Future Scope of Data Science in 2024

Data science is one of the most lucrative career options around the World. In this technology-driven era, every organization needs a data scientist to analyze the performance of the data obtained from an online source.

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Importance of Data Science

We hear a lot about the trends and applications of Data Science these days. Now, many questions would have already popped up in your mind such as: ‘Why do we need Data Science?’, ‘What is Data Science?’, ‘Is Data Science a good career?’, and ‘What are the trends in Data Science in 2023?’

Let me answer these questions with a practical example. A few days back, I got a job offer through LinkedIn. The concerned HR of the company sent me an email regarding my interview timings. I overlooked the mail because I was quite busy. On the next day, a notification popped up on my mobile phone saying, ‘You have an interview scheduled at 1.30 pm today with Infosys,’ along with the location of the company. Then, I opened Google Maps on my phone to search for the location of the company. It showed me the best route with less traffic to reach the destination. Isn’t it a great technology that assists us in reminding us of important day-to-day tasks?

Another wonderful real-life example of Data Science is Tesla’s self-driving cars. These cars collect real-time data from their surroundings with the help of a camera, IoT sensors, and ultrasonic sensors. After collecting the real-time data, they process the data, visualize it, and use software algorithms to determine the best suitable actions to follow while navigating themselves on a safe drive. In the coming years, these self-driving cars will revolutionize the automobile industry!

From this, you can infer how fast human beings are moving toward automation in various fields. This is only possible due to the evolution of Data Science. So, Data Science growth depends on the amount of data and the creativity of Data Science enthusiasts.

Further in this blog, we will see more advancements in the applications of Data Science in 2023.

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Introduction to Data Science and Its Lifecycle

In today’s technology-driven world, data is like a raw diamond, and Data Science is the mining infrastructure set-up that makes the data useful for transforming the world. Without the presence of an enormous amount of data, self-regulating systems cannot be created. So, Data Science in 2023 would be all about crunching huge amounts of data for Business Analytics.

In simple words, Data Science is the comprehensive study of data collected by various organizations for their business purposes. It involves the analysis of gliding data over the Internet through various data analysis tools.

To understand the essence of Data Science, here’s the Data Science life cycle:

A Data Science Life Cycle is a precise technique that contains five critical segments that start with data extraction and end with interpretation. These five phases include various processes and each phase represents a task that data scientists do for deriving the best possible results.

Data Extraction: Data Extraction is a process to gather or extract all the data information from data sources for subsequent processing or analysis. 

Scrubbing Data: Scrubbing Data is where the data will be cleansed, and all the duplicate and irrelevant data will be removed. This process is essential because the data involves various secondary information that needs to be eliminated.

Data exploration: Data exploration is the primary step for data analysis, and it involves exploring and visualizing data in order to discover insights right away or to indicate regions or trends to investigate further.

Model Building: Data Scientists understand that data and derive meaningful outcomes in the model building process. It involves setting up data collection methods, comprehending and noticing what’s relevant in the data, and selecting a statistical, mathematical, or simulation model to acquire insight and make predictions.

Data interpretation: This entails developing a reasonable scientific argument to comprehend the data and applying those inferences to get a conclusion.

These processes in the Data Science life cycle give plenty of job opportunities in the field of Data Science in 2023.

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Data Science Trends in 2023

Data Science is the substructure on which Artificial Intelligence and Machine Learning are built. So, it is obvious that the base (Data Science) of automation (robots, chatbots, virtual assistants, etc.) is likely to escalate the employability of skilled individuals. Data Science is one of the trending skills in the market. One can become a professional Data Scientist by enrolling in Intellipaat’s data science course in Bangalore.

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According to an IBM report, Data Science jobs would likely grow by 30 percent. The estimated figure for a job listing is 2,720,000 for Data Science in 2023. Also, according to the US Bureau of Labor Statistics, about 11 million jobs will be created by 2026.

Every organization wants to gain supreme profits. As data is the key factor in Data Science, every industry has realized that it requires Data Scientists to play with data to optimize its business profits. This is the reason for the popularity of Data Science jobs.

Also, in this digital world, there are diverse classes of businesses. Organizations managing these diverse classes deal with zettabytes (a billion Terabytes) of data. In the upcoming years, this data will continue increasing in huge proportions day by day, and it would, in turn, increase the demand for skilled individuals in Data Science in 2023.

All this ensures that the best jobs in today’s world are Data Scientist, Data Analyst, Data Engineer, and Business Analyst.

In addition, data is opening up a lot of routes for Data Scientists in all major government and private sectors across the world. So, now, we will look at the areas where jobs will be created in the field of Data Science in 2023.

