As the tech savvys around the world awaits the direction of the new trends in the career spaces unfolding in IT, hopes are particularly high on the smart technologies like Data Analytics and Machine Learning (DAML). On professional platforms a lot of discussions are happening on how data analytics and machine learning has impacted the industry and how this is going to shape the employment opportunities in India and abroad. Positively, data analytic will certainly have a powerful influence on the employment scenario, here the matter of concern is that what would be the skill sets and competence essential to define a career in this space and to what profile and job roles that one could get fixed up.
Data Analytics and Machine Learning to be the biggest employment generating platform: According to NASSCOM, “Big Data Analytics application is poised for exponential growth in India. It is expected to witness an eight-fold growth by 2025, to cross $16 billion from the current $2 billion.” In the next three years India will be one among the top three major markets globally with regard to futuristic technologies like Data Analytics, Machine Learning and Artificial Intelligence. The predictions have signaled the possibilities of the highest potential recruitments to happen from finance, healthcare, manufacturing, retail, IT enabled services, education and various public sectors and enterprises.
Outsourcing a huge market for Data Analytics: A study by Analytics India Magazine and Praxis Business Schools of Kolkata has identified the principal trends and key revenue drivers for the analytic industry. In fact, it was traced that a bounty of opportunities in Data Analytics is ought to happen from outsourcing. Study reveals that huge revenue accounting for $ 27 billion is anticipated from outsourcing by 2025. The big players in the outsourcing market will be Indian IT bellwethers, Wipro, TCS, Genpack, Tech Mahindra to dominate 35% of the analytics outsourcing market. Among the various Locations of India that leads the analytical business, Bengaluru will top as an analytical hub capturing 28% of the market.
Determinants of the growth in Data Science: The embryo for this tremendous growth of the data science could be traced from three principle reasons. Firstly we are living in an information age with the capacity of extracting and storage of terabytes of data from multiple verticals. Still we could only claim to have touched the tip of the iceberg, the real data explosion is yet to happen from Mass Medias, IoT etc. Secondly we have very powerful machine learning software and algorithms which triggers the pace of data science. Finally we have high power computing resources with infrastructure and platform as services from cloud resources, this possibility facilitate the availability of the computing capacity of super computers at affordable expenses. These triple combinations will enable the prospects of data science to get skyrocketed to presidential heights.
Essential competencies and skills for a career in DAML: Data is the beginning of all the major trends that is happening around. Hence to fix a career in this space is widely endorsed as a wise choice. To be successful in data analytics we should have 3 dimensional competencies. The first one is that we should have knowledge of the domain that we are working with. Secondly we should have a mathematical perspective for handling data. This will include a functional knowledge of concepts in linear algebra, statistics, probability theory, graph theory, calculus etc. Finally we should have a familiarity with any one of the programming languages like python or R to streamline the codes for processing data as per our requirement. A practical knowledge in Excel, tableau, SPSS, Power BI for visualization of data and drawing insights, moreover a fundamental knowledge on various databases for storage of transactional data and extracting it for further usage will be ideal.
Curricular details to streamline a career in Data Science: Data science has ushered a huge career opportunities which will remain sustainable over a period of time. To fix a career in this domain first we have to skill up in programming basics and mathematical science. Basic knowledge in Python with understanding of various libraries like pandas, numpy, matplotlib, sklearn, tensorflow is essential from programming side. A clear cut knowledge in Descriptive statistics, Inferential statistics, Linear algebra including topics from vectors, matrices, eigen transformation etc and how these concepts are integrated into a real-time analytical environment, Basics topics from differentiation, Correlation, regression, probability and Graph theory with functional idea on various operational algorithms in data science. Steps and stages in handling various levels of data, preprocessing the data, effective techniques for data reduction without losing the integrity of the original data, various techniques and strategies for visualization and drawing insights has to be mastered as a part of the curriculum.
Data Analytics and machine learning the best job of 2019: It is identified that this year there are 8705 companies listed in crunchbase platform (a platform for business information of private and public companies) which totally rely on machine learning. This is an indication that there is a tremendous momentum in data science and machine learning platform. In a study conducted by US based analytical groups on the best job sector in terms of openings and highest pay and packages it is found that machine learning engineer is much higher than any other job titles.
Data Science opportunities in India: Apart from the huge opportunities from outsourcing, there is a drastic expansion in the possibilities of Machine learning and AI in the domestic work spaces. In the upcoming years it is anticipated that there will be huge opportunities in advanced analytics and cognitive automation. Recently, from the scrutiny of Major Job portal of India like Naukri, Monster India, Linkedin, Indeed, Times Jobs, Shine it was found that there are more than 135000+ Job openings in data analytics, machine learning and python. Positively, it is evident that trends in the job opportunities of this domain is moving up with drastic pace and is ought to sustain for a long term.
Job Profiles in Machine learning and Data Analytics: The various job profiles in Data Analytics and Machine learning include:
Machine Learning Engineer, Machine Learning Specialist, Software Engineer in Machine Learning, Head of Machine Learning, Lead Machine Learning Engineer, Machine Learning Application Architect, Machine Learning Development Lead, Machine Learning Performance Architect, Machine Learning Research Scientist, Data Scientist, Data Engineer, Data Analysis and Visualization, Business Intelligence Data Analysis, Deep Learning Engineer etc.
In this context, it is evident that a career in data analytics and machine learning do not demand on a higher level of technical proficiency or mastery level mathematical ability but it insist to have a proper analytical skill on the data with a moderate capacity in computation. This could be very well acquired with a guided training with hands-on experience in few live projects.