Key Trends in the World of Data Science

Data science has been instrumental in untapping the potential of data. Data has grown tremendously both in magnitude and form in the recent times and with the emergence of digital markets, unlocking useful insights from acquired data sets has become imperative for businesses. As a consequence, there is a buzz around data science today and it has been attracting lot of investments from institutions across many fields. Major companies are pouring investment into data science techniques like Big Data Analytics and use of AI to leverage data

Let’s take a look at some market trends:

  • According to a survey conducted by New Vantage Partners, the number of companies spending over 50 million USD has increased by 15% over 2018 and 92% respondents to the survey are increasing their pace of investment in data science.
  • There is a surge of new age job roles like Chief Data Officer, Chief Analytics Officer and Chief Information Officer, owing to the emergence of data science. Such executive positions did not even exist a few years ago and they are highly paid positions too!
  • Market Research Future predicts that the global data analytics market will reach 77.64billion USD by 2023 with a CAGR of 30.8%

Interesting new avenues with data science in India

India aims for making a five trillion-dollar economy by 2025 and the government is constantly promoting digital transformation in order to achieve that. And data science will definitely play a crucial role in letting businesses flourish in India’s digital economy. Already digital industries like e-commerce, digital payments and telecom are making headlines and all the major players in such industries already have a data driven strategy. Data science market trends are also showing positive growth:

  • In India itself the data science market is predicted to grow by 7 times in 7 years and expected to become Rs 1,30,000 crore industry within 2025!
  • According to an India Today article published in March 5, 2019, there are 97K vacant positions in India and skilled data science professionals earn 11 lakhs in an average in India.

Hence a career in data science looks very promising in India and young graduates must pursue a data science course in India for getting roped in by leading companies.

What to expect from a career in data science?

  • A stable career with immense potential for growth.
  • Opportunity to work for the best and with the best.
  • Data science is the future and data science professionals are expected to replace traditional IT jobs completely. Hence, a career in data science provides security.
  • Data science has found application in almost every industrial sector, government organizations and even non-profit organizations. Thus, in data science you have the luxury to opt for a field of your choice.

Current trends present data science as the best possible technical career in India. However, a data scientist is only as good as the skills he or she possesses and thus, you must enrol in a good data science course to acquire all the relevant skills and build a successful career.

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