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Why Data Science Actually Matters in 2023?

By Krishna Kumar Category Data Science Reading time 10-12 mins Published on Dec 01, 2021

Discover the Benefits of Data Science and Reasons to Choose Data Science in 2023

"In the next two to three years, consumer data will be the most important differentiator. Whoever can unlock the reams of big data and strategically use it will win." - Eric McGee, VP of Data and Analytics.

The advent of the internet brought many amazing technologies in the twenty-first century. Some helped push the boundaries of what we thought was possible and amazed us with their innovative uses.

Take self-driving vehicles as an example. The idea of a vehicle driving itself was just a dream for us. Fast forward to today, and Tesla's self-driving autonomous cars use advanced technology that is almost unimaginable to some extent. But everywhere, we realize the importance of data.

What if I told you that the industrial advancements we are seeing today all have one thing in common? One major component that drives the major industries (healthcare, retail, manufacturing, etc.) is 'data science.'

'Why data science?'

Data scientists are at the forefront of the most cutting-edge technologies seen today. Yes, the 'hottest job of the 21st century' is behind many industry expansions.

This might raise many questions, such as 'why study data science?' or 'Why is data science important in 2023?' We will answer such questions in this article and more, so let's begin.

An image shows the significance of data science in healthcare, finance, manufacturing, transportation, and e-commerce. It also shows illuminated rays ejecting from several blue boards, resembling the logos of various sectors.

Why is data science important in 2023?

Data is termed the key fuel of the 21st century, and the ability to utilize this fuel for profit is 'data science skills.' Specifically, data science refers to transforming raw data into usable information from which actionable insights are taken.

Due to the pandemic, we saw some unfortunate situations arising. People personal lives were affected, and their professional life also suffered. Although the effect of the virus has calmed, we are still facing an economic crisis. It may take some time to recover, but the duration is unknown.

This is where data science may help. You don't need any special requirements to become a data scientist. Even a non-tech professional can study data science. This is the reason data science as a field is revered. Many professionals come from different backgrounds to fulfill their dream careers through data science.

Why choose data science in 2023?

1. In-demand career

The data science job outlook has changed in recent years. With a massive increase in data science applications in industries, demand for data science has also been increasing. Those who realized this change and understood why data science is in high demand now benefit from the increased reliability of data and the promising wages.

It's still not too late, as the field faces a major shortage of qualified data scientists. You can utilize this opportunity to learn data science under the guidance of professionals and create a promising career for yourself before the competition rises.

A data scientist is holding a tab. It shows a robot hand emerging from the screen of a tablet. The human and robot hands are pointing at each other.

2. Future growth

According to this report by the US Bureau of Labor Statistics, 36% growth was expected in data scientists' employment from 2021 to 2031, which is faster than the average across all professions. The employment prospects across all industries are even higher when you consider that around 13,500 data scientist job openings are expected every year. So, no doubt, the future of data science is quite glorious.

3. Utilization in all domains

With data science, you don't have to worry about whether you'll get to work in your preferred industry. Every sector today requires a data science expert. You can choose which sector you want to work in.

Whether in healthcare, finance, or oil and gas, data science is utilized in major applications that help these domains perform adequately. So, you can find an ever-growing data science job outlook irrespective of any industry.

4. Lucrative pay

For any career, the foremost thing that people consider is the pay scale. Data science offers a great salary range. The average base salary for a data scientist in India in 2023 is Rs. 11 LPA, according to a Glassdoor survey.

As you grow in your profession, the pay also increases substantially.

Data science applications in 2023

With an increase in data generated on the internet, data scientists are finding better ways to extract meaningful information from the data. More applications in industries mean more job roles. The benefits of data science for industries are immense.

Let's understand why data science is beneficial through some of its applications.

1. Fraud detection:-

Companies will improve their fraudulent transaction detection through artificial intelligence and machine learning algorithms. Fraud detection is already implemented in the banking sector. With advanced AI in the future, they will enhance the detection of fraud to display real-time analysis.

2. Image recognition:-

You may notice its usage on your phone's face-unlocking feature that remembers the user's face. A more sophisticated version is being utilized in automatic vehicles where it's used to detect the roads. Data is gathered from multiple vehicles which go on the same route to enhance the route prediction algorithms.

The reason why the study of data science is used is to provide an enhanced image of the road. This image then provides a better experience for other drivers on the route.

3. Business:-

In this information-driven world, data is everywhere. Businesses have also transformed their practices to a data-driven model. Utilizing data science for business brings them helpful information using which they can thrive in competitive markets.

Digital transformation has modified many business practices for the better. Making data-driven decisions based on actual information rather than a pure gut feeling is the next step in business growth.

An illustration shows four healthcare professionals. Two of them are standing in front of the laptop, while others are pointing to the board and discussing.

4. Healthcare:-

Believe it or not, medical systems can use data science to provide better health check-ups. Medical practitioners use it to detect and prevent deadly health risks in patients. It has enhanced medical practices in areas we thought impossible to attain.

In fact, data science helped mitigate the risks associated with Covid-19 and detect its early symptoms in humans. It played a huge role in stopping the spread of the virus.

5. Recommendation systems:-

Companies such as Netflix, Amazon Prime, and other OTT platforms providing their services online collect data from users' watch history to create a prediction model. This model helps them curate the watch list that users will probably respond to. It is a useful model that helps enhance the customer experience.

Data science is the future.

Two data science professionals are pointing at a screen and discussing various analytical charts.

If you have any doubts regarding the future of data science, the answer is simple.

Consider this, before the internet, local vendors used to analyze the information they had about how their products were selling in the market. You may ask, 'Why is data important?' Based on this data, they would change their marketing practices to the customer's needs.

Today marketers use more advanced types of marketing using data science to collect information from large data sources. Similarly, data science is helping provide more accurate results in sectors like medicine, manufacturing, business, and more.

Therefore, the utilization of data science will only increase in the upcoming years with more industries becoming aware of its advantages.

The data science field also faces a shortage of professionals to handle the tasks effectively. Those who understand the importance of data have started learning data science, which means the competition will get tougher.

What you can do to prepare yourself for this challenge is learn data science through qualified professionals. You will experience a significant edge in interviews as you are prepared to tackle any challenge under their expert guidance.

Where to learn data science?

A good quality online course will take you from a fresher to a qualified professional in no time. Investing in a course where you are taught in live sessions will help you clear doubts on the spot. It is a nice way to enhance your knowledge and practice altogether.

If you are interested in learning data science, then consider the Advanced Data Science and AI program that provides expert guidance to students in live online sessions. You need basic knowledge of computer science, math, and curiosity in data science to start learning this course.

Hope you understand why data science matters and its need in the year 2023. For instant updates on the data science job market, you can follow us on LinkedIn, Facebook, Twitter, and YouTube.