Indian Economy News

Data science education is becoming more popular, according to Imarticus Learning

  • IBEF
  • November 21, 2023

The ed-tech startup Imarticus Learning has observed an increase in interest in data science education in the country, given that every significant organisation needs a specialised staff of data analysts. The global market for data science education is expected to reach US$ 378 billion by 2030, with India's market expected to increase from US$ 204.23 million in 2023 to US$ 1.391 billion by 2028, according to the Imarticus Learning and Analytics Insights Data Science Report 2023.

The banking, financial services, and insurance (BFSI) industry lead in hiring data scientists, followed by e-commerce/internet and energy/utilities, accounting for more than 60% of all data science jobs, according to Mr. Karthik C, Vice President and Head of Data Science at Imarticus Learning, Mumbai.

Retail, pharmaceutical, healthcare, media, entertainment, autos, and telecom are among the other industries that are actively hiring. Business analysts are the most in-demand job, according to the 2022 Analytics India report. Data scientists, engineers, analysts, and deep learning specialists are the next most in-demand roles.

Additionally, Imarticus Learning traces the history of data science back to the early days of the Internet, describing how it progressed from transactional decision-making and data storage 25 years ago to business intelligence, descriptive analytics, diagnostic analytics, predictive analytics, and finally prescriptive analytics. Semantics is currently a part of data science, with an emphasis on comprehending social context and data meaning.

According to Mr. Karthik C.,”The future would increasingly be driven by data, and the opportunity to harness insights from data science is limitless.” He added that the industry is experiencing a surge in employment as a result of the growing number of multinational corporations operating in India. These companies are improving productivity through the use of automation, tooling, simulation, prediction, and optimisation.

Imarticus Learning's Founder and Chief Executive Officer, Mr. Nikhil Barshikar, has observed the revolutionary effects of generative artificial intelligence over the past two years. The data science education sector is integrating more recent technology into their curricula, such as GenAI and Large Language Models (LLMs).

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.