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14 October 21

What is the Future of Data Science?

MindZCloud
MindZCloud

Data science practices have been continually evolving, and the world is data-driven. Data is being regularly collected by the companies for the transactions and also through the website interactions. The data scientist serves as a saviour in the situation of mayhem. It has also been stated that since 2019, the hiring of such professionals has increased to about 46%. So, the future of data science is also growing. The scale of big data has been astounding and has intervened in the core aspects of personal and business life. These days the consumers are becoming aware of data privacy rights as well. So now the question is, what is the future of data science?

Machine Learning and Artificial Intelligence

Artificial Intelligence and machine learning go hand-in-hand with data science.  Data science has been quite advantageous and is also setting up new opportunities for getting the desired outcome. In addition to that, the road to becoming a data scientist is tough but profitable. The role that is linked to data science includes machine learning jobs, engineer jobs. There is the involvement of the concepts like machine learning quantitative analysis data warehousing.

Highlight on the future scope of data science

Data Science Jobs Growing

As businesses are embracing technology, they have been growing exponentially. Besides, the recent revelations suggest the data scientist scopes have been growing continually. The career areas that do not carry the growth strategies with them are becoming stagnant. In this regard, it can be said that data science is working as the broader career path. Data science has been undergoing developments and also is promising. There are abundant opportunities in the future.

Data science jobs are also quite specific, and they have specialization roles as well. It gives scope for exploiting the opportunities and pursuing what suits the individuals the most. In fact, in the future, companies will be implementing machine learning models, standardize and digitize processes, experiment with a cloud infrastructure solution. Also, they will set the agile approach to data science projects.

According to the U.S. Bureau of Labor Statistics, the expected growth rate is about 28% through the year 2026. This accounts for about 11.5 million jobs in the field by 2026. Considering India, an analysis carried out by AIMResearch has revealed that about 137,870 data science jobs were open during the second quarter of 2021. Studies and surveys have also revealed that data scientists having 3 years of job experience make a handsome package of 25 lakh. When the years of experience increase, undoubtedly the annual salaries go higher and higher, even upwards of 1 crore.

Overall, there will be a steady demand for the highly digitalized world. There will be the creation of a dedicated data science unit. Companies are looking for more employees to serve as data scientists that guarantee they are less error-prone than data from manual processes. There will be more importance towards high-level and tactical business decisions.

The Bottom Line

The new-age business world is all about data and hence the prospect of data science in the future is immense. Moreover, with the addition of artificial intelligence, there will be a huge impact on the business. Data science and artificial intelligence are in high demand now, and both these fields are helping companies. Gradually, the huge number of job positions will evolve, and the number of data scientists will also be increasing to handle the complexities that businesses witness.