Career Scope of a Data Scientist
New Delhi, Jan 2: Cited as the 'Sexiest Job of the 21st century' by The Harvard Business Review, being a Data Scientist is one of the most trending career option of the times.
Data scientists can be mathematicians or computer scientists. They are trend-spotters, who need to interpret a large volume of data by predicting growth, trends, business insights, etc. to find trends in the data and gain a deeper understanding to enhance future prospects.
Want to become a Data Scientist? Click here to join Data science with Python Online Course
Need and scope for a Data Scientist
It is worth understanding that data all around is growing at an increasing rate. This is because of a number of factors such as smartphones and data plans getting cheaper, data speeds getting better and faster, and social media becoming an everyday thing. These changes lead to the generation of a lot of data. This puts pressure on companies to make the optimum use of this data by analysing it to find useful information. They also need to stay updated with the demands of this gigantic data volume so as not to become obsolete. And this is where a Data Scientist comes in!
Businesses have now come to realize the importance of data science in maximizing their revenues. This happens because Data Scientists help prepare a company to get into the manufacturing of only those items in the future that the customers will buy tomorrow. Because organizations sought methods for simpler and more effective use of data through big data technologies, the demand for data science platforms is bound to increase even more in the near future. Also since it has a relevance across sectors, there is an increase in the demand for big data, analytics and data science professionals.
You have an edge in the scope of bagging a Data Scientist job if:
1. Your CV reflects your skill in one specific sector. Even though you are expected to possess knowledge across industries, industry-specific skill set is always appreciated!
2. If you showcase a perfect balance of academic achievements and on-the-job learning.
3. If you have a business intelligence foundation, it will come in very handy since the people working in this sector need to have some basic BI skills.
4. If your technical skills are up to date. It is never advised to be knowledgeable in only one form of technology or platform if the aim is to be a Data Scientist.
It can be safely said that the demand for Data Scientists will continue to rise, with those already in the said field expected to see an increase in their salaries. And as the demand for such individuals increases, the salaries offered are also likely to increase. However, even though the demand for Data Scientists is steadily going up, there is still a huge dearth of personnel available to fill that demand, not only in India but all over the world. This is happening because there is a shortage of the skills required for this particular job.
Combined with this the fact that the average salary for a data scientist is Rs. 6,00,00 per annum, choosing data science as your career path comes with a lot of scope! In India especially, because of the low cost of operations and labour, a lot of data science work is also outsourced here. Add to it the fact that most of the Indian youth is English-speaking, the task becomes easier. In India, the career scope of data science is vastly spread across sectors such as banking, healthcare, biotechnology, telecommunications, pharmaceuticals, and automation, etc.
In a nutshell, being a Data Scientist in the near future may be beneficial because:
1. Due to the fact that most products/ services some ten years back either did not exist online or kept its data offline, there has been an increasing amount of data around us. As the business world has moved online, the data getting generated has exploded.
2. The number of uses of Data Science has been steadily increasing in every field.
3. Data Science has an amazing pay-scale, with impressive growth opportunities.
Hence, the growth prospects in this field are immense and it is only going to get better for individuals aspiring to be Data Scientists.