According to the study, the worldwide data science education industry would reach USD 378.7 billion by 2030. India is predicted to play a key role, with its market expected to grow from USD 204.23 million in 2023 to USD 1.391 billion by 2028, reflecting a Annual Growth Rate (CAGR) of 57.52%, as per the latest report ‘Data Science Education Report 2023’ released by the Imarticus Learning.
The report claims that the paradigm change towards data-driven decision-making across numerous industries is fueling this increase. Simultaneously, the online education sector is expected to grow from USD 76.20 million to USD 533.69 million, claims the study.
This research, published in collaboration with Imarticus Learning and Analytics Insights with an aim to explore major trends, opportunities and problems in the global data science and artificial intelligence industries, as per the press statement.
The research predicts a surge in the big data and analytics job market, with 215,793 open roles now available. According to the forecast, big data job prospects would skyrocket, surpassing 338,000 by 2028. The sector is getting more profitable as Indian organisations embrace data-driven cultures and big data analytics technologies, explained the release.
Notably, recruiters such as Amazon, AWS, Bain and Company, Deloitte, Ernst and Young, and Google are actively employing data science personnel, with annual remuneration packages ranging from Rs 6.5 lakhs to Rs 35.1 lakhs. These firms are primarily looking for Data Scientists (10.9%), Data Analysts (10.7%), Business Analysts (10%), Financial Analysts (5.3%), Big Data Engineers (4.2%), Data Specialists (1.2%), Business Intelligence Analysts (1.2%), and Data Science Managers (0.9%).
With a projected 30.1% CAGR, study claimed that India has emerged as a global powerhouse for big data analytics, growing the industry from USD 5.7 billion in 2022 to USD 30.7 billion by 2027. During the same time frame, India is expected to grab 32% of the global analytics market, increasing educational and employment prospects, as per the release.
“Nurturing the data scientists of tomorrow is not a choice; it’s a requirement. The Data Science Education Report 2023 reflects India’s growing interest in data science education. Our path coincides with the explosion of opportunity and the changing landscape of data science. It’s more than simply education; it’s a journey into the future, one data scientist at a time,” Nikhil Barshikar, founder, CEO, Imarticus Learning, said.
The study further revealed that the Data Scientists, Data Analysts, Business Analysts and Big Data Engineers are among the major positions driving this increase. It also highlights the growing demand for workers with expertise in Natural Language Processing (NLP) and Computer Vision, two technologies that are driving innovation in AI applications across industries.