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Future of Data Science in India

Data Science in India

India, home to many skilled techies and engineers, depends on science and technology for economic growth and is one of the global hubs for tech innovation. Consequently, there are many job opportunities in various sectors such as data science. 

Once dubbed the “sexiest job of the 21st century” by Harvard Business Review and considered to be one of the youngest professions, data science made its name in India after a decade in 2010. As of 2021, there are over 600 analytic firms in India and the key industries that utilize data analytics are the banking and finance sectors. According to an industry study by AnalytixLabs with Analytics India Magazine, Delhi/NCR emerged as one of the biggest players in the Indian analytics market, accounting for 28% of the revenue. 

Statista’s online survey showed that in 2016 alone, India produced over 81.3 thousand male and around 79.2 thousand female computer science engineering graduates. 

Based on these figures, one would think that this in-demand profession is as rare as a hen’s teeth. Yet, according to Towards Data Science Inc, about 93,000 Data Science jobs are sitting vacant in India at the end of August 2020. Now, why is that? Is the profession not sexy anymore? Or is it because of the coronavirus pandemic? 

One dominant reason is skill gaps. The Indian education system fails to teach students the necessary skills required in today’s job market. Theoretical knowledge is pushed rather than practical knowledge. 65-75% of corporates and research institutes are in agreement that most graduates are unemployable due to the lack of proper skill sets. 

Prospects of Data Science in India

Now, given the number of job vacancies in data science and the fact that the skills gap is a major factor for this, it is safe to say that the future of a skilled candidate who wants to pursue a career in this field is exceptionally good in India. Data Scientists is one of the highest paying jobs in India, particularly in sectors such as Banking and Finance, IT, Pharma and Healthcare, and E-commerce.  

According to Pay Scale, the average base salary of a Data Scientist with 1-4 years of experience is around ₹780,000 PA, while for those with more than 10 years of experience, it is ₹1,770,000 PA, for entry-level, it is ₹525,000 PA, which is quite a handsome pay as compared to other entry-level job profiles. 

So, if you want to become a Data Scientist, bear in mind that companies are now on the lookout for those with specific skills who they will not have to train further. 

Master the following skills to have a successful career in data science in 2021: 

  • Mathematical and statistical skills.
  • Proficiency in programming languages such as Python, SAS and R.
  • Ability to use analytical tools such as SQL, Spark and Hadoop.
  • Knowledge of Machine Learning.
  • Understanding data visualization tools such as Power BI and Tableau.
  • Strong communication skills.
  • Problem-solving skills.
  • Critical thinking skills.
  • Ability to stay up to date with the latest tech trends. 

More and more businesses continue to opt for digital transformation and the need for talents in Artificial Intelligence, Machine Learning, and Data Science will continue to increase in years to come. So, If there’s a good time to upskill yourself. It is now. 

We hope this article helps you in deciding on your career in the field of Data Science.

We will leave you here with our best wishes.

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Tags: , , Last modified: March 22, 2021