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Monday, November 10, 2014

The number deal

"The role of a data scientist is not only to make proficient use of the latest technology to find solutions but also identify problems early on." summarizes Lovleen Bhatia, co-founder and CEO of Edureka.

Photo: The Hindu

Data Science has become a coveted technology domain. Comprising specialised skill-sets like statistics, mathematics, programming and computer science, it involves dealing with multiple elements, techniques and theories in math, statistics, predictive analysis, data modelling, data engineering, data mining and visualisation. 

The role of a data scientist is not only to make proficient use of the latest technology to find solutions but also to identify problems early. A recent report by Accenture states that 92 per cent of the companies that were surveyed were satisfied with the business outcome of data analytics while 94 per cent said its implementation met their needs. 

The global big data analytics market is estimated to reach $25 billion by 2015 (NASSCOM and CRISIL Global Research and Analytics Report), projecting huge job opportunities for data scientists abroad. The rising usage of big data analytics in businesses across sectors have, in no time, increased the absorption of data scientists in new media, banking and financial services, retail, telecommunication, travel, manufacturing, education, agriculture and energy sectors.

While discrepancy in demand and supply is becoming a pressing employment issue, it is a boon for professionals who wish to specialise as data scientists and work with global corporate houses. The U.S., which has been the largest market for data analytics may, by 2018, face an overall shortage of 1,40,000 to 1,90,000 data scientists and a whopping 1.5 million data scientists at the managerial levels (Mckinsey Global Institute). Again, the next eight years will see a 24 per cent increase in demand for such skills. 
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Source: The Hindu


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