Data Scientists in 2022:

Today, data-driven decision-making is a must for every business. A huge market exists for data science. In 2025, the demand for data science will exceed $15 billion, which will create more jobs in the field. Data-driven companies will be responsible for gathering, disseminating, analyzing, storing, and acting on data.

“Consumer data will be the main differentiator. The company that can unlock the vast amounts of data and utilizes it to their advantage will be the winner.” According to Angela Ahrendts, ex-SVP – Retail, Apple Inc.

Due to their ability to analyze unstructured and structured information, researchers are needed more than ever to efficiently and quickly solve issues that were previously only solvable through engineering. Data science and AI technology are used for popular applications such as chatbots for customer service for Bank of America, easy-to-search images on Facebook, and even automated fashion advice for shoppers from Amazon.

A growing variety of domains and industries are being disrupted and improved through data science methods, resulting in creating a variety of jobs in data science for those with the appropriate data science expertise.

It is an ideal time to consider a career in data science because the field is experiencing growth. Companies such as IBM, Amazon, Google, Netflix, Coca-Cola, Ford Motors, Starbucks, etc., can benefit from data science skills. Additionally, the numerous social and non-profit initiatives that aim to make the world a better place have led to many data science-related jobs.

If you’re interested in applying data science or artificial intelligence to your career, many fields have jobs in data science.

Top 5 Industries with Data Science Jobs:

BFSI: 

 A massive increase in use cases in the Banking, Financial Services, and Insurance (BFSI) sector has produced enormous amounts of data that must be analyzed and acted upon. As part of the segment, data science has become an integral part of all decision-making processes, driven by actionable insights derived from customer data.

Data science and AI can help financial institutions provide more efficient services to their clients in many ways, some of which include:

• Fraud detection
• Lending and loan appraisal management
• Risk modeling
• Securing and managing customer data
• Lifetime value prediction
• Customer segmentation
• Algorithmic trading
• Underwriting and credit scoring

Media & Entertainment:

Several major players in entertainment and media, such as YouTube, Netflix, Hotstar, etc. Using data science, they offer their best suggestions to customers based on their most proper understanding. Even news and entertainment channels rely heavily on user data.

A recent study by PwC indicates an India-specific OTT video market is expected to grow at 21.8 percent CAGR from INR 4464Cr in 2018 and INR 11976Cr by 2023. The subscription video on demand market will grow by 23.3 percent CAGR, from INR 3756Cr in 2018 and INR 10708Cr by 2023.

This brand-new digital reality is aimed at integrating the preferences of individual users. It is illustrated by the notion of addressability and the capability to communicate with users according to their preferences. 

 In a world in which everything is based on data, the media and entertainment business is seeking data scientists who can gather data, process, analyze data, store and offer suggestions, and make an essential impact on business.

• Customer sentiment analysis
• Hyper-Targeted Advertising
• Intelligent Recommendations & Personalized Content Experiences
• Real-time analytics
• Optimized Media Scheduling
• Programmatic Ad Buying
• Predictive Modelling for Targeted Content Generation
• Leveraging mobile and social media content

Healthcare:

In the health industry, where the bulk of data isn’t structured, and it’s not easy to find and analyze all of the data, hospitals and health centers are looking for experts in data science who can put together heterogeneous and fragmented data.

For everything from electronic medical records to clinical trial and genetic data to wearable and billing data and healthcare database management, science papers, and more.

Managing all the data has become much easier thanks to data science. Over the last few years, healthcare has created the most data science jobs.

Data science also has contributed to the design and analysis of strategies for healthcare that increase access, equity, opportunities, and quality of health services.

A few areas that offer immense potential for the application of data science include:

• Drug Discovery
• Recognizing health risks and recommending plans for prevention
• Diagnosis of illnesses
• Providing more precise prescriptions and personalized medical
• Post-Care Monitoring
• Hospital operations

Data scientists must be proficient in the use of programming languages and statistics. The field also requires experts who possess “softer” skills like storytelling and excellent communication skills to communicate and derive the desired outcomes.

Retail:

Even the raging global pandemic, closures of stores, and layoffs haven’t affected the demand for data scientists in the retail industry. The retail sector geared towards consumers thrives on enhancing personalization and relevance and aims to understand shoppers’ behavior and patterns by studying information.

Data science has assisted retailers in improving the understanding of the consumer. The retail market values data scientists for combining data-based knowledge, business acumen, technical expertise, intuition, and data-driven skills they possess.

• Examine the past searches of customers and purchases to help them find the right products
• Create a personalization and recommendation system
• Study customer behavior and gain market research
• Improve customer experience with predictive analytics

Telecommunications:

Since subscribers are constantly connected to networks via texts, voice messages, and social media, telecom companies have vast data. Other data sources, such as websites, previous purchases, search patterns, and the demographics of customers such as an address, gender, age, and geographic location, have proven vital for telecom companies. That is where the importance of data science comes in.

The useful classification and use of this massive amount of data have been a game-changer for telecom companies. They have made it easier for them to cater to their larger spectrum of customers more precisely.

Data science allows telecom companies to increase their efficiency:

• Create personalized offers for customers
• Allocate network resources
• Order predictive maintenance
• Ensure smarter network deployment
• Let you optimize and prevent care of the networks.
• Detect fraudulent activities
• Innovation in the product
• Contextualized, location-based marketing
• Campaigns that are targeted
• Call Detail Record (CDR) analysis
• Optimized pricing

Technology and globalization dominate the job markets today, so data science will remain relevant for years to come. If you enjoy patterns, numbers, and analytics, and possess the right skill sets, these data science jobs are for you!

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