According to an industry report, that was published in Economic Times dated Oct 16, 2018, more than 50,000 jobs in data science and machine learning are lying vacant because of the lack of qualified talent.
The situation is so grim that the market has twice the number of jobs as jobseekers in these fields. These numbers point to the urgent need of upskilling the Indian youth.
India is a storehouse of talent, and with the right kind of attitude and education, we will able to utilize it efficiently. Right now the industries are facing a huge demand-supply gap. We don’t have the kind of skills the companies require. One major reason for this situation is the education that students receive in schools and colleges is not in sync with the industry requirements. We are going through a digital boom. Automation is happening every day leading to the creation of newer opportunities. But unfortunately, our youth is not skilled enough to utilize them to the fullest.
The demand for skilled professionals is constantly growing
Analytics and data science is required in banking and analytics, ecommerce, healthcare, energy utilities, and media. Almost every sector these days is looking for skilled data science professionals.
Research and advisory firm, Gartner, says that out of 10 lakh registered companies in India, 75% have invested or are going to invest in machine learning and data science. Data scientist, data analyst, data architect, data statistician, ML (machine learning) engineer, ML specialist, technical architect and data engineer are some of the most popular roles available. A study that covered 28,000 people in 3,000 organisations across the country reported that Skills in cloud, big data analytics, machine learning and AI will be critical for data science professionals.
Data science professionals get a major hike in salary. The average hike that a person equipped with these skills gets is 45%.
Bridging the demand-supply gap
Upskilling is the only way to bridge this massive demand-supply gap. Our traditional education system has failed us in providing industry-specific courses. But there are many e-learning courses available in data science, machine learning, and artificial intelligence.These courses could help you in getting that much-desired salary hike or a much better job.
E-learning has a low turnaround time. It is much more convenient than offline courses that have a turnaround time of 9-10 months. You can take an e-learning course while working at your own comfort. The need of the hour is to keep yourself updated, and not take a lot of time to do that. Competencies are changing in every 4-5 years, and if you take a lot of time to equip yourself with one skill, there is a chance that by the time you become proficient at it, you’d be required to learn something newer. This is why online courses are gaining prominence. They provide people with the flexibility that traditional learning structures lack.
Upskilling to stay relevant
Upskilling is extremely important to survive in the ever-evolving world of work. Your old skills are fast turning obsolete, and now it is time to acquire more industry-specific skills to stay relevant.