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|The Jobs of the Machine First World
Data analytics , big data, and data science industry in India, which currently earns $2.71 billion annually in terms of revenues, has been growing at a rate of 33.5% CAGR per year. By 2025, it is estimated to grow up to seven times to become a 20 billion-dollar industry. Additionally , according to the WEC鈥檚 Future of Jobs Report 2018, data analysts and data scientists would be among the 133 new roles that are expected to take over the job landscape by 2022.
In this pro-technology era, data analytics, which deals with integrating and analyzing all forms of data, be it basics of mathematics , analytics, data science, machine learning and AI, statistics, NLP , etc., has found its usage across almost all segments and sectors of industries as well as government organizations. It, therefore, would not be wrong to say that in digital India, data analysis is a technology in demand.
In the current , competitive market space, data analysis plays a crucial role in helping students, professionals, and business owners improve their chances at success in their line of work. Experts in data analytics are critical for industries that generate big data annually and need proper data pipelines. Despite this growing need, over 50 ,000 jobs in data science and machine learning are vacant in India, due to the massive skill gap.
How do we prepare?
Every year, of the 15 million youth that joins the workforce, approximately 65 to 75% fail to be employed because they are not job-ready. Despite many significant initiatives taken to skill the workforce, only 10 per cent received the same. Therefore , in order to overcome this concern, individuals need to take up the leadership and focus on getting themselves skilled and certified in the new age technologies.
A cloud-based, collaborative learning marketplace that concentrates on retooling education based on the needs of the modern economy and maps them to current trends can help candidates to up-skill themselves in data analytics and data science. Learning multi-modally and brainstorming on upcoming initiatives under expert guidance through specialized communities can ensure superior learning outcomes. With certification on domain expertise candidates can avail the umpteen career opportunities in the prominent and upcoming field of data analytics and big data.
Data analysis has many applications in the Machine First world and is penetrating to different sectors at a rapid pace. With greater adoption and increasing market presence, it is expected to create a significant impact on the progress of the nation financially as well as socially. Besides improving the industrial infrastructure, working efficiency , and annual revenue, it will also help businesses achieve an advantage over their competitors. Skilling and certifying oneself with data analytics, therefore, will take individuals a long way in the era of Business 4.0 and provide them with higher incomes and greater job security.
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