from a non-IT domain seeking a transition into the data science domain
A professional looking for growth in emerging areas like data science
Any professional, men or women, looking to relaunch their career after a break
For the corporate and working professionals, upskilling can:
Boost the performance of their workforce
Helps to hire the right and productive talents
Increase in retention rate
Build the satisfaction of stakeholders.
Today, a lot of content is available on public platforms such as YouTube. However, a professional looking to transition into data science might not be aware of what are the latest trending technologies, how much to learn, how to practice, what kind of projects to work on and how to make a career transition after gaining these skills. With regular doubt clarification sessions and handholding through the placement process, these programs provide complete guidance to help aspirants make successful transitions.