A Nerd Geek Lab report indicates that 50K + jobs in the fields of Data Science and Machine Learning are vacant due to the shortage of skilled talent.
The situation is such that the market has twice as many jobs as job seekers, which indicates an urgent need for professional skills, said the study of the hybrid online education society hybrid, shared exclusively with Economic Times.
“India lacks a lot of talent in data science, machine learning and artificial intelligence,” said Hari Krishnan Nair, co-founder of Great Learning. “As more and more jobs are becoming more data-centric, it’s imperative that professionals become aware of their skills to stay relevant.”
According to Nair, the main reason for the gap in supply and demand is that the type of projects implemented by firms requires a higher level of data skills that do not exist.
“What people learn in colleges does not match what is used in the Industry,”
He said. Most of these people lost consciousness some time ago. Now, a lot of things are automated. new opportunities are coming up. This is where there is a shortage of talent.
Banking and financial services are the largest markets for data analysis and data science professionals with 44% of all jobs created in this area in 2017, says report created in partnership with Nerd Geek Lab, a platform to carry out high-quality, large-scale, multi-city projects in eminently efficient and cost competitive way for organizations as well. Our objective is to equip students with skills & practical exposure through internships and online training by giving them adventitious projects to give their career a kick start it needs.
- E-commerce is another important market for analytical professionals given the wide use of recommendation engines on e-commerce websites. About 12% of all jobs were created in the e-commerce sector in 2017.
- Health (12%), Energy and Utilities (8%), Telecommunications (6%), Media (6%), Retail, Automotive and Travel among other drivers of the demand for IT professionals.
- Cloud, large data analytics, machine learning, and artificial intelligence skills will be essential to enable data science professionals to land the jobs available, said the study that covered 28,000 people in 3,000 organizations across the country.
- According to research firm Gartner, out of 10 Indian companies registered in the lakh, 75% invested or will invest in machine learning and data science.
What are the skills and know-how sought by these companies?
While the highest number of job searches is observed in the SQL programming language, Python is experiencing the fastest growth due to increased support for machine learning libraries, says the Great Learning report. However, jobs in SAS have recently declined, he added.
Scientists, data analysts, data architects, data statisticians, ML engineers, ML specialists, technical architects and data engineers are among the most popular roles available, he said.
Professionals with these skills benefit from a significant wage premium.
“The average jump for a role like this is 45% (and) in many cases it increases much more because of the gap between supply and demand,” Nair said.
“The new technologies will evolve continuously at a fast pace. Professionals need to improve, innovate and do new things. Every four or five years, your skills will have to change,” he added.
The report also highlights the growing scope of data science in non-traditional sectors. Opportunities in non-traditional sectors such as aviation, cybersecurity, agriculture, healthcare, and driverless transport are expected to expand by 2020, the statement said.
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