Decoding the data science surge, the angels of startup investment, and more
LinkedIn News India
Your gateway to reporting by LinkedIn’s India news team. We reach 43 million readers in 96 countries and 9 languages.
Even as all eyes are on artificial intelligence and its emerging potential, another subject has piqued the interest of those upskilling in tech — data science. India’s data science education industry is set to cross $1.3 billion by 2028 from $204.2 million in 2023, according to a Financial Express report citing an Imarticus Learning study.
What’s behind the surge in interest? The shift towards data-driven decision-making across industries, according to the Imarticus Learning report. It also predicts a spike in the big data and analytics job market, with data scientists, data analysts, and business analysts being the most in-demand positions in the sector. The need for talent with expertise in Natural Language Processing (NLP) and Computer Vision is also on the rise.
The non-IT sector is leading the demand and saw the highest spike in data science and analytics employment, with the banking and financial services and insurance (BFSI) sector accounting for one-third of these job openings in India, according to a September report by Great Learning.
Data science is not a game of big companies anymore, organisations of every size have jumped in, says Prudhvi P , founder and Data Scientist at Avani.ai and mentor and CEO at SupervisedLearning.com.
Sectors like software development, IT, manufacturing, healthcare, pharmaceuticals, and banking and financial services and insurance are increasingly embracing data science, he adds. Adoption of the technology will grow at a faster pace than any other field, according to him.
What should professionals looking to build a career in data science keep in mind, according to experts? “Proficiency in python libraries for data science, deep learning libraries like Tensorflow, Pytorch, MLOps, and Generative AI, along with critical thinking, effective communication, and problem solving skills remains a priority for data science hiring at the moment,” says Usha Rengaraju , Chief of Research at Exa Protocol.
With the focus on regularising AI and data privacy, experts in the field and in AI ethics will be required, along with legal experts who can certify the usage of AI solutions, says Sharmistha Chatterjee , EM - Head of Software and Systems Engineering at Commonwealth Bank. She adds that a true data science professional must have a clear understanding of end-to-processes — from ingestion to feature engineering and model training, post-processing and prediction.
Investments in Indian startups declined significantly in 2023 even though December showed some signs of recovery, reports Moneycontrol. At a time when venture capitalists are taking a conservative approach to funding, angel investors have been steady with their investments, reports Business Standard, citing Tracxn data. The most active angel investors? We Founder Circle with 82 investments, followed by Inflection Point Ventures with 47 investments.
Recommended by LinkedIn
Venture debt is also seeing more acceptance, reports Business Standard, even though investment through this option dipped year-on-year in 2023. The rise in disbursements through alternative funding options also signals the traction they’re seeing. However, players are still cautious and conservative in their approach, say experts.
To determine whether debt funding is a viable option for early-stage startups, co-founder at AY Ventures Abha Mishra suggests considering advantages like no equity dilution and profit retention, and risks like the cash flow impact and risk of default.
📊 Co-Founder and CEO at Infocepts Shashank Garg shares the top data and AI trends to watch out for in 2024:
👩💻 Director of Engineering at Myntra Vindhya Shanmugam shares key factors to consider while making a tech choice:
Reported by: Isha Chitnis
Community Manager: Raunak Ramteke
Social Media Executive @ ChannelSoftech Pvt Ltd | Social Media Strategy
9mothis is an insightful content! Thanks for sharing your knowledge. By the way, if you're interested in taking your data science skills to the next level, Lejhro's Data Science Bootcamp might be just what you need. Check it out! 🚀 check it out now- http://surl.li/qtdvs
Founder & CEO @ LaundroKart.com | Revolutionizing Laundry with On-Demand, Doorstep Service | State-of-the-Art Machines for Premium Laundry
11moAbout 80% of firms across the globe are investing a large part of their earnings into creating a skillful data analytics division, thus hiring the smartest of people in the industry domain. Finding an equipped talent in the data science domain is tough. People adept at understanding and using data to drive business benefits are a rare gem to find. The demand for data analysts and scientists is like gushing water that is unstoppable and the supply is like a trickle. The U.S. alone has a shortage of more than 190,000 data science professionals. Since then, the demand has grown manifold. There’s no doubt about that! The pay is simply great! But so is the work that goes into being a data science professional in your organization. LinkedIn News India Isha Chitnis #TechWrapIndia
Chief Operating Officer at LaundroKart.com
11moI think if you are a millennial or a Generation Z professional, there can’t be a better opportunity in the present job market than starting a career in data science. Do your research, study hard, brush up on your skills, take online programs, and take professional certifications, to enter this red-hot industry domain. Data Science professionals are the unicorns in the corporate world. LinkedIn News India Isha Chitnis #TechWrapIndia
AI | Growth & Sales | Product Strategy | Product Development | Digital Transformation | Master Networker
11moHow to Prepare Yourself Up for a Fulfilling Career in Data Science? Here is what all you can do: ✅Learn matrix factorizations ✅Build your concepts in distributed computing ✅Get trained in statistical analysis, or earn a certification in the same ✅Develop skills in machine learning and signal processing algorithms ✅Take up a professional diploma/certification in machine learning, get your hold on the advanced concepts ✅Make yourself familiar with information retrieval techniques and methodologies ✅Knowledge in algorithm-building and decoding data structures would certainly help ✅A study of computer science engineering with a focus on machine learning. LinkedIn News India Isha Chitnis #TechWrapIndia
Serial Entrepreneur, Seed investor, and Growth Analyst. Helping startups to grow multi-folds. Working on an AI-powered platform that helps investors, entrepreneurs and industry leaders to peep into the future.
11moData Science is the most in-demand skill now! Consumer data will be the biggest differentiator in the next two to three years. Whoever unlocks the reams of data and uses it strategically will win. The number of jobs requiring Data Science skills is expected to grow by 27.9% by 2026. Data engineering is one of the fastest-growing domains in technology, with over 88.3% growth in job postings. With talent deficit and the amount of data doubling at a variable speed, it is hardly surprising that Data Science professionals are highly in demand, and data science is the most in-demand skill currently. LinkedIn News India Isha Chitnis #TechWrapIndia