Data science has created a buzz all over the world. It is a stream that deals with analysing, modelling, and generating data and deriving meaningful insights and information from this data. The data available to us today is increasing rapidly due to the increase in digitisation. Organisations have realised the potential of data and the urgency to analyse this data to gain valuable insights from the same.
To help an organisation convert this potential data into a real opportunity, organisations require skilled professionals such as data engineers, data scientists, and AI engineers. A data scientist can mutually benefit from this since they can enhance their skills and knowledge while turning data into real-world success.
Shortage of Skilled Resources
The US will face a shortage of close to 190,000 Data Scientists and 1.5 million managers and analysts, suggests a study by McKinsey Global Institute. There is a high demand for data scientists in India too. Technologies and tools have been introduced, but there is a gap in the number of skilled professionals available to take up these jobs and work on these tools. The co-founder and CEO of Fractal Analytics, Srikanth Velamakanni, states that there are two types of talent deficits. There are data scientists who do not have analytical skills or there are analysts who do not know how to appropriately use data. The demand for skilled professionals in these job roles is in high demand.
Exploiting the Power of Data
One of the main reasons why data scientists are in high demand is due to the growing potential of gathering data from the physical world. With 5G and other such networks that are coming up, the digitisation across all industries is growing. 5G is expanding and will also be helpful in bringing information to the supporting engineers and operators. Data that was previously available and accessible only on work PCs can now easily be streamed on the shop floor.
There are similar trends across different industries. For example, in the healthcare industry, there are more connectivity and data-collection capabilities when compared to ever before. This creates an unprecedented opportunity for Data Science to flourish.
An Impressive Pay Scale
Currently, a Data Scientist has one of the highest paying jobs in the industry. The future of Data Science is bright, and in the US, the average salary for a data scientist is US$122,525 per year according to Indeed. The salaries vary depending on a number of factors such as job location, hiring company, work experience, and more.
Highest paying cities in the US for Data Scientists
|City||Average Salary (per year)|
|San Francisco, CA||$163,477|
|New York, NY||$139,774|
|Los Angeles, CA||$127,028|
A plethora of Job Roles
While Data Science is a broad topic under which there are several smaller and well-defined areas, there are a number of jobs that you can take up. Some of these job roles are a data analyst, data scientist, business analyst, database administrator, and analytics manager.
There is quite a lot of difference between working in universities and educational institutions and working on real-time projects and case studies. Testing and training your machine learning models on data sets is completely different from performing any research. The input is known as data, and the output depends on the precision and accuracy of this data. Academic research is the backbone of the applications we use on a daily basis. However, in real-world applications and tools that are being used every day, many challenges do come up. It may be difficult to gather data. The data may not exist, and a Data Scientist would have to work with several different database engineers to create the perfect machine learning models to be trained and tested.
Post Graduate Program in Data Science & Business Analytics or PGP-DSBA is a course offered by the McCombs School of Business at The University of Texas at Austin and delivered to you by Great Learning. The PGP- DSBA is a top business analytics program and will teach you comprehensive curriculum that covers the most widely used tools and techniques in the world of Data Science and Analytics.
The Post Graduate Program in Data Science and Business Analytics provides a structured learning approach. You will have the opportunity to interact with industry experts, thus benefitting from their rich professional experience. You will also work on real-time projects and case studies. The course duration is 6-months, and it will empower you to improve yourself. PGP- DSBA also offers practice sessions with mentors, assignments, quizzes, and projects. You can add these projects to your portfolio and also share it on your social channels.0