Data Science, ML & AI: A Look at the Growth Potential & Hiring Gaps in the Market
Rapid advancement in the IT and data sectors has widespread use and consumption of data globally. Around 1.7MB of data gets created in a second for a single person. Sounds unbelievable? Well, let us tell you that it is true and an expert’s statistical report.
During this fast-paced data revolution, over 90% of the global data was created in 2020 alone. Truth be told, machine learning, data science, and artificial intelligence or AI are the key to a sustainable future as they are constantly having a significant impact on our lives. No wonder why graduates or post-graduates are going for the best machine learning course online to upskill and be future-ready.
These technologies have a significant demand in the future which cannot be denied. Of course, making a career out of them is the way to reach success and ambitions. But, we are sure about one thing. “I need to learn a new technological skill by this year,” this can be a constant thought striking your mind. “I know and I will do it sooner or later” may be your response to the thought.
After thinking so much, you may not even bother to look online for a data science course or an artificial intelligence course. And, the cycle of “thinking to learn a new skill” will keep going. It is human nature to choose an excuse that would restrict the capabilities to learn something new. This year is the time to wipe off those excuses and make your way to a better future.
According to an Intel survey, about 70% of Indian firms had implemented and used AI-enabled solutions by 2019. The surging need and demand for these technology professionals show why India will come up with more job opportunities for such experts.
And, so you still want to miss this opportunity? Get more insights into the hiring scenario, salary structure, scope, job opportunities, and hiring companies. Take a look at why pursuing AI and machine learning courses is beneficial for one’s career and future professional growth.
Hiring Scenario for DS, ML, AI in India
The hiring scenario for data science, machine learning, and artificial intelligence professionals in India is exceptionally good and progressive. Let us support this statement with some stats:
Recently, a Chinese technology firm said that there are more than 300,000 ML and AI researchers and practitioners globally. However, the industry still has millions of vacancies available for tech enthusiasts having these skills.
Further, a recent report from the famous job search portal – Indeed – highlighted that the hiring need for individuals having ML and AI skills has doubled in the last three years. It added that a whopping 119% increase in AI-related jobs has been seen in recent years.
By now, you must have got an idea that DS, ML, and AI are rapidly emerging technological trends. This industry is witnessing enormous growth, enabling organizations to go for upscaling and hiring fresh new talents with the required AI, ML, and data science skills. Notably, job openings in these fields are increasing faster than job seekers.
Big IT giants like Microsoft, Amazon, and IBM have consistently said that a country like ours, with a massive population of young graduates, is currently in the ideal position to improve human resources with the best AI courses in India.
Types of Companies Hiring and Why
We know you are wondering whether pursuing the skills required for machine learning would land you in some good company or not. Take no worries, as the names of hiring companies would definitely bring a smile to your face.
Of course, listing the name of all companies would take forever, so we have included the names of top companies only. Here they go:
- Tata Consultancy Services
- Intel Corporation
- Cognizant Technology Solutions
As the world steps toward new technologies every day, the need for individuals to have the latest skills and knowledge on new ML and AI technologies gets the edge. The outcome of the latest AI technologies, including robot assistance, self-driven vehicles, and digital diagnosis, has redefined the era of jobs.
All the big companies are now hiring qualified engineers who are willing to learn new skills even while working. There is no doubt that ML and AI have vast career opportunities and companies always have vacancies for such skilled professionals.
Types of Roles and Demand for Them
The list of data science, artificial intelligence, and machine learning engineer career paths is too long. These job roles enable you to enhance your experience, knowledge, skills, expertise, and the art of living. Some popular and most in-demand job roles include:
1. Data Scientist
A data scientist’s future scope in India is bright and there is no denying it. If you acquire skills in data science and learn how to collect, analyze, and interpret data for observations and inferences, then consider yourself ready to join a company in no time as a data scientist.
2. Machine Learning Engineer
Several individuals aspiring to learn ML skills still wonder “how to become a machine learning engineer?” This job role is a dream of many and requires skills in language analysis, applications, mathematics, statistics, and more.
If you have got the required skills to create and manage applications supporting ML projects, then you will become an engineer in no time. However, a master’s degree in computer science or mathematics is preferred by companies when they hire you for this role.
3. Research Scientist
You will need a master’s degree or Ph.D. in informatics or mathematics to get this job. In this job role, you will have to work on thorough studies into computational intelligence and machine learning.
