Data Science is a revolutionary innovation integrated with an appropriate business model. As defined by a reputed data science professor at Northeastern University, Martin Schedlbauer, data science is the art of collecting, shaping, storing, managing, and analyzing data. This, in turn, plays an integral role in helping organizations have meaningful business insights while allowing data-driven decision decisions for smoother operations, improved performances, increased customer satisfaction, and maximized profits.
Career Prospects of Data Science
According to Glassdoor, a career in Data Science ranks in the top position amongst 50 best jobs in the USA with a job score of 4.8 out of 5, a median base salary of $110,000, and about 40,000 openings. Moreover, the US Bureau of Labor Statistics reports the demand to be growing by 27.9% by 2026.
Pause for a moment and look at the techno world surrounding you. You will come to realize that every interaction you make with your smartphones, laptops, and other technologies around you in your daily routine is actually an outcome of data science.
Few prime examples include Amazon purchases where you get customized suggestions based on your previous purchases, Netflix recommendations you receive based on your previous video choices, Google SEO Rankings in response to your desired query, and not to forget the fingerprint scanning required to sign in to your phone. With data science deeply associated with your day-to-day life, nowhere technology is going to erode. This puts an added advantage to the high demand for a data scientist in the current era.
Considering the supply of data scientists, it is comparatively very low than the demand. This is because though the concept is not new, the stream as a field of education and career is relatively new. Job-seekers, students, and professionals were always in the hunt for such a promising career, but a course to pursue was rarely within reach. Even in 2021, when the concept has taken a whole new meaning, there are limited offline courses and several online courses available in the field. Apart from education, data science professionals also require a great sense of research, psychology, business, and life sciences. So, to get a perfect match with all the skills integrated has been challenging for employers. However, many have made inroads in this field and are doing wonders. Others are following, and some even experimenting with their understanding and insights for better data handling. Hence, to meet the demand, it is important to raise the supply.
Most Demanding Data Science Skills
In response to filling the existing demand-supply gap in the data science industry, skills like SQL, Python, Machine Learning, Hadoop, Spark, Data Visualization, Hive, R, SAS, Pig, and MapReduce are most in-demand. However, the top 3 amongst the demanding data science skills include:
Python is a high-level open-source scripting language used for web applications, business applications, and technology innovations. The secret behind designed the language was easy readability and simple execution. The key features of this programming language are high productivity, simple programming syntax, code-readability, easy-to-read English-like commands, multiple programming paradigms, and a robust standard library. Talking about the key reasons why companies are adopting Python include descriptive analytics, predictive analytics, and prescriptive analytics that collaborate to drive data-driven business decisions with meaningful and powerful business outcomes.
When it comes to career prospects of Python, all big companies, including Google, Dropbox, Uber, NASA, and Facebook, have started using the language for their corresponding business benefits. Moreover, even the Indian Government in the current pandemic uses Python to track the spread of covid in India.
Coming to the job opportunities, a popular job search website, Indeed, in 2017 reported more than 41,000 job postings and in 2018 more than 46,000 job postings. Indeed – 2017 – 41,000 Job Postings. According to IEEE in 2018, Python has been the 1st most popular programming language and in 2019 the 3rd most popular programming language as stated by TIOBE.
Hadoop is an open-source java-based framework used for storing and processing large datasets from multiple computers in parallel to each other. This, in turn, enables business entities to make intelligent business decisions. The three core components of Hadoop are HDFS (High Distributed File System), serving as the storage layer, MapReduce serving as the processing layer, and Yarn serving as the management layer. Considering the key features, it is a highly scalable framework with a replication mechanism for fault tolerance, data reliability, faster data processing, and high availability of data. Now, switching over to real-life applications, Hadoop is widely used for law enforcement, monitor online brand reputation, increase customer satisfaction, healthcare intelligence, tracking geolocation data, and strengthening data security.
When it comes to career prospects of Hadoop, it is a promising career for java developers with an assurance of higher pay packages. Big brands like Amazon Web Services, Apple, Cisco, Intel, and Microsoft constantly look for Hadoop professionals.
When you browse the known web portals, you will come across more than 1463 active job openings on Shine, more than 11,870 active job openings on Naukri.com, and more than 7000 Hadoop jobs on LinkedIn. According to Forbes, the market for Hadoop is expected to reach $99.31B by 2022 at a CAGR of 42.1%. This clearly indicates that the market for Hadoop professionals is progressive and accelerating at a high pace.
Machine learning is a ground-breaking technology in the world of business. It is a branch of Artificial Intelligence (AI) that caters to build various applications based upon data insights. This, in turn, helps businesses improve data accuracy while pushing the growth to new heights. The key characteristics of machine learning are automation of data visualization, improved customer engagement, improved efficiency with IoT (Internet of Things), and incredible business intelligence. The technology is used to filter emails, detect unusual bank transactions, make personalized website recommendations, and filter important data.
When it comes to job prospects of machine learning, Gartner has revealed that the Artificial Intelligence and Machine Learning job market is expected to have about 2.3 million jobs by 2022. It is also stated that in the period from 2015 to 2018, there has been an increase of more than 330% job postings for the machine learning position. What further adds to the growing demand for this data science skill is the increasing adoption of the technology by brands like Facebook, Intel, IBM, LinkedIn, and Microsoft. Take a deeper plunge, and there is more to learn about the lucrative career in machine learning with the average salary ranging from Rs 500000 to Rs 700000 per annum.
The Bottom Line
The opportunities are endless, with a large volume of data being generated and used by businesses all across with an urge to gain meaningful insights to add more power to the tech-driven business economy. If you are curious to learn the skill, we have a wide choice of data science courses designed to fit your custom needs. With mindZcloud, you can learn the skill through our instructor-led online courses designed meticulously to impart the right learning at the right pace.