Data consumption has already increased manifold during the global pandemic anyway. As much data is being generated, its consumption is also being done accordingly. Mobile phones, social media, apps, payment wallets are generating so much data that the need of experts is being felt to manage it.
According to a study, the demand for data scientists around the world is estimated to increase by about 28 per cent. At the same time, India is second after the US in terms of making the most appointments in the field of data science or analytics.
Actually, data scientists study data. By analyzing the data, they help companies or institutions plan for the future. Under this, they first collect data. Then store them and then sort them into different categories i.e. packaging of data. Finally, data delivery takes place. Simply to say that data scientists know how to visualize data better. Apart from all this, they also help in finding the lost data, removing the chaos and avoiding other flaws.
Important skills with academics
To become a data scientist, a candidate must have an M.Tech or MS degree in Maths, Statistics, Computer Science, Engineering, Applied Science. Under Data Science people have to study Maths, Algorithm Techniques, Statistics, Machine Learning and Programming languages like Python, Hive, SQL, R, etc. which requires a lot of hard work, time and patience. The data scientist should also have a good understanding of the business and strong communication skills. Also, it is good to gather complete information about any program or course before selecting it.
Many top institutes in the country offer courses related to it. For example, the Post Graduate Diploma in Business Analytics (Data Science) program jointly run by IIM Calcutta, ISI Calcutta and IIT Kharagpur is quite popular. Apart from this, you can also do a course from IIIT Bengaluru. If you want to learn online, you can explore the platforms of Simplilearn, Jigsaw Academy, Edureka, Learnbay, etc. According to experts, the maths background is beneficial for making a career in data science.
By 2026, it is expected to be around 11 million new jobs coming in this sector. Talking about India, the demand for data scientists in 2018 was seen to increase by 4.17 per cent, which is likely to continue in the coming time. Youngsters aspiring to pursue a career in this field can work on the profiles of data engineers, data administrators, statisticians, data and analytics managers, etc. There will be good demand in sectors like agriculture, healthcare, aviation, cybersecurity etc.
Hiring will increase even after COVID 19
Data scientists play a key role in building business analytics, data products, and software platforms. Today, 2.5 quintillion bytes of data is being created in the world every day, which will require skilled professionals to manage. There will be tremendous opportunities for them. Especially in Big Data Analytics and IT industry, they will have special demand.
According to a global study, after COVID 19, millions of data science professionals will be needed in the US alone. Global companies will hire a large number of data scientists to manage their businesses.
A similar situation will prevail in India. For this, youth can enrol in postgraduate courses offered in different universities of the country or can also take online courses from Coursera, Metis, MIT (EDX), Harvard or Udemy. But doing a full course would be better. If you can work with machine learning in deep learning frameworks like Neural Networks, TensorFlow, Keras, PyTorch, and have working knowledge of Hadoop and Spark, then there can be golden opportunities to move forward in the industry. It is also important for the data scientist to have critical thinking.
Indian Institute of Management, Bangalore
Great Lakes Institute of Management, Tamil Nadu