The era of digitization and an increasing amount of data consumption has revolutionized the way companies operate or use different technologies around the world. They’re now adapting to new technologies to store and process data to improve business performance. Among these, Data Science has ranked one of the tops careers of the 21st century.
Data Science is a huge disruption to modern data industries and how they operate with the data. According to IBM, the demand for data scientists in the year 2020 has reached from a mere 400,000 to 2.7 million around the world in various fields. Magic Gartner in a report predicts that by the year 2023, the number of organizations having Data Scientists and Business Analysts working there will increase by 33 percent.
Glassdoor shows that the average salary of a Data Scientist in the US is around USD100,000. All these trends show a bright future for data science enthusiasts. In India too, Data Scientists earn around INR 936,000 per annum. However, if you’re new to this field, you can seek some of the best Data Science Courses in India and acquire industry-relevant skills to start your career. Now, let’s understand what Data Science is and its benefits.
Introduction to Data Science
Data Science is an interdisciplinary field that relates to both computer science and mathematics. It consists of various tools, software, statistical models, AI techniques that allow the user to process huge amounts of data structured/unstructured, and complex data and converts that into valuable information.
Data Science is also helpful in discovering hidden patterns, establishing relationships, and predicting future events based on the datasets acquired from the past and the future. Organizations hire Data Scientists to manage the data, extract information from it, and convert it into visualizations which enables an organization to make data-driven decisions. Data Science is a lucrative field as many companies are investing billions of dollars into it and hiring data science professionals for various positions. Understand what exactly is Data Science in 5 min from this video.
Benefits of Data Science
Below are some of the Key Benefits of making or choosing a career in Data Science:
The first and foremost benefit of Data science is its demand in the market. Almost every industry is performing some kind of data analytics and searching for new ways to improve their products and services. Also, finding skilled data scientists or business analysts is not that easy. Therefore, the demand for this career is always on the rise with increasing payscale. If you’re a newbie, you can take the course on Data Science for Beginners and learn the basics concepts that back up this field.
- Commanding Future Stat-ups
Companies nowadays have become powerhouses driven by data. With petabytes of data collected every year, it’s easier to identify the needs of the customer and change business strategies according to the market situation. With advancements in new technologies like virtual reality, artificial intelligence, and augmented reality, future start-ups would heavily rely on data processing and analytics, which in turn raise the demand for skilled data professionals.
- Continuous Research
With continuous advancements in computational resources and scientific discovery, more data will be available to process and visualize the results to prove their reliability. For example, NASA collects more than 12 terabytes of data from all the satellites, ISS, telescopes, and other institutions every single day. Astronomers and researchers are now required to learn programming languages and data analytics and visualization so that they can pull valuable information out of the pool of data. This trend opens new gates for data science to flourish and step into different fields.
As discussed earlier, Data Science is an interdisciplinary field, which means it is applicable in wide or almost all fields that require data processing. Some of the fields where data science is widely used include telecommunications, entertainment, consultancy, marketing, healthcare, E-commerce, Business Analysis, Space research, and education.
- Expertise in Machine Learning
Not only programming and statistics, but Data Science will also make me an expert in Machine Learning and Deep Learning. Programming languages like Pythons and R feature various ML models and packages that are used in data science. Also, Machine learning algorithms like logistic regression, and apriori algorithms are readily used to analyze the data and find the relations between two seemingly different dimensions.
- Can Save Lives
Data Science has greatly improved the healthcare industry by helping researchers in finding the cure of diseases and studying the long-term effect of various drugs. Today, Machine learning models are used to detect deadly diseases like tumors in their early stages. This in turn increases the patient’s survival chances. Data Scientists can also analyze historic data about any disease and find the patterns or rates that may affect the spread of it.
Hope you got an idea about how Data Science is changing the world and the amazing benefits it has on our society. It’s one of the most exciting career paths and has numerous applications in almost every industry. Plus, you can easily scale up in terms of position and salary by gaining more experience and skills. It also covers Machine Learning which opens new opportunities for Data Scientists.
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