According to a recent report published in Times Of India, Data Scientist is the most sought after career options available today. As quoted by Harvard Business School in 2012, “Data Scientist is the sexiest job of the 21st Century”, last 2-3 years have proved that Data Scientist is the ultimate job in the market today. It is also recognized as the “Best job of the year 2016” by Glassdoor. The same impact can be seen in India also, where Data Scientist jobs are mushrooming up with awesome salary packages.
To everyone’s surprise Data Science Professionals with good 5+ years of experience are commanding as high as 75 lakhs p.a. which is not even comparable to the lower salaries earned by Engineers and CAs.
Buy Why Data Scientists are highly in demand?
Look at the following statistics:
- 5 Quintillion Bytes of Data is created daily.
- 90% of world’s data was created in the last two years.
- 80% of world’s data was created in the last two years. 80% of all enterprise data is unstructured.
As we can see, Data has become the most important element in enterprises, it is of utmost importance to analyze it professionally. We need Business analysts who can work with strong and robust Business Intelligent tools to analyze data and draw inferences out of it.
To give you can idea of this term – ‘Data Scientist’, it refers to those professionals who receive enormous amount of enterprise data, they access it carefully using various statistical tools and programming languages and come to some conclusions fruitful for decision making and future course of action for enterprises. They could be statisticians, mathematicians, Database Engineers, or any other IT Professionals dealing with data. For companies to survive and grow in today’s fast changing world, Data scientists are highly in demand!
According to TeamLease Services, India itself is going to face a shortage of 2,00,000 Data scientists in coming years! Even US is facing similar shortage, where only 40 professionals are available to fill in 100 vacancies.
No wonder, companies are looking for skilled Data Analytical Professionals who are able to generate useful insights out of huge amount of data and provide prescriptive solutions. In the competitive world, more and more companies are looking towards making full use of data using various tools like algorithms, interactive models, automation and predictive analytics.
Due to the high demand for analytics, it is inevitable that the salaries offered to Data Scientists are simply great. According to Indeed.com, “The average data scientist today earns $123,000 per annum.”
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