The growth of data science industry is estimated to be six to eight times that of overall IT industry. The number crunching geniuses are bringing in a huge change in the way a business operates, says city-based big data INSOFE which ranks third globally among the global list in ’16 big data certifications that pay off’ released on 11th July 2016 by CIO.com. The city company ranks between Columbia and Stanford Universities and is reportedly the only institute from India to feature in the list.
Along with the rising demand for data science professionals, the industry seems to be witnessing a severe shortage of such professionals. The coming years are expected to see a similar surge and 2018 is to see an estimated shortfall of approximately 200,000 data science professionals just in India. On the contrary, the pay scales are surely on the rise and seem to be seeing the biggest upsurge.
The average salary for an entry-level data scientist falls around `520,000 per year whereas a regular software engineer starts with a pay of `280,000 per year.
“It is interesting to observe that 30 percent of all analytics job opening in India are for junior level,” said Dakshinmurthy Kolluru, president of InSoFe – International School of Engineering. After US, India seems to be the next biggest hotspot for this booming industry, both in terms of business opportunities and jobs.
In the past, the use of analytics was limited only to certain sectors and companies. The start-up trend has now taken over the data analytics industry as well. Together these are leading to a new wave of exciting opportunities.
Analysts with business acumen and big data skills are making their mark in the industry. Companies are looking for professionals with well-rounded skillset and understanding on tools like SPSS, SAS, R & Python.
The opportunities are wide-spread across all the sectors and industries. Well-known is the fact that data scientists have made a significant impact in places like Facebook, LinkedIn, Amazon, Walmart and many others. Marketing and financial sectors have been benefiting in a huge way with the use of data science by analysing consumer behaviour and patternsto predict trends and required actions.
Also, transportation industry seems to have some exciting opportunities with the increasing use of technology for innovative and futuristic idea of autonomous vehicles. To name some of the eminent fields with booming data science opportunities, we have healthcare, media & communications, education and government sectors.
“There is a shortage of analytics talent pool. But this spells opportunities. I have personally seen a strong absorption ratio of our students who hold our Certification in Data Science / Big Data Analytics by the industry,” he adds.