5 Reasons Why Data Science is the Next Big Thing
By Aditi Bhat
Attention! By the time you finish reading this, 20 days of content would have been uploaded on YouTube.
Remember Captain America – The Winter Soldier? The movie in which the vicious Project H.Y.D.R.A. is depicted to be based on some algorithm that collates ‘all the available data’ of anyone alive, and determines who could be a threat to the humanity. While the plot takes Data Science to an absolutely fictitious level, it does put light upon the importance and scope of ‘data’.
As per a claim made by Eric Schmidt of Alphabet Inc, every two days now we create as much information as we did from the dawn of the civilisation up until 2003.
Not sure whether Data Science – the science of mathematically deriving knowledge out of complex and large data to solve analytical problems – will be able to predict the world’s end or not, but as an industry with a growth rate 7% faster than all of the rest, it is surely the next big thing. Here’s why!
1. An unexplored world of possibility
The field of Data Science is relatively new, and so is the overall experience of the Data Scientists. A report points out that 76% of the Data Scientists have less than four years of on-the-job experience. (Source - Rutgers Online)
2. More than one hat to don
A data scientist working as a researcher or as a business development analyst – 55.9% and 40.2%, respectively – does not raise brows. Yet, those are not the only job roles they undertake. They also cross function, pulling off multiple roles. Surprisingly, close to 36% each work in creative’s and developer’s capacity. (Source - Rutgers Online)
3. Not just anyone’s cup of tea
It will be a mistake to take data lightly, or the brains that juggle with them. The profession boasts of 48% holding a Ph.D., and 44% of the rest with a master’s degree. Strong academic background of the Data Scientists notches up the reputation of Data Science in the industry. (Source - Burtch Works Study, 2015)
4. Lucrative compensation
With great responsibilities come big pockets! As a result of less crowded top of the pyramid, the profession has realised a rise of 8% in the base salary. Not just the top managers, but the newer talents also dug gold with 14% rise in the base salary, owing to its impact. (Source - Burtch Works Study, 2015)
5. Here to make a difference
Not only is Data Sciences here as a business growth engine, but also to make world a better place. By making sense out of complex meteorological data, weathers changes are foreseen more accurately. Comprehensive space investigations are performed better with Astronomical Data Science. Most importantly, Environmental Data Science has strengthened our hold over sustainable development.
Data Scientists have already reported a dearth of 79.7% professionals in their field. US alone needs 1.5 million more data scientists and analysts to make effective use of all its big data. Enthusiasts hold a great opportunity to fill this vast gap, in the industry which is projected to grow by 11% in the decade to follow. (Source - Rutgers Online)
Note - 48 hours of video gets uploaded on YouTube every minute; close to 8 years of content per day.