The popularity and excitement around data science and its successful applications are wonderful. Data science can be termed as one of the most essential developments of the early 21st century. Data science involves understanding, extracting, and visualizing the data. It has applications to various fields that have adequate available data.
Data Science is a multidisciplinary subject that utilizes scientific algorithms, methods, processes, and systems to gain insights and knowledge from structured and unstructured data. The basic goal of data science is to predict the information from the already existing data.
Data scientist is termed as the hottest and sexiest job of the 21st century.
Skills Required to become a Data scientist
1. Machine Learning
Machine learning is a subset of Artificial Intelligence that focuses on the learning of data and its computational machine. Various algorithms of machine learning are used in clustering, classification, and regression of data.
- Clustering: Data Scientist uses this method to divide the data into a number of groups such that data in one particular group is similar to other data points in the same group and not similar to the data points in other groups.
- Classification: It is a method utilized for approximating a function from input variables to output variables.
- Regression: It is a method used for the prediction of the dependent variable in a group of independent variables.
2. Programming language:
So, you should know to write the program to understand so much data, shouldn’t you? That’s when the understanding and knowledge of the programming languages become essential for you. The most renowned and used languages in data science are Python, R, SQL, Jupyter notebooks, and Tensor flow, etc.
3. Data Visualization
It is a method to visualize the analyzed data. It is really difficult to understand a massive amount of data, isn’t it? That is the reason why a data scientist uses the method of data visualization in the forms of graphs and charts because they make easier to understand the pattern and the trends.
There are various types of data visualization such as Graphs, Charts, Tables, and Maps, etc.
Statistics is an integral part of all machine learning algorithms. It allows a data scientist to dig deep into the data and get accurate and in-depth knowledge of data which helps us to study the data. There is no other way to execute the algorithms of machine learning and data science without statistics.
Type of Statistics:
- Descriptive Statistics: It gives knowledge about the data. In this, data is organized and categorized on the basis of the given parameters. And that can be done through tables, graphs, or numerical value.
- Inferential Statistics: This can predict the output based on the previous data. The procedure of inferential statistics is based on the testing of hypotheses and calculation of parameters.
5. Data Mining
A data scientist uses this technique to extract useful information and discover trends from the data. For accuracy, we require a big amount of data.
Steps of Data Mining:
- Exploration of Data: It means to collect data that is relevant to a particular problem. This can be performed manually or automatically. Data scientists use programming languages to extract manual data.
- Modeling: This technique involves applying algorithms on the data and to get the best data model which is relevant to the problem. Various models are applied to the same data for getting the best result. Meta-learning and booting are some popular techniques.
- Model Deployment: The final stage in data mining is the model deployment and it is essential because the whole study process is based on this.
Prospects in Future
Data science has been successful in speeding the discovery of probability and hypothesis outcomes in various fields. Currently, many data scientists claim that data science will transform many conventional disciplines to a great degree. However, transformation in some disciplines is already underway such as supply chain management and chemical engineering. It is only a matter of time and tested-results that well explain the value and extent of the transformation.
While data science has addressed and applied successfully in many fields, there are many challenges that must be met and addressed over the next decade as data science matures.
Due to its recent emergence, unlimited breadth of applications, and its inherently interdisciplinary nature, the brightness in careers of data scientists is way beyond our intellect. There are going to massive dearth and demand for a data scientist in the coming years due to the constant explosion of data available on the internet and the need to establish correlations among different data sets to resolve a particular problem. Still there is a large learning curve ahead for data science.
As Data scientist jobs are in demand in this technology-driven modern world, there will be a plethora of Data scientist jobs for you in the years to come. Due to the remarkable popularity of data science, there are a plethora of online data scientists’ courses that are available today.
According to a new report Global Data Science Platform Market, published by Markets and Markets Research Private Ltd., The Data Science Platform market size is expected to grow from USD 37.9 billion in 2019 to USD 140.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 30.0% during the forecast period.
What is a data scientist salary?
I know this is what you must be thinking about. Career prospects in Data science are bright as even an entry-level scientist can earn as high as $7,000 per year. An early career data scientist with 1-4 years of experience earn an average of $8,250 annually. And this can go even to average of $14,500 per year with 5-9 years of experience.
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Data Scientist Salary by Companies
Undoubtedly, renowned firms rule the outlines of the most lucrative pay rates for information employments. They likewise hold a notoriety for expanding compensations by 15%, yearly.
Data Scientist: In a Nutshell
Data is a growing field and it will flourish more in the years to come. It is ranked number 3 best job for 2020 by a Glassdoor and was ranked the number one best job from 2016-2019. Data science is dominantly used to discover the correlations. Therefore, it is useful in reducing the search space from massive correlations or possible results to a much smaller number. The greatest benefit of data science is that it can discover trends or correlations in a massive amount of data far beyond the capacity of human intellect.
Though data scientists have achieved remarkable success, still there is a long way to go wherein data science surpasses the ability of modern-day science. Risks, challenges, and benefits in data science are abounding. Data science is yet to emerge to its full potential.