There is 2.5 quintillion (that's 18 zeroes after 1) bytes of data created each day!
90% of the data generated in the world was generated in the past 2 years only. Think about that.
Due to this HUGE amounts of data being created on a daily basis, more and more companies are starting to get data-driven.
Companies have started focusing more on making data-driven decisions to grow their business and increase profits.
Companies need more and more people to analyse, segment, find relations and derive insights from this data, that will help grow their companies.
This has led to an exponential growth in the number of jobs in this sector, and it will only keep increasing.
So, if you are one of that person who critically thinks what is the future of data science in India and is looking forward to a data science career path, you are in the right place.
Here’s a graph showing the rise in the number of data analytics jobs in India, in the past 5 years.
This trend will continue and keep rising, especially due to the fact that a data scientist’s job can’t really be replaced anytime soon. Companies need data scientists, and they’re even willing to pay a lot of money to keep them at their company.
The role of a data scientist includes:
- Collecting the huge amount of data from the internet
- Clean up the irrelevant data and store the data in a database
- Research the data and frame questions which need to be answered
- Use modelling, statistics and analytics programs to organize the data into a predictive model
- Analyze the data and come up with trends and opportunities and answers for issues or problems when required
Salary of a Data Scientist (Earning Potential)
Let’s get to the most important bit that people care about… Salary.
Of course, with any career path… It’s very important to know the earning potential (i.e. the salary that you’ll get if you keep improving your skills & experience in that sector)
For a fresher, the average salary is still very high when compared to other career paths.
Gaps in the Market
The main issue with the future of Data Science in India is that there’s a HUGE skill gap in the industry.
New employees are just not up to the level that the companies require, which is why there were about 96,000 vacant data science jobs in India at the end of 2019.
If you’re a fresher then these are the skills that you should focus on developing to become a successful data scientist.
According to Deloitte, there is a massive requirement of Data Scientist all over the world. If we follow the latest report alone in the United States, they have a lack of 151,717 people with data science skills.
Coming to India, if we follow the LinkedIn reports, India has less than 10% of the data scientists that are available globally. If we check for America, they have 40% of the data scientists.
India is a very vast country and it has multiple industries in various sectors. As time goes by, these industries will have more and more dependency on data science to make smarter data-driven decisions (consumer preferences, analysing product-market fit, etc).
This means that there is no limit to the future of data science in India. The only restriction is the extent of this dependency across various industries.
The Way Forward for Freshers?
After reading this blog post, you might have a rough idea of the state of the data science industry in our country & the future of data science in India.
Regardless of how things end up evolving in the future (we can’t really predict that yet)... One thing is crystal clear.
Companies will be using enormous amounts of data to drive key business decisions, and skilled data scientists will be the key to unlocking endless possibilities.
If you aren’t convinced yet, here are a couple more reasons to switch to this career path: Why data science? Here are Reasons To Become a Data Scientist | Board Infinity
In case you want to learn more about Data Science tools & ones that are actually being used by Industry Experts, then you should check out our Data Science Learning Path.
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