Why Is Data Science The Next Goldmine For Employment?

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Article authored by: Sumeet Bansal, CEO & Co-Founder, AnalytixLabs The rising demand for Big Data and predictive data analytics has made Data Science one of the most sought-after skill sets of the 21st century.  Data is virtually considered the goldmine of this century. Did you know that over 2.5 quintillion bytes of data are generated on a daily basis? Data is generated in humongous quantities and the role of a data scientist is to derive meaningful insights from this pile of data that can be used by the business to predict customer behavior.

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No company or brand can afford to ignore the importance of data as it provides valuable pointers towards change in human psychology and behavior. It provides valuable leads to what the company can do to improve its products or improve customer preference. In today’s age of disruptive technology, it is imperative that real-time insights are derived from the meaningless, gargantuan mounds of raw data. It has to be analyzed in real-time to obtain actionable insights. Take the example of Netflix which uses data mining to understand viewer preferences which helps them make decisions about what kind of programs to produce next.

FMCG companies use data science to understand future demand and manage their production accordingly.Google uses a spam filter, a product of data science, to remove junk mail. Data scientists use a combination of different skill sets like mathematics and statistics, programming languages like Python, Java, SQL, and creative technological skills. They need to combine this with business acumen and strategy. If you have a flair for mathematics and technology simultaneously, then data science may be the perfect fit for you. The demand for data science is immense in today’s business landscape and there is scope for all the talent that is available in this field.

What are the things that work in favor of Data Science? 

It is a skillset in demand 

Data Science is a skill set that is in high demand in a world that is disrupted by emerging technologies. It is the fastest-growing job profile according to popular job sites. This profile is expected to create over 11.5 million jobs over the next five years which gives a fair idea of the demand.

The demand outstrips supply by a mile

There is abundant demand for the role of data scientists. However, there is an insufficient supply of skilled professionals with the required qualifications. In fact, this year IIT Guwahati has introduced a 4 year BTech program for Data Science and Artificial Intelligence while IIT Kanpur has introduced a 4 year BS program for Statistics and Data Science. This goes to show the importance of this study course as students are queuing up to build their qualifications in this field. Several educational institutes offer short-term specialized courses of various durations to suit the needs of students who wish to beef up their skills and their resumes.

The starting salaries are lucrative

Data scientists are offered attractive starting salaries which is one of the main reasons why young professionals are attracted to this course. It offers a perfect launchpad for ambitious young professionals who want to start off in a field that offers immense opportunities.

It is a wide and versatile field

Data Science can be used across a gamut of sectors which makes it a very versatile skill set. It is used widely in healthcare, banking, e-commerce, consultancy services, etc among other fields.

Data Science enhances the quality of data

Data Science converts unrelated pieces of information or raw data into meaningful insights that can be used by companies to predict consumer behavior in the future.

Creative Use of technology

Data Science enables the creative use of technology whereby repetitive tasks can be eliminated and replaced by automated code.

Development of smarter products

Data Science generates sufficient insights by studying the historical behavior of consumers and helping companies to tailor the products to user preferences.

Creates a flourishing career path

Last but not the least, Data Science creates a flourishing career path for young professionals as the skills are in demand and open up new avenues for professional growth. Is it any wonder then that young students and professionals are making a beeline for this much sought-after course that offers an interesting career progression? Analytics Labs offers tailored courses in Data Science that make students industry-ready professionals. Analytics Labs has a series of smart courses meticulously designed by industry professionals. The courses are backed by training, internships, and placement opportunities at reputed blue-chip companies. Analytics Labs has over a decade of rich experience in the field and has branches at Gurgaon, Noida, and Bangalore along with online classes.

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