Bachelor of data science new age engineering for students

With data becoming so important in today's world, the use of data science marked the dawn of digital transformation. At least 2.5 quintillion (2.5 followed by 18 zeros) bytes of data is been produced on daily basis. This humongous amount of data needs to be evaluated, cleansed, processed, stored, analysed to be able to interpret it and process it.

Here data science largely aids in generating value out of this massive hordes of data by using data driven methodologies to find patterns within the data while it also helps companies and businesses to make informed decisions and a lot more. A data science professional is a new age career for students as the demand for them never stops.

Booming market

The value of the global big data and business analytics market amounted more than $168 billion in 2018 and is expected to grow with a 5-year compound annual growth rate (CAGR) of about 13% i.e., about $274 billion by 2022. The market size of global data science platform is expected to grow to about $141 billion by 2024 from $37.9 billion in 2019 with a CAGR of 30%.

It is estimated that the global data analytics market could reach $24.63 billion in 2021 at a CAGR of 25% during the period till 2030. The development of the data science domain in India has facilitated the Indian analytics industry and increased the current market size to $45.4 billion. The analytics domain of India saw a growth of 26.5% i.e., the market value increased to $45.4 billion in the financial year (FY) 2021 from $35.9 billion in FY 2020. With 43% contribution to the analytics industry market, the IT sector remains the top contributor in 2021. The market size of the Indian analytics industry by 2025 and 2026 is predicted to grow to $98 billion and about $119 billion respectively.

Emerging demand

Data science professionals are one the most demanded career choices in the market. They have become a breakthrough across various sectors in the country and throughout the world. In India, there is an increase of 29% job posting for data scientist jobs every year. Even though there is an increase in the number of job postings, only nearly 127 diploma institutes and 663 undergraduate colleges opt for the new age course which makes it only 10% of the total institutes in the country.

There is a huge amount of data that keeps generating by companies every day. Almost all the organisations have data piled up having a rich value but don't have any resources to provide help. This calls out for the need of experts in this field i.e., data professionals to organize their data and bring out insights that are valuable.

In India, since 2019 the hiring rate has increased by 46% in the data science industry. Around 93k job positions in data science were vacant at the end of August 2020. The demand for data scientists globally is expected to increase by 200% by 2026. The analytics also predict that India will have more than 11 million job openings in the field i.e., an increase by about 28% in the next five years.

Even though there is a lot of demand for data scientists in India there are a smaller number of skilled users in this field. This career needs a great talent supply and has a never-ending demand. India has become the 2nd highest country to recruit individuals in the field of data science and related research. 1400 data science professionals in India are paid more than ₹1 crore. The World Economic Forum (WEF) also predicts that by 2022 the data analysts and data scientists will be the number 1 emerging job role throughout the globe. Due to such demand the data science skills are in much demand and hold immense value.

Data science has been a growing industry since the past few years. As data is the future it enables immense career availability for students. A career in Bachelors of Data Science is the new age of engineering for students as it provides a huge opportunity and guarantees a lot of further developments in the technological field.

(The author is the Executive Director, Sanskriti University)