What is Data Science?
Data Scientist is just a hyped-up word for statisticians. It is a multidisciplinary approach to extract actionable insights from the large amount of data collected and created by different organizations. Data Science helps in preparing data for analyzing, processing, and performing advanced data analysis, and presenting the results to reveal patterns that enables to draw informed conclusions from the available data.
History of Data Science
The term "Data Science" traces back to 1974, when Peter Naur coined the term Data Science as an alternative name for computer science. Then later on in 1996, the International Federation of Classification Societies became the first conference to specifically feature Data Science as a topic.
Followed by which, in 1997, C.F. Jeff Wu again suggested that statistics should be renamed as data science. He reasoned that a new name would help statistics for solving business problems. In 1998, Hayashi Chikio gave a different insight including three aspects: data design, collection, and analysis.
What can a Data Scientist do?
Apply mathematics, statistics, and the scientific method.
Use a wide range of tools and techniques for evaluating and preparing data like SQL, SAS, R, Python for performing operations on data.
Extract insights from data using predictive analytics and artificial intelligence (AI) including Machine Learning and Deep learning models.
Write applications that automate data processing and calculations.
Obtain meaningful conclusion from the data using appropriate tools.
Explain how these results can be used to solve business problems.
Future of Data Science
The field of Data Science is growing with every passing year. From 2008 to 2021, digitalization is being applied in each and every field. Therefore, there is tremendous formation of data which in turn is paving way for the future for Data Science in all over the world.
The top 10 Sectors where Data Science can be prominently applied are:
Banking and Securities- Helps in reducing Fraudulent Transactions
Communications and media- For simultaneous real time reports of several platforms
Healthcare- To collect public health report and identify global spread of various viruses
Education- To update and upgrade prescribed literature for rapid growth
Manufacturing- To enhance Supply Chain Management
Insurance- For developing new products and handling claims through analytics
Consumer trade- To predict and manage staffing and inventory requirements
Transportation- For better traffic pan and Logistics
Energy- Helps in measuring electricity usage with Smart meters
Sports- To monitor the performance of individual players and teams by analysis
Future of Data Science in India
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%.
According to an IBM survey, the number of job openings in the field continues to grow at over 5% per year.
India is stated as the second-biggest hub for data science. Analysts have predicted that there will be more than 11 million job openings by 2026.
Expected Salaries for Data Scientists in INDIA
A Fresher can earn INR 500,000 p.a., whereas an experienced data scientist gets a minimum package of INR 610,811 p.a. to INR 1,700,000 p.a.
Popular companies and their Offering Salaries
* The salaries represented are estimates and are subjected to change. Kindly use this only to get a rough estimate.
By
Saurabh Bhadale
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