Data Analytics vs Data Science | Current Scenario & Future Prospects
Nowadays, we add powerful computers to the mix for storing increasing amounts of data and running sophisticated software algorithms- producing the fast insights needed to make fact-based decisions. By putting the science of numbers, data and analytical discovery to work, we can find out if what we think or believe is true.
Over 2.5 quintillion bytes of data are created every day, and it is only going to grow from there. By 2020, it is estimated that 1.7MB of data will be created every second for every person on earth. The exponential growth in data we have witnessed since the beginning is not expected to slow down anytime soon. According to industry estimates, there would be close to 50 billion connected devices on the internet by 2020. The amount of data in the world in 2018 totaled 33 zettabytes, but projections show a rise to 133 zettabytes by 2025. Data Production is on the rise and so the data analytics & data science professionals.
What is Data Analytics?
Data Analytics refers to our ability to collect and use all the data (real-time, historical, structured, unstructured) to generate insights that informed fact-based decision- making. Data Analytics sanctions organizations to digitally transform their business and culture, becoming more effective, innovative and forward-thinking in their decision- making.
What is Data Science?
Data Science refers to the science of extracting information from data. Data Science is an amalgamation of algorithms, tools, processes, machine learning methods to extract what is necessary and relevant to the customer’s needs. The term “Data Science” was officially coined a little over a decade back in 2008, when scientists and researchers emphasized the need to analyze structured and unstructured data.
Current Scenario of Data Analytics
In the current scenario, there is a huge demand for data analytical professionals across the globe. Along with the increasing demand in the analytical industry, there is serve shortage of analytical professionals. The data analytics industry is evolving at a faster pace and the required skills and expertise are still lacking. Almost every industry has adopted data analytics and benefited from this. It is one of the hottest professions in the world right now. According to a report by the McKinsey Global Institute, data and analytics present a wide range of opportunities for business, and as technologies surrounding big data perpetuate making advances, we can expect that the potential applications and opportunities of data analytics will grow. According to NASSCOM (National Association of Software and Services Companies), the big data analytics industry is supposed to reach $16 billion by 20205. A salary survey from an organization suggested that Data Analytics is among one of the top-paying skills. According to indeed, the average salary for data analytics professionals is about $104,850 per annum.
Top Data Analytics Tool
- SAS: SAS has over 40,000 customers worldwide and holds the largest market share in advanced analytics. SAS has been tagged “Leader” consistently in an advanced analytics platform as per Gartner from 2015 onwards. SAS is one of the most popular tool for data analysis and statistical modeling. It is used for data management, data collection, data extraction, data mining, data exploration, report writing, statistical analysis, business modeling, application development, and data warehousing, data integration, data visualization, building predictive models, etc. SAS is an asset in many job markets as it holds the largest market share in terms of jobs in the advanced analytics field.
Current Scenario of Data Science
The field of data science is a long-term career path and a lucrative field with plenty of jobs. With the continued lack of talent, the demand for data scientists is likely to continue as well. Data Scientists are the most sought- after positions in India. The expert in data science considers it a game-changer for every industry. According to the Forbes magazine article, the jobs for data scientists will rise to 28% by 2020. According to an Information Week article, there is a need for data science people to reshape their skillset in order to reach their full potential. According to the Harvard Business Review, a Data Scientist is a high ranking professional with the training and curiosity to make discoveries in the world of big data. According to PayScale, the average salary of data scientists in India is Rs 708,012.
Top Data Science Tools
- Python: rated as one of the most popular and the most user- friendly programming language. Python has been gaining popularity since its inception close to three decades back. Used extensively for coding desktop apps, websites and web apps. Python is one of the most sought- after languages today.
- R Programming: R is an open-source statistical package used for data analysis statistical modeling and visualization. It is one of the most popular tool used in predictive modeling. R can give accurate results and good quality of graphics. You can handle any type of data in R.
- Machine Learning: Machine Learning (ML) is the subfield of computer science that gives the computer the ability to learn without being explicitly programmed. Machine Learning focuses on the development of computer programs that can change when exposed to new data. It is a method of data analysis that automates analytical model building using algorithms that iteratively learn from data.
- Artificial Intelligence: Artificial Intelligence (AI) makes it possible for machines to learn from experience, adjust to new inputs and perform human-like- tasks. Using AI technologies computers can be trained to accomplish specific tasks by processing large amounts of data and recognizing patterns in the data.
What are the Future Prospects of Data Analytics?
The advancement of data analytics has reached such caliber, that it has given way of exceptionally high employment chances as well as progressive income of the professionals working in this field. As the rate of data generation increases, companies will need to more automated and data-driven to compete and survive. As data analytics gathers momentum, it will create a great no. of career opportunities for IT professionals with data analytics skills. As the world is turning towards data for all sorts of decision making and offering lucrative salaries to Data Analytics professionals, like data analysts, data engineers, sas programmers, sas consultants, data managers, statisticians, etc. The scope of data analytics includes the organization in banking, fraud detection, healthcare, retail, telecommunications, e-commerce, etc.
What are the Future Prospects of Data Science?
There is no doubt that the data science industry will continue to evolve and encompass more fields in the coming years. The evolution of Artificial Intelligence and Machine Learning is heavily reliant on big data and analytics. Research shows 94% of data science graduates have gotten jobs in the field since 2011. Data Science experts are needed in every job sector. The use of data analytics in almost every industry has contributed to a sharp increase of 45% in the total jobs related to data science last year. According to the Hindu report, 97000 Data Analytics & Data Science jobs are vacant due to the skill gap.
The Indian Landscape
India is expected to be in the top 3 big data analytics market by 2020, while currently being in the top 10 in the world. The current scenario shows that the Analytics industry in India is currently estimated to be $2.03 billion annually in revenues and that it is growing at a healthy rate of 23.8% CAGR. By 2020, the industry is expected to virtually double, with 24% being attributed to Big Data and 12% Advance Analytics, Predictive Modeling and Data Science. As of now, 90,000 analytics professionals are currently employed by Indian companies. 600 of these companies operate in the niche of analytics products and accommodations, out of which 400 are start-ups. (Source: Analytics India Magazine).
With the vast use of electronic devices and digitalized production processes, the size of the data that is generated on a daily basis is immense. As the data volume is increasing, the opportunity to exploit the data also increases. Nine out of ten global business leaders in a survey claimed that data has become a new factor of production, as important as the other physical assets such as labor and capital. The fields of data analytics & data science are both rapidly booming, especially our country is almost like an ever-growing talent pool. The emerging profession of data analytics & data science professionals is highly lucrative because of quick development and higher pay. Organizations can have many reasons to adopt data analytics and data science, as it is providing better customer experience, reduction in expenses, securing the business, targeted marketing, new revenues, etc.
About Sankhyana Consultancy Services
Sankhyana Consultancy Services (SAS Authorized Training Partner) is India’s Premium and best SAS Training Institute offers Classroom, Online/ Live- Web, Corporate & Academia Training on SAS & Data Management tools. We have successfully trained 3,000+ individuals with Global SAS Certification. Our programs feature instructor-led classroom and real-world projects to ensure you get the hands-on experience and relevant skills.
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