Building Data Science Capabilities to Shape Careers

A recently held webinar introduced Dr. Balaraman Ravindran and Dr. Arun Rajkumar, Faculty Members of IIT Madras’ Data Science Programme.

Data Science was at the 3rd rank in 2020 Glassdoor’s annual ranking. It is not a surprise. After all, every enterprise and every industry vertical is waking up to the power of data and insights. They need to tap the fresh waves of digital transformation, customer intimacy, and personalization-edge.

As per the U.S. Bureau of Labor Statistics, there has been substantial growth in the Data Science field, and the number of jobs is expected to increase by about 28 percent through 2026. In the reckoning of LinkedIn, too, there has been a 650% jump in Data Science jobs since 2012. Closer home, analysts predict that the country will have a massive number of job openings in the coming years. 

And why not? Companies are scrambling to make the most of the power that Data Science and its adjacent areas bring in. Gartner predicts that by 2025, the AI and Data-Science-equipped VC or PE investor will become commonplace. As per ResearchandMarkets, the Global Data Science Platform Market size could reach $165.5 billion by 2026. The report explains that the models used for estimating or segmentation fail because of rapid changes in online traffic or shopping trends. As the borders have been locked down and the supply chains have been disrupted, organizations focus on new priorities like laying short, medium, and long-term data-driven plans to make educated choices. It is also spotted that new cycles are being completed. Data substitution, changes in traffic, focus on healthcare-related supply chains are some current trends in the market.

The drive towards AI and Machine Learning is adding a new fillip to the Data Science domain. A McKinsey Global Survey on artificial intelligence (AI) suggests that organizations use AI as a tool for generating value. The companies that are using AI are seeing that value accrue to the enterprise level. Almost 21 percent pointed out that over 5 percent of their organizations’ enterprise-wide EBIT in 2019 was because of their use of AI, with 48 percent reported less than 5 percent. Since top performers can develop AI solutions in-house – this creates a domino effect for the demand curve for data science professionals. As opposed to purchasing solutions, companies typically employ more AI-related talent, such as data engineers, data architects, and translators, than their counterparts. They have built a standardized end-to-end platform for AI-related data science, data engineering, and application development.

Dealing with a thin supply chain

But are there enough professionals and capable professionals to match this growth appetite? In India, thousands of jobs in Data Science were vacant in 2020. A major portion of these vacancies was categorized for positions with less than five years of experience.

That’s surprising given the attractiveness of this field, both financially and intellectually. In Michael Page’s 2021 India Talent Trends report, Data Science professionals with 3-10 years of experience are slated to get annual salaries in the 25-65 lakh range. However, those with more experience can command pay packages upwards of 1 crore. Professionals with over 15 years of experience can command up to 1.8 crores. Also, the average annual pay hike for Data Science professionals ranges at 20-30 percent compared with 15-20 percent for professionals from other backgrounds.

Bring the fork, can you?

It is the best time to equip oneself in the Data Science domain and leverage this growth trajectory. 

Learn Data Science right – do this at a place where you are taught by someone who has seen the inside-out of this evolving field. And where you can gain from the minds of top researchers like those leading the research initiatives at the Robert Bosch Centre for Data Science and AI (RBCDSAI) at IIT Madras. You learn it right when you are taught by someone who will encourage and challenge you, helping you to reach your full potential.

A recently held webinar introduced Dr. Balaraman Ravindran and Dr. Arun Rajkumar, Faculty Members of IIT Madras’ Data Science Programme.

Like the IIT Madras’ Data Science Programme, where you will learn from top researchers leading AI and Applied Data Science research at RBCDSAI, India’s leading research hub. One needs to have a clear grasp of the foundational level and then have a progressive coverage of other modules like supervised and unsupervised machine learning, deep learning, sequential learning, algorithms, and later to real-world use-cases, industry-level challenges.

In a recently held webinar Dr. Balaraman Ravindran and Dr. Arun Rajkumar, IIT Madras faculty members, gave an insightful glimpse into how the IIT Madras And TalentSprint’s Data Science Programme is a tailor-made solution for emerging professionals, how participants will be benefited from the cutting-edge research of the Robert Bosch Centre for Data Science and AI (RBCDSAI) and more, also, how candidates can be equipped to handle technical rounds and other placement challenges.

The temperature is correct, and if you can tap this unique opportunity, you can build a robust career in the exciting and ever-fresh field of data. So pick it while it is still piping hot.