Data science is the new buzzword in the industry. It is having a tremendous impact on how companies operate and how they evolve their business processes. Data scientists are playing an important role in shaping up the way we live our lives today. They help businesses understand their customers better and make better decisions based on this information.
In the last few years, we have seen a boom in the demand for data scientists and data science jobs. There are more than 2 lakhs of these jobs available worldwide and this is expected to grow by 20% every year.
Data scientists are required to handle large amounts of data with high accuracy and speed. They need to understand how technology can be used for solving complex problems like predicting future events based on past experience or analyzing customer behavior patterns by analyzing their online interactions with brands such as Google Analytics or Facebook Ads Manager (FAM).
Let’s see how McKinsey Global Institute arrived at this figure of 2 lakhs.
In 2015, the McKinsey Global Institute estimated that by 2022, the US will need 2 lakhs data scientists. The figure was based on research conducted by Gallup and other companies in order to analyze how big data is affecting businesses around the world.
The report stated that “one out of every 10 new jobs created over the next decade will be in analytics” and that these jobs would require skills such as statistical modeling, machine learning and natural language processing (NLP).
Key drivers for demand for Data Scientist –
Data science is a young field, but it’s one that has experienced tremendous growth in recent years. It’s no surprise considering how much demand there is for data scientists: Big Data, artificial intelligence and cloud computing are all key drivers.
Big Data refers to large quantities of information that can’t be handled effectively by traditional systems. This includes everything from social media posts to video content and sensor readings from everyday objects like cars or phones; all these things need processing before they can be analyzed by humans or computers so they can make sense of them for us (whether we want them to or not).
Artificial Intelligence (AI) refers specifically here; machines learning how humans think and act through machine learning algorithms which allow computers “think” like us instead of just performing tasks blindly under instructions given by humans such as search queries entered into Google search engines*
Cloud Computing – The use of remote servers located in data centers around the world rather than having all operations performed at one location such as your office building where staff members may also work on any given day.”
Data Scientist Job Profile –
The data scientist is a person who can work with data and analyze it to find patterns and predict future outcomes. Data scientists can work in any industry, as long as they’re able to translate their findings into something actionable. If you have a background in mathematics or statistics, then this job might be right for you!
Data scientists are typically required to have a bachelor’s degree in computer science or a related field. Some employers may prefer candidates with a master’s degree, especially if they want to work at higher levels within the company.
Skills Required for Data Scientist Jobs –
To become a data scientist, you will need to have a strong understanding of math and statistics. These skills are required for many different jobs, but they’re particularly important for data scientists because they allow you to perform complex calculations and analysis.
You should also be familiar with programming languages such as Python, R and SQL (structured query language). These languages can be used in conjunction with other programming languages such as Hadoop/Spark or Tableau Software
to help you analyze data and produce reports. You should also be familiar with machine learning algorithms, which are used to make predictions about future events. For example, if you’re trying to determine what kind of music someone likes based on the songs they listen to most frequently, then a machine learning algorithm could help you do that.
Data Science Course –
Data Science is a multidisciplinary field that applies statistical and mathematical techniques to analyze data and extract knowledge from it. There are many courses available in Data Science. These courses help you learn the basics of Data Science such as Machine Learning, Statistics, NLP etc.
There are many online courses available in Data Science too. These online courses can be taken by anyone who wants to pursue their career in this field but doesn’t have enough time or resources to attend conventional colleges or universities nearby their homes/home countries where they live currently (i know i’d love if someone would give me this opportunity).
Data Science Career Scope –
Data Science is a career path for those who want to work in the field of data and analytics. It involves using mathematical, statistical and computational techniques to solve problems related to data analysis, modeling and prediction. Data Scientists often have a bachelor’s degree in mathematics or statistics, but not necessarily—there are many jobs that require only a high school diploma (or less).
Data Scientist can work in a variety of industries such as government agencies & military units; healthcare organizations; retail stores/online retailers; banking institutions etc., depending on their specialization area. They may also specialize based on the type of business they want to work for: e-commerce companies need statisticians who understand how users interact with websites; marketing teams rely heavily upon research fellows who help them understand customer behavior patterns so they can better target customers’ needs across multiple channels like email campaigns etc.. Most professionals will start off by doing some basic programming before moving into more advanced areas such as machine learning algorithms which requires extensive knowledge about algorithms used by scientists around world!
You can earn more as a Data scientist.
Data scientist is a hot job in the market. Data scientists have many options to choose from, so if you want to be one, be ready with your CV and cover letter.
Data scientists can earn more than other jobs that require similar qualifications. They are also in demand across industries, so if you get this job you’ll be able to move up quickly within your company or organization as well as find opportunities elsewhere if you want more money or greater responsibility than what’s available at your current employer.
These are some of the key factors that we discussed in this article. You can find more information about these topics from other blogs, articles and books. In short, if you want to make your career as a Data Scientist then you must be willing to learn new things about data science and keep updating your skills with training programs.
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