Understanding Why Data Science is a Good Career Choice

Data science in recent times has gained significant importance as a field of study. This is because of the role that data plays in the day-to-day lives of people. Data has become the basic structure of every industry function. Volumes of data are generated every day and making the best use of this data is the purpose of data science. Data science has become one of the most sought-after career options among students and existing professionals. Is data science a good career? If you are wondering about this, well you are not alone. The increasing dependency has led to the increasing demand for data scientists. It is thus important that you know about data science and its importance as a career option. 

What is Data Science?

The term ‘Data Science’ seems to have become one that is used by each and every industry. As a field of study, data science has emerged in recent years but has become an important part. This field of study is focused on the analysis of huge volumes of data to provide relevant information. Various techniques, procedures, and types of algorithms are used to deal with the data. The role of data science is to analyse raw data for hidden patterns and structures to provide information. Data science as a field will prepare you to deal with various industries with the best pay and important positions. 

Why choose a Career in Data Science?

Data science is a field that has emerged recently but has become an important part of every sector. A career in data science is not just a job but rather an opportunity to grow towards a brighter future. If you are someone looking to take data science as a career option, well you are on the right path. Here are some of the reasons why you should take up data science as your career option: 

• High Demand for Data Scientists

The increasing dependency on data to make important decisions makes data science the special ingredient. Everyone is in a rush to get hold of a data scientist, making it one of the fastest-growing job profiles. With a Data science course, you can become the candidate that every company is after. 

• High Salary Potential

Getting the desirable compensation is the objective of any profession. With the increasing demand for data scientists, people with data science qualifications are highly paid. As per the reports, data scientists are one of the most highly paid jobs all over the world. This is just the beginning and the best is yet to come as more and more companies are using data for this business. 

• Various Job Opportunities

AData science course can help open the doors to multiple career opportunities. With different industries making use of data scientists, you will have a plethora of job roles to choose from. With increasing dependency on the use of data, the demand for job scientists has also increased significantly. 

• Work Environment Flexibility

As more and more industries take advantage of the volumes of data generated daily. The role of data scientist has also become an important one. With different industries dependent on it, it will offer individuals flexibility in terms of working. Different companies offer different job roles and data scientists can work both in hybrid and remote setups. 

Demand For Data Science Jobs

Though the above points may have explained to you the reason to choose a career in data science. It is important that you understand the market demand before you dive right in. With the significant importance of data science in different industries, having stats to substantiate the argument is important. Here are some important statistics that can help you make a well-informed decision: 

• The report by Analytics India Magazine states that the analytics industry in India has changed drastically. The industry reached a $3.03 billion valuation in 2019 and is expected to double by the year 2025. 
• As per the US Bureau of Labor Statistics (BLS), the years between 2022 and 2032 will see significant demand for data scientists. The employment rate is expected to see 35% growth over the years and is one of the fastest-growing occupations. 
• The Forbes report states that data science and analytics are one of the fastest-growing professions. They are expected to see a projected growth of around 26% between 2021 to 2031. 

Where are Data Scientists in High Demand?

Data science is something new but the impact it has had on the different sectors is noteworthy. Every industry depends on the data scientists for data-driven decision-making. Even though it can be difficult to point out exactly which industries have been impacted by data science. One can easily understand that the following industries are heavily dependent on data scientists, they are: 

• Banking, Financial Services, and Insurance (BFSI) have a huge demand for data scientists for the following reasons: 
  • Identify opportunities
  • Analyse market trends and pattern
  • Detect fraud
  • Understand customer behaviours
  • Planning risk assessment 
  • Planning investments
• The retail industry uses data science for the following:
  • Improve operations
  • Analyse customer behaviour
  • Detect fraud activities
  • Enhance customer experience
• In the automotive industry, the data scientists help with the following: 
  • Enhance vehicle safety
  • Improve production efficiency
  • Manage the supply chain
  • Manage repair costs, etc. 
• The data scientists in the healthcare industry help with the following: 
  • Manage unstructured healthcare data
  • Diagnosis of different diseases
  • Find out drugs 
  • Monitor patient conditions
  • Develop personalised care 
• The e-commerce industry has been impacted by data science in the following manner: 
  • Inventory management
  • Personalised recommendations 
  • Improving sales
  • Analysing market strategy and trends

Current Situation of Data Science Job Market

Data science has over time emerged as one of the most important elements for all industries. Because of its importance in major decisions, data scientists have become a hot commodity in the market. As per the US Bureau of Labour Statistics, there will be 11.5 million new jobs in data science by 2026 and this number is set to grow significantly. With the recent state of the job market, as per McKinsey, it is predicted that there is a shortage of data scientists with the right skill set. 

Data Science Career for the Future

The rapid change in lifestyle has been an impact of data science all around us. From the basic choices that we make to the decision-making for large companies, everything is influenced by data science. According to various reports, data science as a career is rapidly growing and is expected to keep growing in the future. With heavy reliance on data for major decisions, the demand for data scientists is expected to reach new heights. No matter the industry, a career in data science will make you the most sought-after commodity in the market. With huge volumes of unstructured data available, companies are looking for experts who can manage this data effectively. Companies need people who can analyse this unstructured data to provide valuable input towards the decision-making process. 

Types of Jobs under Data Science

In the world that we live in today, volumes of data are being generated every day. From the basic choices that we make on the different platforms to major business decisions, everything is impacted by data science. With the increasing importance of data scientists, it is important that you understand the different roles of data scientists. Having the right skills and experience along with a Data science course can give you a successful career. Some of the important job roles that require data science are as follows: 

• Data Analyst

As a data analyst, you will be responsible for collecting, interpreting, and analysing complex data. This will help you provide valuable data out of the raw data so that it can help in the decision-making process. 

• Data Administrator

A data administrator is a role for a data scientist to manage the storing and retrieval of data efficiently. You will also be responsible to optimise data and run data backups and recoveries along with the implementation of security measures.

• Data Engineer

Data science helps data engineers to design and build scalable systems. These systems can help store, manage, and use the raw data to provide valuable information.

• Marketing Analyst

As a marketing analyst, data science will help you analyse the raw data to optimise marketing strategies. The role of a data scientist is to analyse the consumer behaviour, the various campaigns and understand the market trends. All this will help in making decisions that can impact the market significantly. 

• Machine Learning Engineer

A Data science course can help you take up the role of a machine learning engineer. Under this role, you will be responsible for developing and maintaining machine learning models. A data scientist is capable of developing self-running software that can automate results or make predictions. 

• Business Analyst

The increasing number of businesses has seen an increase in demand for business analysts. The role of a business analyst is to analyse the data to find challenges that can come up. Data science will help resolve the challenges to identify the opportunities for growth and improve the business processes. 

Is a Data Science Career for You?

Is data science a good career? Are you still wondering if a career in data science is right for you? Well, the above points should have helped you understand the importance of a data science career. With the increasing dependency on data-driven decision-making, data scientists have become an important commodity. If you are unable to make a decision and want to learn more about it, get in touch with our experts at FastInfo Class. The team of experts will help you understand the role of data science and how a career in data science is the best. With the right guidance and a data science course from FastInfo, you will take the first step toward a successful career in data science.