With the advent of technologies, everything is transmitting over the internet today. The social media platforms are like Facebook, Instagram, Twitter, Linked In, and other networking sites, constituting a massive inflow of data. Data can be termed the “oil” running the modern civilization. A famous find out of Professor Eric Schmidt says that every moment today, we are producing such a massive amount of data that human society had never experienced to date.
Latest Statistics of Data Science
According to the U.S. Bureau of Labor Statistics report, Data Science will drive a 27.9 % rise in employment by 2026. In 2021, data science will have a vast scope in India for in-demand jobs. As per the current prediction, by 2026, analytics and data science will have more than 11 million jobs. It also predicts that India will take the 2nd most significant hub for data scientists after the Us.
According to Michael Page’s 2021 Talent trend report India, data scientists with 3-10 years of professional experience get 25-65 lakh per annum. More experienced professionals can command a pay package of up to 1 crore.
It represents sector-wise continuous growth of Data Science:
So we can say as per the latest trend that data can communicate to the chief of our times. Therefore knowing about data science is crucial.
This article now enumerates some facts about data science and the future scope of data science.
What is data science?
Suppose we desire to understand data science in simple terms. In that case, we can say that data science is nothing but an amalgamation of programming, analysis of data, learning by and with machines, mathematics, and statistics. Data science is in continuous use of algorithms to extract the required information. There are various scientific methods to get insights available from large datasets. The datasets can be structured or unstructured. The growth and increment of data sciences have been propelled by the advent of machine learning and the availability of big data. Data science is used across every diaspora of modern usages like healthcare, education, industries, businesses, banking, and finance.
What are the uses of data science?
The recommendation engine that has already invaded our daily lives can be the most available use of data science. What are the recommendations? The moment you log in to social platforms like Netflix or Amazon, you might see posts like “what are the things yet like?”. Now, we can say it be a classic instance of data science. The data science algorithm uses statistics and other modern technologies to apprehend and anticipate users’ buying patterns. They also curate the information under highly customizable recommendation lists.
Now we will learn about the future scope of data science.
Scope of Data Science
As it already enumerates in the above paragraphs, data science advent is like a lull in modern times. It is omnipresent our lives are all ruled by data. Thus this area is bubbling with jobs. It had never happened before. The top three jobs which are emerging now are:
- Engineers of big data.
- Engineers using machine learning procedures
- Data scientists.
LinkedIn certifies that these job positions have been increased to a tumultuous 650 percent in the past few decades! Today, data science can be rightfully said to be the hottest field for any professional. Undoubtedly, professionals from various fields and jobs are upskilling themselves to transition to the diaspora of data science, one of today’s fastest-growing occupations. It makes everyone elated about learning data science. It can rightfully say that the future scope of data science is high.
What is the scope of data science in the future?
Data before the boom of the digital revolution was small in size. It was more structured and was at the disposal of all. Due to this, the BI tools traditionally used were ample to analyze the meager amount of structured data. The entire equation has been altered in modern times when there is an exponential rise in data systems.
It mainly structured the traditional sets of data. Quite contrary to that, the generation of data today is unstructured primarily. Today data comes from various unstructured sources like social media, the logs, the transactions of finance, the online portals, and multimedia files. All of the mentioned are either unstructured or semi-structured. A study says that more than eighty percent of the data circulating in the world today is mostly undeveloped.
It is well apprehended that data shall be continuously incremented, which will add up to the massive accumulated pile. Thus the traditional BI tools cannot analyze such an enormous set of data. The large deposits of unstructured data require more intelligent and advanced tools which are analytical and capable of storing data. The task of analyzing and processing data is a big deal today. Data science is making a big difference now.
It is pretty evident from the details mentioned above that job opportunities are increasing in data science. Many organizations are opening their scope of employment for AI, Big Data, and ML. Companies today need data professionals who are skilled and experienced. As reviewed by Harvard Business peer-reviewed journals, data science is the sexiest profession of modern times!
These new possibilities are all initiated by data science. Data science continually changes our way and vision of perceiving the world around us. There are many ways in which data science contributes to our daily lives. We can monitor even if we are not around as we connect to the smart devices or the IoT hub. Today online trading has extended the boundaries of the market. Online shopping is so easy and convenient. The online transactions and the money transfer are so safe now. All are the various boons of data science.
Data science has also revolutionized the health care sector, the education sector, and the housing sector. Thus it has a vast scope of employment in all these areas. No doubt that people are leaning toward data science. Today data science is one of the most desired subjects opted by students all around the globe.
In modern times data is the ruler of everything. With the boom of this industry, new job opportunities arise every moment. The future scope of data science is bright. So if someone aspires to shine in life and increment fast, then data science learning can be a real good option.