Introduction
Data science has been a buzzword in the business world and job market. Due to its ability to tackle a range of real-world challenges, several industries are increasingly adopting data science for making better-informed and more intelligent decisions. The increased use of computers in daily personal and business operations has surged the demand for intelligent machines to learn work patterns and human behavior. It has enhanced the requirement for data science in various industrial applications, significantly growing the need for data scientists, and consequently, advanced data science degrees and certifications.
Why Data Science is so Much in Demand
There is an ever-growing demand for data science in almost every industry. Here are a few examples where advanced data science is used extensively.
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Medicine
Data science is proving vital in the medical sector, whether it concerns taking care of patients’ health by analyzing wearable tracker data or reducing waiting times in clinics and hospitals.
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Retail
In the retail sector, big data and analytics play a critical role in inducing shoppers to make more purchasing decisions by offering them hyper-personalized shopping experiences.
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Banking and Finance
Data science can help the banking sector study their customers’ banking habits and recommend relevant financial advice. Additionally, it can come in handy to offer customer assistance through technology such as Erica, a virtual assistant by Bank of America who helps customers view transaction histories and bill information.
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Transportation
Data scientists can use enormous data generated during people’s commute to map customer journeys, offer clients personalized transport details, or handle unexpected circumstances such as accidents and weather-related mishaps.
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Construction
Data science facilitates better decision-making in the construction industry by letting companies track everything, including material-based expenses and the average time required to complete a task.
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Media, Communication, and Entertainment
Using mobile content and social media, data science can help media and entertainment companies to understand content usage patterns in real-time. It can enable them to create better, audience-specific content, recommend on-demand content, and measure content performance.
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Manufacturing
Manufacturers can monitor their equipment health in real-time and gain insights into future incidences or failures with data science. It avoids unplanned downtime, increases production-line productivity, and lowers maintenance costs.
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Education
Data science is used to gain crucial insights into individual students’ overall progress and the time they spend on various pages and topics. Further, it is also used to measure a teacher’s effectiveness by assessing the subject matter, the number of students, and demographics. A data science advanced course can help guide professionals in the education sector.
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Energy and Utilities
Data scientists use data generated by the utility industry that give insights into its consumption, allowing better control of utility usage and customer feedback. Further, the industry data can also help improve workforce and asset management and identify and correct errors.
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Government
Data science has immense applications in the public services field, including fraud detection, energy exploration, health-related research, financial market analysis, and environmental protection.
Why the Data Scientist Position is Lucrative
Due to the subject’s varied applications, data scientists are in enormous demand all year round. There is an all-time high demand for data science in India. Organizations are turning toward data science for targeting new markets, resolving customer pain points, and boosting revenue besides accelerating business transformation. It’s resulting in a sustained upward surge in data science roles. Since 2012, the data science sector has experienced an enormous hike of 650%, much higher than any other sector. Therefore, transitioning to a data scientist role fetches far higher comparative returns. For instance, by switching from marketing analytics, digital analytics, or data engineering, the average salary increases by 37%, 31%, and 44%, respectively.
Reasons for Demand for Data Scientists in India
With the rapid digitization of businesses and services, India is the second-largest hub for data science across the globe. According to analysts, India will have over 11 million job openings by 2026. Despite the hiring in the data science domain increasing by 46%, about 93,000 data science jobs were vacant at the end of August 2020. Of these, 70% of jobs were for professionals with less than five years of experience.
Data science jobs demand a steep learning curve. Despite a substantial annual influx of data scientists in India, few candidates possess the required specialization and expertise. It leads to a tremendous demand for data scientists with specialized data skills.
Conclusion
The lack of qualified professionals in the data science domain makes it the most in-demand field. The Advanced Data Science Certificate Program from Rotman School of Management can prepare you to stay at par as a data scientist. Our online 10-month Advanced Data Science Certificate Program is ideal for working professionals. The program is delivered by internationally recognized instructors and consists of assignments, discussions, case studies, and practices. Rotman School of Management – Advanced Data Science Certificate Program helps you smoothly transition into the data science field. Are you an aspiring data scientist? Learn more about the Advanced Data Science Certificate Program and other certifications brought to you by Jaro Education and Rotman School of Management courses.
