Introduction to Data Science
Data science is a “concept to unify statistics, data analysis and their related methods” in order to “understand and analyse actual phenomena” with data. It uses techniques and theories drawn from many fields within the context of mathematics, statistics, computer science, domain knowledge and information science.
CAREER OPTIONS AFTER DATA SCIENCE
In a world where 2.5 quintillion bytes of data is produced every day, a professional who can organize this humongous data to provide business solutions is indeed the hero! Much has been spoken about why Big Data is here to stay and why Big Data Analytics is the best career move. Building on what’s already been written and said, let’s discuss Data Science career opportunities and why ‘Data Scientist’ is the sexiest job title of the 21st century.
Data Science Career Opportunities
A Data Scientist, according to Harvard Business Review, “is a high-ranking professional with the training and curiosity to make discoveries in the world of Big Data”. Therefore it comes as no surprise that Data Scientists are coveted professionals in the Big Data Analytics and IT industry.
With experts predicting that 40 zettabytes of data will be in existence by 2020 (Source), Data Science career opportunities will only shoot through the roof! Shortage of skilled professionals in a world which is increasingly turning to data for decision making has also led to the huge demand for Data Scientists in start-ups as well as well-established companies. A McKinsey Global Institute study states that by 2018, the US alone will face a shortage of about 190,000 professionals with deep analytical skills. With the Big Data wave showing no signs of slowing down, there’s a rush among global companies to hire Data Scientists to tame their business-critical Big Data.
Data Scientist Salary Trends
A report by Glassdoor shows that Data scientists lead the pack for the best jobs in America. The report goes on to say that the median salary for a Data Scientist is an impressive $91,470 in the US and ₹622,162 and there are over 2300 job openings posted on the site (Source).
On Indeed.com, the average Data Scientist salaries for job postings in the US are 80% higher than average salaries for all job postings nationwide, as of May 2019.
FUTURE OF DATA SCIENCE
The world today is data-driven, and the future of data science is growing. Even when you account for the Earth’s entire population, the average person is expected to generate 1.7 megabytes of data per second by the end of 2020, according to cloud vendor Domo.
SALARY AFTER DATA SCIENCE COURSES
By 2020, the amount of data generated by every human being every second will be 1.7 megabytes. With this, you can imagine the growth of data, and that is where a Data Scientist comes to the rescue by analyzing and organizing this data to provide business solutions. In this article, we will discuss the global Data Scientist salary and know why ‘Data Scientist’ is the sexiest job title of the 21st century. In fact, a data scientist can expect an average salary of Rs 693,637 (IND) or $91,470 (US) per year.