Technology

What is the Future Scope of Data Scientist in India?

Data science is currently one of the most attractive career options in terms of job opportunities as well as payment benefits. When there are lakhs of graduates emerging each year, it is becoming difficult to find the right placement for all. But the introduction of data science has made it easier to sharpen and fine-tune the skills of the freshers to make them more enticing recruits.

Data scientists could very well be the future for not just the IT industry but also for all industries and departments equally.

Data science in usage

To understand the scope of data science in the future it is important to know how it is helping solve the problems. It’s not just how it works that matters but also where it is working.

1. In general

Data science is not just for technology but for one and all. Since we use and provide data on all levels of life, it is imperative that it is used for a good cause and in the right manner. The data shows the common behaviour of the people in one way or the other. The companies could use this information in a way that benefits them. It also provides them with information on what people reject or prefer the least.

The future of data science lay in the way how, how often and how much the data is being utilized. The data could be used to find the pulse and open new doors for business and thus new job as well.

2. In healthcare

The analysis of data and their interpretation is one way the country has managed to contain and know better about the pandemic and its nature. Healthcare sector relies heavily on data-based information and their interpretation in finding healthcare services, medicines, and even creating new machinery.

3. E-commerce

India is the world’s second-largest e-commerce market and the data generated from this is humungous. Top e-commerce giants use this data to fish out their most working and least working items to fine-tune their market. Then they can easily push the favourable items through the search engine to attract more and more customers.

Identifying the trend helps the companies to optimize their price range and manage their stocks for maximum benefits. 

4. In the retail market

The retail tech companies utilize the data and feedback from the various social media and other sources to deduce the popular items. Later they can promote all those ‘popular’ items through their resources and make it available more in their respective shops or centres.

When customers use image recognition while surfing for their favourite products, data science moves towards Artificial Intelligence. Furthermore, when the customers see the recommended products on their screen online, its a result of the integration of data and their right utilization by the retail marketers.

By using such data, retail marketers can promote their respective products through multiple channels. When the customers get an optimized price range that is more agreeable for them, the purchase will be more which is beneficial in both the ways.

5. Finance industry

Data science helps with decision making by constantly monitoring and analysing market trends and proper predictions. It is also assisting with fraud detection, risk management, detecting anomalies in customer trading or transactions, and customer analytics through the data provided by the customer. Such personal data helps create personalized services for customers.

The finance industry has to deal with both structured and unstructured data. Data science helps compile and arrange the unstructured data into its useful form and finding ideal solutions for any issues that can be detected within.

Future of data scientists in India

The future of data science in India predominantly lay in finding proper value to the data available. In the coming years, the analytical department has a lot more to do.  They need to have a specific target, specialized skill set to be practical, have analytical power to find data and deduce the problems and then finding a proper way for a better and attractive future for the industries and the public.

Data science could be an instant jump-start for many aspirants and a potential career growth mechanism for professionals on all levels. Maybe it is time that people start looking for some quality courses, certified or long-term courses such as PGP in data science to make themselves qualified for the immediate future.

Job prospects of data scientist

A data scientist is the one who can integrate the raw data and find questions and solutions for the betterment of the organization. Though this process involves technology, algorithms, and machinery, there still requires some unique skill sets to identify, rectify, and explain the issues and solutions.

This is where the skilled data scientists come into the picture. Since the data related insights show so much potential for the change in the dynamics of the business, companies need recruits who are specifically capable of handling the database.

This has created a sudden job opportunity in all industries. Every business will have their own data and they all need someone to analyze them in the most beneficial way. Though data science was already existing in several leading management and technology schools, it never was this popular as it became in the last year.

Professional growth

Now, not only are there several job openings for the freshers, but it is also becoming a golden opportunity for the experienced professionals to brush up their skills and turn it into a useful career but still stay in the same profession.

Data analysis and management is now considered as a separate career but the professionals can also enrol to a data scientist course and become a data expert. It’s an excellent option for professional growth.

How to become a data scientist?

The unexpected surge in demand for such talent has also opened the door for further demand in data scientist courses or similar ones. Although such courses were already going on in several IITs, IIM, IISc, etc, the increased demand saw many other academies offering these courses. A few of them are long term degree courses, while the others are either short term certification courses or the slightly longer ones such as PGP in data science etc.

Being a data scientist

The most alluring feature of being a data scientist is that it offers ample opportunities for both the freshers and experienced. Both of them are also likely to get the good payment according to their experience.

As of now, the data scientist salary is between 1.1-15.4L per annum depending upon the qualification and experience. It’s a wonderful career that provides better payment when you have the right skill sets.

The skills needed for a data scientist are,

  • Basic understanding of maths, statistics, machine learning, algorithms etc.
  • Knowledge in programming languages such as Python, SQL, etc.
  • Understanding of the domain and business
  • Ability to spot and frame the right questions to ask
  • Capable of finding the answers to them from the given data
  • Good communication skills  to present the interpretation and the results
  • Analytical skills to identify, analyze, and solve the problems
  • Finally, good instincts that can help thrive and find the right solutions

Conclusion

Data science is just a collective word and the prospects are many within this technological field. There are data analysis, data engineering, Artificial intelligence, Business analytics and much more.

The future and success of data science depend on how quickly one can realize the potential of this field and making themselves prepared for the upcoming opportunities. There are several fields in data science that are required in practical usage. This will create more opportunities as time comes.

Since one needs hands-on experience finding the ideal academy helps them shape up their ‘experience’ and make them well prepared when the right opportunity arises.

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