The 21st century will be ruled by data. Data Science has become an indispensable part of many businesses and industries. It provides valuable insights into customer behaviour that can lead to increased conversions, more detailed market analysis for competitive advantage in pricing strategies or product development, improved operational efficiency, and minimised risk exposure through accurate forecasting models.
The emergence of disruptive technologies like IoT, digital media platforms, smartphones, artificial intelligence, big data analytics, blockchain, and quantum computing has ushered in an era where Data Science will be central to organisational success.
Data Science has critical applications across most industries. Organisations, big and small, need Data Science to make decisions, analyse market trends, minimise losses and maximise profits.
Data-driven insights can not only radically transform businesses but also help target new markets, address customer pain points, boost revenue and much more. As such, an ever-increasing number of businesses are focussing on capturing, interpreting, and being informed by data.
High salary growth in DS and ML
As organisations are turning towards Machine Learning, Big Data, and Artificial Intelligence, the demand for data science roles is seeing a sustained and accelerating upward surge. Since 2012, the Data Science sector has witnessed a massive hike of 650%, far outpacing other sectors.
Therefore, transitioning to data science is a smart move as it fetches far higher comparative returns. For instance, transitioning from a marketing analytics job to a data science job leads to a 37% salary growth on average.
Similarly, the expected salary growth when people switch from digital analytics to data science is 31% on average. For someone transitioning from a data engineering role to a data science role, the salary hike could be as high as 44%.
Over the years, job opportunities and salaries in data science have boomed in India — a trend that pandemic-driven digital transformations have further accelerated.
According to recruitment firm Michael Page’s 2021 India Talent Trends report, data science professionals with 3-10 years of experience get annual salaries in the 25-65 lakh range, while those with more experience can command pay packages upwards of 1 crore.
Professionals with over 15 years of experience can get paid up to 1.8 crores. Similarly, the average annual pay hike for data science professionals falls between 20-30% compared with 15-20% for professionals from other backgrounds.
Increasing demand for data science professionals
India Inc is witnessing the rapid digitization of businesses and services, making it the second-largest hub for data science in the world. Analysts predict that the country will have more than 11 million job openings by 2026. In fact, since 2019, hiring in the data science industry has increased by 46%.
Yet, around 93,000 jobs in Data Science were vacant at the end of August 2020 in India. 70% of these vacancies were for positions with less than five years of experience.
And while the time taken to hire engineers is six to eight weeks, the time to hire data scientists is 11-12 weeks in comparison. The reason behind the vast supply gap and long hiring times can be traced back to existing skill gaps.
Data Science and Machine Learning have a steep learning curve. Even though there is a huge influx of data scientists in India every year, very few people have the required expertise and specialisation. As a result, there is a surging demand for professionals with specialised data skills.
Importance of upskilling and specialisation
The field of data science and machine learning is quickly becoming one of the most in-demand fields, but there is still a lack of qualified professionals. This is where postgraduate certificate programmes in Data Science and Machine Learning come in, providing professionals with new avenues to improve their career outcomes.
Having a PG certificate allows professionals to specialise in their chosen discipline and build a network of peers from the same industry. A postgraduate diploma is a lucrative option for boosting one’s career and earnings, in addition to adding new skills and credentials to the resume.
Furthermore, postgraduate specialisation programmes also confer other benefits that help with career development and progression. For instance, IIT Roorkee’s 11 month Post Graduate Certificate Program in Data Science & Machine Learning (PGCP-DSML) provides 1:1 industry mentorship to its students and invites industry experts to give talks and seminars about building a career in Data Science and Machine Learning.
The institute, which has 250+ recruitment partners and has placed 11,000+ learners over the last three years, offers career support to its students by helping them build their portfolios, resumes, and LinkedIn profiles. Students are also able to leverage their peer network to find job opportunities within the Data Science domain.
However, PG courses like (PGCP-DSML) require serious time commitments from professionals often working a full-time job. This is when it helps to think about the opportunity cost of not specialising and compare it to the compounding benefits of specialising in a highly in-demand field like Data Science.
According to Forbes, when you earn a PG certificate, you can expect anywhere from a 13 to 25% boost in your annual salary. Thus, investing just 4-5 hours weekly of one’s time to gain specialisation in Data Science and Machine Learning gives compounded returns, in the long run, allowing professionals to expand their career horizons.
The long-term benefits of specialisation far outweigh the short-term costs. As Ben Franklin once rightly said, “An investment in knowledge pays the best interest.
Source: indiatoday.in
