Data Science isn’t something new to the tech world. However, in recent years, Data Science has been an important field of study that has opened multiple opportunities and job openings worldwide, promising high salaries and great job growth.
It is not wrong to say that Data is the new currency in the corporate world, as data has been advancing. This advancing digitization has swept the vertical and horizontal market across the world.
The impact of the Data Science sector is far-reaching, and as a result, various new roles and skill sets are in demand. But what exactly is Data Science, and is it going to be in demand in the coming days?
Well, we got this covered for you.
What is Data Science?
Data Science is a field that uses scientific ways, algorithms, processes, and systems to extract knowledge and information from any structured or unstructured data. It combines the field of computer science, statistics, and business.
Is Data Science a Rising Career?
When considering switching careers in a completely new field, people often ask a few questions and want to know whether it’s worth it to put time and effort into studying, learning new skills, and preparing for interviews.
Nowadays, companies across the industries have started to support Data Science to gather and leverage smarter Business Intelligence.
According to Harvard Business Review, Data Science is named as the sexiest job of the 21st century. According to the Bureau of Labor Statistics an estimation of 11.5 million new jobs would be created by 2026.
In 2021, according to Glassdoor’s survey, they labeled “Data Science” as the second most in-demand job in the USA, with an average salary of $97,004 per annum as per 2k salaries reported on Payscale.
In 2019, LinkedIn had ranked Data Science as the topmost promising job and reported a 56% increase in the job openings. Furthermore, a study by PriceWaterhouseCoopers states as – Data Scientist, Data Engineer, Data Analyst, and Business Analyst are the best jobs in the United States. So, if you want to start a career in the rewarding and in-demand field of Data Science, the Data Scientist Certification in Ahmedabad can help you achieve your goals and make your dreams into reality.
Big Data has dominated the 21st century, thanks to digital platforms. As a result, we generate more data than we could have imagined a few years ago. According to Forbes, the data produced by the modern world is approximately 2.5 quintillion bytes of data every day.
Therefore, there would be more data across all the industries and organizations, summing up to be utilized to its full extent. The data gathered by different sources will be useful in several industries such as marketing, finance, IT, technology, medicine, energy, to name a few. It indicates that Data Science has a great future in all industries and those who want to build a career around it.
Future Trends in Data Science
The concept of Data Science has been around for quite a while, and Data Science has tremendous applications distributed across various sectors. Let’s have a look at major developments in the Data Science field:
Artificial Intelligence and Machine Learning will Lead
Data Science professionals will have to work with AI and Machine Learning. The future of Data Science will eventually align itself in making it better. AI is no more just a buzzword, and it is already being used in making business decisions. Artificial Intelligence will apply automated results to run through tremendous quantities of data sets to gain perceptivity to make better business opinions or help business leaders in decision-making. Similarly, AI applications such as machine learning and deep learning have already been in the market and helped in making some of the best human decisions in some areas.
Increased Use in Healthcare
The biggest application of Data Science has been in the field of medical and healthcare. With the large datasets available for all the patients, the professionals can use the Data Science approach to identify the diseases and their care. Therefore, Healthcare is and will be one of the biggest sectors for providing opportunities for the medical professionals who can use their expertise with Data Science and provide quick help to the patients.
Banking and Finance
When we talk about money, the first thing that concerns us about our money is safety and security, which brings us to the bank’s door. But with the increase in online transactions in the last couple of years, fraud cases have also increased. As a result, banks and financial data require stable systems to identify threats and fraud activities before they could actually cause damage.
The biggest challenge and innovation of Data Science in the financial sector is cryptocurrency. With the rise of the use of Crypto in the market, the demand for managing online data has become a major challenge for Data Scientists.
Automobile Industry
The automobile industry has seen a huge shift in the last couple of years and is still in development mode. Self-driving cars, automated taxis, automated public transports, and other various applications are the need of the future. These applications are possible in the future, and the demand for Data Science professionals to build these applications would be in high demand to understand the requirements and build a system to analyze the process.
Power and Energy
The demand for energy has increased due to the rapid growth in population. As the population is growing, it requires nuclear energy to be handled in such a way that it must be able to provide energy demands even without exhausting the existing natural resources. Data Science can help in predicting the safest potential effects of nuclear power and build AI bots that can identify the power sources.
Conclusion
The future of Data Science looks promising, and definitely for the individuals with the right skill sets. With a lot to explore, Data Science brings an enormous opportunity in every industry and in every aspect of the business such as healthcare, energy, manufacturing, transport, etc.
