Data Science has taken this decade by storm. Almost every industry is impacted by data science because every business in today's era depends on data.
Data Science is hailed as the highest-paid job of this century. But why is there so much uproar about data science in the market? Why do Data Scientists get paid so handsomely? And why do businesses even need data science? Let us find out in this article.
Data is a vital asset for any business but, unless it is used efficiently, it is of no use. Data science is something that turns vague data into meaningful insights that can be used to make various crucial decisions in an organization.
In simple words, Data science means using scientific methods, processes, algorithms, and systems to extract knowledge from data, and then leveraging that data to draw conclusions from decision making, risk calculation, targeting the audience to even finding market gaps and opportunities. Various techniques like time series analysis are also used to find market trends.
Now, let us discuss why you should choose data science as a career?
Data scientist get high paid salary
Data scientists get paid handsomely. But why? It's simple! Because the demand for data scientists is sky high while the supply is comparatively low. According to reports, the average salary of a data scientist is around 800,000-10,00,000 per annum. While the senior data scientists earn almost 20,000,000 per annum on average.
As per an analysis in 2018, the pay hikes in the analytics profession in India are almost 50% more than other professionals in the IT industry.
Increasing demand for data science
As businesses are starting to realize the importance of data, the demand for data scientists is on a continuous rise.
It is expected that the size of the data science market will evolve to at least one-third of the global IT market in just a few years. Every organization is looking for individuals who can understand and analyze the data and communicate the findings for better decision making.
Data Science is thriving, being the most demanding job since 2018. Companies are desperately looking for Data Scientists while the supply is low.
Not only is there a shortage of data scientists, but there is a lack of competition as well since the data science domain is a relatively new field. According to an industry report, around 40% of data scientists have less than five years of experience, and 69% have less than ten years of experience.
Data science has several applications
The biggest pro of data science is that you can work in different industries, ranging from sales/marketing to pharma/healthcare to even in industries like consulting, financial services, CPG industries, and retail. Any business that uses data to drive decisions is an opportunity for you.
Data science is a combination of various disciplines, such as statistics, computer programming, and mathematics that demands you to continuously learn new skills. Moreover, this is not monotonous work where you'll have to do the same thing again and again. Each new set of data will serve as a challenge for you.
A data scientist’s working
Companies rely on the expertise of Data Scientists to help them make smarter & better business decisions. It gives Data Scientists an important and prestigious position in an organization.
Data Science is evolving at this enormous pace because of the data that is being produced. Data scientists possess a variety of skill sets that can leverage data and information. That further helps companies to make better strategic decisions. There are many exciting new fields that are emerging within data science such as Artificial Intelligence (AI), Machine Learning (ML), Big Data.
Businesses are becoming data-driven and innovate every day. As more and more people are starting to use the internet, more data is being generated. According to an estimation, every person on earth creates about 1.7MB of data every second.
And businesses need data scientists to collect and analyze all this data and assist them in decisions and creating better products. Data holds the potential to develop better products and personalize the customer experience.
Data science is not only helping businesses make better decisions but is also helping them to find new opportunities. Data Science is also helping businesses to know their customers more closely so that they can serve them better. Data Scientists are the superheroes of today's businesses, who collect, cleanse, and organize the data using their intense skills.
(Read also: Data Science vs Machine Learning)
Data Science has the power to transform industries and our society. Data Science gives meaning to raw data and converts it into meaningful insights that can be used to grow the business and recognize market trends.
With so less supply of specialized Data Scientists and a rapid demand, Data Science has become a lucrative career. Aspirants who want to choose Data Science as a career will need a lot of work hard and commitment as it's a very technical subject. However, its rewards are even greater.
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