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Data Science Job Trends in 2023

Healthcare:

Data Science is crucial in healthcare to keep track of the patient’s health and help doctors to understand the patterns of disease and to prevent it. The healthcare industry needs Data Engineers who can assist in making automated systems for the analysis of complex data in clinical applications. Improved patient care, faster and more accurate diagnoses, preventative measures, more individualized treatment, and more informed decision-making are all possible thanks to the application of data science in the health domain. Due to its high importance, Data Science jobs are going to increase enormously in the future. By 2023, it will majorly create 20,000 jobs in the field of healthcare.

Aviation and Airlines:

In the aviation and airline industry, companies use data for putting up their prices, optimizing routes, and carrying out preemptive maintenance. Data Scientists are needed to collect and analyze the airline’s data such as route distance and altitudes, aircraft type and weight, weather, etc. By having a better grasp of how passengers function using Data Science, it will be easy to enhance the services provided to them. This industry will create more than 3,000 new jobs for Data Science in 2023.

Cyber Security:

Due to an increase in online transactions and Internet usage, fraudulent activities have also increased. Organizations are adopting Data Science techniques to detect such fraudulent activities and to prevent losses. It gives a scientific method for detecting hostile assaults on digital infrastructure. It also incorporates machine learning technologies to understand the patterns of data and to create effective algorithms to protect the data. Data Scientists help to manage large amounts of data and derive the best solutions. This will boost the demand for Data Scientists by opening up more than 5,000 jobs in 2023.

Genomics:

A genome is an entity comprising the complete DNA, and the study of genomes is called Genomics. Nowadays, scientists are involving Data Science techniques to study the sequence, function, mapping, structure, and evolution of genomes more effectively. It will lead to groundbreaking advancements in medical sciences in the foreseeable future. Ultimately, it would lead to the creation of more jobs in the field of Data Science in 2023.

Automotive:

We are dealing with driverless eco-friendly vehicles running on roads. For manufacturing such automated vehicles, there would be a large requirement for Data Science experts. The number of jobs in the automotive industry for skilled individuals in the field of Data Science in 2023 is estimated to grow up to 25,000.

Get to know about the application of Data Science in Manufacturing in detail and its future scope.

Software Development:

The most common area for applying Data Science is software development. Industries use Data Science, along with Machine Learning, to build automated software development tools. So, this industry demands Data Science candidates in large numbers. According to Indeed, the number of jobs would shoot up to 1 lakh for Data Science in 2023.

Ecommerce:

To improve customer service and provide a better user experience, the e-commerce industry uses customer data. Again, for handling user data, companies need Data Science professionals. There are around 273,000 e-commerce companies across the globe with web sales. From this, it is clear that this industry would generate jobs in large numbers in the field of Data Science in 2023.

You can make a blazing career in Data Science by upskilling your knowledge-base.

Data Science Career Scope

Coming to career scope in Data Science, it is vast. According to analysts, the country would have over 11 million employment opportunities by 2026. Indeed, the data science field has seen a 46% surge in recruiting since 2019. Despite this, roughly 93,000 Data Science positions were open in India by the end of August 2020. Hence, there is no doubt about the future scope of Data Science. Moreover, with Data Science knowledge, you can get various job opportunities to excel in your career. Other than Data Scientist’s role, there are many job roles available in this career such as:

• Data Analyst: Data analyst is responsible for analyzing data utilizing data analysis tools and assisting their teams in developing insights and business plans.
• Data Engineer: Data Engineer’s purpose is to offer an orderly, uniform data flow that enables data-driven models like machine learning models and data analysis.
• Machine Learning Engineer: Working as a machine learning engineer, you’ll be in charge of developing models and algorithms that allow machines to function automatically.
• Business Analyst: Using data analysis, business analysts assist companies in enhancing processes, goods, services, and software.
• Data Architect: A data architect is a specialist who develops the business’s data strategy, which includes data quality standards, data movement within the organization, and data security.
• Data Administrator: A database administrator (DBA) is a person who is in charge of the database management system’s administration, management, coordination, and operation.
• Data Manager: A Data Manager assesses the company’s or research organization’s data demands and employs coding abilities to keep databases secure.
• Marketing Analyst: A marketing analyst does research to determine what customers need and desire, as well as assess the efficiency of a company’s marketing and commercial strategy.

Data Science is rather a crude term. It consists of many fields of study. With the expansion of the Data Science field, the roles in Data Science have also expanded. This has resulted in the growth of operations in the life cycle of Data Science, and we are near to exploring the world of Data Science with a more creative vision. Hence, learn Data Science to make a blazing career in Data Science in 2023.

Go through these Data Scientist Interview Questions to excel in your Data Science interview!

Frequently Asked Questions (FAQs)