Tagged as the sexiest job of the century, the data science career path has seen tremendous growth and now is present in almost all sectors like BFSI, healthcare, retail, etc. The amount of data we produce every day is truly mind-boggling! There is 2.5 quintillions (that's 1018) bytes of data created each day at our current pace, and that pace is only accelerating with the growth of the Internet of Things.
Organizations need data science professionals who can make sense of the humongous amount of data that is being generated every day. The problem is that the sector has been reeling from a massive shortage of skilled talent in the country. In 2019, as per a study, close to 97,000 positions related to analytics and data science was vacant due to the lack of qualified talent.
Why Switch Careers To Data Science In 2022
1. Skill Gap
While the demand for data science is sky-high, there isn’t much supply, because of the lack of the required skills.
The education system is still lacking in this sector. A lot of people who are trying to find jobs in this sector don’t have the necessary skills to find employment.
The best way to learn any new skill is to learn it from someone who is already 10-20 steps ahead of you i.e. in this case, someone who already has a job in Data Science. What can be done here is to find an institution which would be able to equip you with the necessary skills to get hired in this sector.
This is where online learning platforms like Board Infinity come into the picture. Our career counseling and learning platform helps candidates acquire new skills to accelerate their career growth. This has enabled many professionals from different sectors who just had an interest in Data Science to transition into the Data Science sector and take up very high-paying jobs in it.
Are you from a Non-tech background wanting to shift to Data Science but don't know how? Watch this video to learn how you can do it.
2. Salary
The high demand is boosting the pay for qualified professionals. Moreover, Big Data and Data Science are the most-wanted skills, almost all organizations end up paying big bucks for them.
People who have a data science career are currently benefiting from this wave of demand, with analytics professionals earning 26% higher than an average software engineer in India.
The average Data Scientist's salary ranges between 10-12.5 Lakhs across experience levels. The annual Analytics India Salary Study also found a 1.8% increase in salaries of entry-level analytics professionals with experience between 0 to 3 years.
Also, due to the lack of skilled employees in this sector, companies are willing to pay big money to people who are good at their jobs. It all depends on how fast you can learn a completely new skill and develop that skill into something that companies desire. Companies are always on the lookout for great talent that they can hire and nurture in the future.
3. Increased Adoption
More and more organizations have started integrating data into their processes. They are transitioning into taking more data-driven decisions.
As per Mckinsey’s Global Institute, organizations that are data-driven are likely to attract 23 times the customers as a normal organization. Another research study by BARC found that companies using Big Data and Data Science saw an 8% increase in profit and a 10% decrease in cost. The statistics show that data helps companies to grow and expand faster than ever.
It enables companies to create new business opportunities, generate more revenue, predict future trends, optimize current operational efforts, and produce actionable insights. That way, you stand to grow and evolve your empire over time, making your organization more adaptable as a result.
The digital world is in a constant state of flux, and to move with the ever-changing landscape around you, you must leverage data to make more informed and powerful data-driven business decisions.
Various Job Titles
Data science will never restrict you. It has a wide domain which gives you a lot of variety to choose from. You can choose between multiple specialties like:
- Data Engineer
- Data Architect
- Data Analyst
- Statistician
- Machine Learning Engineer
- Big Data Engineer
- Business Analyst
- MIS Reporting
Conclusion
Over the last few years, people have moved away from the umbrella term, data scientist. Companies now advertise for a diverse set of job roles. A professional with analytical skills can master the ocean of Data science and become a vital asset to an organization, boosting the business and their career. These are just a few reasons to become a data scientist.
The future is going to be filled with data scientists. So get into the data science career path before it gets too competitive.
If you feel stuck and are overwhelmed by the idea of learning a completely new skill join Board Infinity's Data Science Learning Path. Get access to premium content, personalized 1:1 mentoring from industry experts in the field of Data Science, complete placement assistance, certification, and a lot more.