4. Business Intelligence Developer
As a business intelligence developer, you will help your organization determine numerous market patterns by analyzing huge data sets. The market for this job profile is ever-booming and it pays well.
5. AI Engineer
These professionals act as the organization’s problem solvers by creating, testing, and executing multiple artificial intelligence models. The programming skills required for an artificial intelligence engineer include R, Python, or C++. In terms of the pay scale, the salary is really good.
Current Gap in the Market for these Roles
India is experiencing the fast-paced digitalization of businesses and IT services, turning it into the world’s second-largest premier destination for data science.
Expert analysts foresee that the country will witness over 11 million job vacancies in the AI, DS, and ML fields by 2026. Moreover, the upscaling in the data science domain has significantly increased by 46% since 2019.
Just like us, you will be surprised to know that in August 2020, India had 93,000 job vacancies in the data science field. Now the best part, about 70% of these vacancies were for job profiles that required less than five years of experience.
The time for hiring data scientists is around 11-12 weeks, while the time for hiring engineers is six to eight weeks. This shows a huge supply gap and the reason behind such prolonged hiring times can be the current skill gap in the market for these roles.
There is a steep learning curve for machine learning and data science. Although there is a significant influx of data scientists in the country every year, a limited number of people meet up to the expectations of required specialization and expertise. Consequently, there has been a significant demand for professionals having specialized data skills.
Thus, you can very well understand data science’s demand in the future. The job vacancies are rising faster than the job applicants, resulting in the current skills gap in the market. And therefore, AI courses in India are in high demand to enable the next generation of data leaders.
Industry Growth and its Future
There is no doubt that AI has emerged as the keystone technological solution to the world economy. Thanks to the rising availability of open data and cloud computing for democratizing computing power, today, AI is witnessing immense growth that is beyond anyone’s imagination.
Let us support these statements for the industry growth with some facts:
By 2023, AI will be used by 75% of business applications. Besides AI competence, the big data analytics of the Indian market for 2025 is estimated to be $18.9 billion. Moreover, the demand for skills in artificial intelligence is expected to increase employment in the sector by 2026.
Salary for Different Roles in DS, ML & AI
ML, AI, and data science skills have become the latest corporate currency and there is no arguing.
Salary ranges for job roles in DS, ML, and AI domains are rocketing up really fast. Considering this, comedians cannot resist themselves to joke that the IT sector should implement a salary cap on them. Can you imagine how much they earn then? Well, let us clue you in.
If you are an artificial intelligence professional in India with 2-4 years of industry experience, then your average salary will range from Rs 16-20 lacs per annum. However, if you have 4-8 years of work experience as an AI professional, then your expected salary will be Rs 20-50 lacs annually.
Finally, you can expect a 5-10 million salary per annum if your experience is between 8 and 15 years.
Skills Needed for Data Science, ML & AI (Technical and Non-technical)
Undoubtedly, machine learning and data science domains are rapidly turning into one of the most demanding and highly paid fields. However, the industry is facing a lack of skilled professionals. The skills required for artificial intelligence engineer and machine learning engineer jobs can be acquired through online certificate courses in AI and machine learning.
AI and machine learning courses with certification enable ML and AI professionals to pursue a specialization in their chosen field and establish a network of professionals from the same industry. If you are looking to uplift your career and future earning potential, then pursuing a data science course or an aritificial intelligence course should be your go-to option.
By acquiring both technical and non-technical skills needed for in the domain, you can build a successful career using these skills to solve core business problems. You become capable of building strong portfolios, resumes, and LinkedIn profiles. Moreover, you can leverage the network of professionals to connect with industry experts and get job offers in this domain.
However, as a professional, the time commitment may become an issue while taking an AI course in India. As per Forbes, a PG certificate helps you get a 13-25% hike in your annual salary. So, why not take advantage of that?
Taking a small step today can bring significant changes to your career in the future. If you are one of those individuals who continually seek more knowledge and skills, then 2022 is the ideal time to kickstart your career in machine learning, data science, and artificial intelligence. Enrolling for one of the best machine learning course online will be a boon to your career.
Remember, experience and specialized skills obtained from a well-structured data science course or AI and machine learning courses can give you the upper hand to succeed and grow in today’s data-driven world.