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Future Scope of Data Scientists

Future Scope of Data Scientists

13-Nov-2020

Data Scientist and Data Science jobs are becoming better and better with the passage of time and going through many changes at once. This process will run along to an even greater degree over the next 10 years. It can be easily said the corporate door is wide open for Data Scientists now, and even more so in the future. There are an increasing number of companies seeking out data scientists. Data science jobs are predictably going to be the best jobs in the Information Technology field in the future. The salaries of those jobs are going to be correspondingly high too. People are opting for a data science course and they will be able to secure a data science salary too.

The future is ready to hire thousands of data scientists and businesses and organizations are busy looking for them. If one wants to flourish in their career in Data Science, getting a good Data science course listed on their resume is very important to have a better foundation. There are a many online platforms and institutes that offer such courses. If you can fulfill all the requirements of being a Data scientist, you will be fine.

Also Read the Advantages of Data Science Certification

The Data scientist should have a deep knowledge of mathematics and as a computer researcher he should have the ability to identify trends. A data scientist should have the ability to balance all important business related information as well as IT-related work.

Medium to large sized companies always possess a lot of unwieldy information that can should not be discarded and should be analyzed and consolidated to get the business back on track. The data scientist is the digger who can dive deep into the pile of data and dig out the gold in the form of insights and data trends and thus increase the company’s revenue.

It should be said at the start that Data science is not an easy and simple field; you will have to make the investment of a lot of time and energy. You may have come across ads which say, “Master Data Science in one month.” but that is never the case.

It takes years of dedication and hard work to master data science even though a lot of online courses claim that they can teach it to the learners in weeks or months. The most important thing is to practice a lot on real world data sets and acquire a lot of real-life experience in the appropriate environment. Don’t try to jump forward. Always give a suitable amount of time in setting up the data server.

Sometimes the data scientists have to debug a snippet of code which the computer pinpoints as an error-filled piece of code. They should possess a deep and enduring patience because sometimes they can mess up with built-in pipelines and suffer from losses of time. All this can set them back by several extra work hours.

Some of the job titles that persons who have good knowledge of Data science can hold are Data scientist, Data analyst, and Data engineer.

Some related job titles in Data science are Marketing analyst, Operations analyst, System analyst, Business analyst, Statistician, Business Intelligence analyst, Data warehouse architect, quantitative analyst, machine learning engineer etc.

There are a lot of advantages to learning Data Science; there are big chances for you to start doing freelance work too. A Data Scientist freelancer can earn $100-$200 per hour for his work.

Does Data Science have a future in India?

Data Science is considered as one of the best fields of careers amongst all technological fields and has a great future in India. There are many startups and other up and coming companies in India and every industry irrespective of their work have reams of data and require a data scientist in any case.

Before, companies used to go by their feelings before making any major and significant decisions. But now they can hire a data scientist who can analyze their massive stockpiles of data and give meaningful insights and data-driven reasons for making a particular decision. We also know that it is much better to rely on logic than gut feelings. So it is a perfect combination. Calculated decisions also minimize the risks and uncertainties. These elements clearly point to the increasing scope of Data Science in India.

What exactly does a data analyst do?

A data analyst is quite similar and not that different from a data scientist. A data analyst transforms numbers into English which will enable the company to make better decisions. The company have reams of data usually – Logistics, Survey reports, Market Analysis, Sales data etc.

Now the analyst’s job is to retrieve the data, analyze and evaluate the whole thing, and use the data in such a way that it will help in making much better business decisions. This may entail lots and lots of things such as thinking of new methods to increase business sales, launching and releasing new products into the market, or helping with the management of costs in the company.

Data science has various fields with many job titles such as digital analyst, financial analyst, marketing analyst, operations analyst etc.

How much money does a Data Analyst make?

Data Analyst being an entry-level pays well off to the entry-level employees.

The minimum Data Analyst Salary is: $42,208 per year

While the range for this is still uncertain, but if we check and estimate, then the highest-paid is approximately $140k per year.

Can acquire the bonus up to $10,000 and $8000 plus profit sharing.

The companies like IBM, JP Morgan, University of Pennsylvania, Cognizant Technology Solution are paying $ 74,732, $67,674, $59,781, $70,627 per annum salaries respectively for the Entry-level Data Analyst.

How much do Data Analysts make in India?

Data Analyst in India also makes a reasonable amount, at the entry-level as a Data Analyst.

The minimum salary for an entry-level Data Analyst is Rs 4,40,000/- per annum.

While the average Data Analyst Salary in India is Rs 5,81,887/- per annum, this showcases how much in demand Data Analyst job is in India.

Going to a maximum salary paid, we can never imagine what the maximum wage would be it all depends upon your work and dedication. However, according to some Job Seekers websites like Payscale and Glassdoor, the highest salary for a data analyst is calculated to be Rs 12 LPA and so on.

Some of the Indian MNC’s who are offering jobs in Data Analysis fields

Accenture: Rs 633,169/- per annum

Myntra: Rs 798, 949/- per annum

Tata Consultancy Services: Rs 480,000/- per annum

Capgemini: Rs 686,611/- per annum

IBM: Rs 470,039/- per annum

Is Data Analyst a good career?

A skilled Data analyst is one of the most in demand and sought after technological careers that anyone can choose as their own career. The reason for it being so in demand is that companies sorely need Data analysts.

The demand for a Data analyst is rising ever upwards but the supply cannot match it. So, going for a career as a Data analyst will definitely make your demand rise up. You can even avail advantages such as lots of liberties at the entry-level, excellent perks, huge salary etc.

There is a big requirement for Data analysts in a wide range of fields, businesses, and organizations. Any company that has to process any amount of data will always have the need of a data analyst for the analysis and evaluation part. This is because some of the job responsibilities of a Data analyst entail analyzing and evaluating data to make major investment decisions, identify and target the customers, check the money allocation, and assess the risks and uncertainties.

What is a Data Scientist Salary?

According to the leading Job Seeking site Glassdoor, the average salary of a Data Scientist is $113,436 per annum. This indicates that people, most importantly, the forms are understanding the importance of Data Scientist and want to use their skills to drive smart business decisions.

It is not a hidden secret. Data Scientists earn enormously. Just prove your skills, whatever deal you want you to get it. But, proving yourself capable of everything is very important.

A lot of companies irrespective of their domain are looking for Data Scientist. The lowest payment for Data Scientist is $86,000 per annum.

While the highest salary is uncertain because it all depends on your hard work and the company you are working for. However, if we take a look at some top Job Seeker sites, LinkedIn is providing the highest salary up to $280,000.

As you know, Sky is the limit, similarly for your talent and hard work the pay scale would be limitless.

What is the scope of Data Scientist Jobs in India?

There are a lot of jobs for Data Scientist in India, giving vast exposure to the people who want to be a Data Scientist. As we check Naukri.com, one of the top Indian Job seeking sites say more than 25,000+ jobs are there in India just for Data Scientist. And as we checked LinkedIn one of the top job finding a place in the whole world, more than 14,000+ jobs are there in India for Data Scientist.

If we rely on the statistics, in the year 2015, there were 2.3 million job openings solely in India. These statistics even increased when it came to 2018; the estimated job vacancies were 2.9 million. We can say that the companies require some Data Scientist and the requirement will grow and can never decrease.

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