Data is the new oil, surely for institutes and companies as both cash in through new courses and jobs – The Financial Express

The Financial Express
With the evolution of technology and the expansion of businesses globally, data science is a more relevant field than ever. It is believed that a  career in data science may be lucrative and fulfilling, rewarding and challenging. “This growth has been fueled by a rising demand for data-driven decision-making in corporations, leading to a surge in data science education and skill development,” Sonya Hooja, founder and COO, Imarticus Learning, told FE Education, adding that in the last decade, the Data Science sector has witnessed a massive hike of 650%, far outpacing other sectors. Key industries such as BFSI (Banking, Finance Services and Insurance ), e-commerce, and healthcare have been at the forefront of employing data science professionals, with analysts predicting that the country will have more than 11 million job openings in Data Science by 2026. 
A recent report by Imarticus Learning estimates India’s data science education market to grow from $204.23 million in 2023 to $ 1.391 billion by 2028, thereby growing at a CAGR (Compound Annual Growth Rate) of 57.52%. Over the years many universities and institutions introduced specialised courses and degrees. “Industries across sectors, including IT, healthcare, finance and e-commerce, increasingly embraced data science for decision-making and innovation. Initially, emphasis was on basic analytics and business intelligence,” Tuhin Chattopadhyay, professor AI and ML, Blockchain, Career Track Lead, Fintech, Jagdish Sheth School of Management, said. 
The report further predicted that the on-campus data science education market in India will grow from $128.03 million in 2022 to $857.57 million in 2027. Meanwhile, the market for online programmes will grow from $76.20 million to $533.69 million in the same period. Moreover, data shows that extensive data analytics courses are becoming increasingly popular. On-campus and online university programmes provide Bachelor’s, Master’s and Phd degrees in data analytics streams. The report highlighted that the global data science education market is projected to reach $378.7 billion by 2030, growing at a CAGR of 16.43% from 2022 to 2030. It is anticipated that the demand for data scientists will increase by 25% in the next few years. “The evolution of data science in India has been driven by several crucial factors. Firstly, technological advancements, particularly the surge of the internet and the development of sophisticated data tools, have created a fertile ground for the expansion of data science leading to an increased demand for skilled professionals,” Nishant Chandra, co-founder, Newton School, said. 
It is further estimated that currently, 2,15,793 positions are open for jobs in areas such as big data analytics. It is further predicted that big data open employment opportunities will increase to more than 3.38 lakh by 2028. “Companies are investing in technologies like AI and machine learning, empowering analysts to harness the full potential of data. This has streamlined operations, improved efficiency and enhanced overall organisational performance,” Hooja added. 
According to the research, some of the top recruiters include Amazon and Amazon Web Services (AWS), Bain and Company, Deloitte, Ernst and Young and Google, among others. According to the report, the average salary package offered to data science experts ranges between Rs. 6.5 lakh- 35.1 annually. 
The research claims that some of the top roles companies hire are data scientists at 0.9%, data analysts at 10.7%, business analysts at 10%, financial analyst 5.3%, Big data engineer 4.2%, data specialist 1.2%, business intelligence analyst 1.2%, and data science manager 0.9%. “As the cost of data has come down, both the volume and velocity at which data moves has also significantly improved. This is partially due to the infrastructure improving like our telecom network and again the network costs coming down. Lastly, the unit economics for large-scale cloud infrastructure became viable which in turn enabled us to have an even larger digital and data footprint,” Nikhil Kurhe, CEO and co-founder, Finarkein Analytics, said.
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