In the last decade, Data Science concepts that were being taught at an intermediate level, are now transformed into skill sets which demand high pay packages.
And this explosion is on a global scale. When Industries began to realize that all their data is generated or collected, can be managed at an optimal scale and gather deep insights, they started investing in retraining and recruiting professionals well versed in the topics of data science.
The advent of Chatbots and automated coding increased the need for improved algorithms for machine learning and when combined with AI, the machine and their interfaces began to effervesce the human feel, something which most of the industries highly lacked.
Did you know?
Data Scientists everywhere are getting nearly 36% higher salaries every year than other IT professionals. And this is the case for people with admissible knowledge in Data Science. For people holding a master’s degree are awarded almost double-digit hikes in less than 18 months.
Up until 2015, data scientists who were in the IT fields used to have a higher pay package but this gap began to taper and in 2019, it’s almost none now, implying that all major industries have begun to implement data science more aggressively to boost their profits.
There was an increase of 26% in demand for Data Analytics professionals in 2015 worldwide, and it has reached the mark of 50% by 2019.
Switzerland offers the highest Data Scientist salaries
According to a survey done on Data Science market in European countries, the highest data science salaries were found in Switzerland, with an average annual data science salary of € 115,475, followed by the Netherlands, at €68,880.
The French President, Emmanuel Macron has presented the country’s strategy in the field of artificial intelligence (AI) at the AI for humanity event. The French government plans to invest €1.5 billion over five years to support research and innovation in the field. They want to turn France into one of the leading countries when it comes to artificial intelligence
Types of Jobs
On the whole basis, Data Science jobs can be accumulated into different clusters. Every industry is investing to harvest, analyze and represent their data – these are Big Data Lead, Data Architect, Data Analytics Manager, Data Science Consultant, Machine Learning Analyst, Principal Data Scientist, to name a few.
AI, Blockchain, Fintech, and Crypto-related jobs are still expanding i.e. they require extensive training in both concepts and practical approach. Hence, such jobs are currently available with IT companies, which come under the B2B category and extend their services to other companies on a requirement basis.
Companies to look forward to work with:
Breaking the ice, France invested 1.1 Billion euros in 2017 in the Data Science Race for a smarter approach to businesses and industries, with a target to increase it to almost 80.7 Billion Euros.
Soon, other European Countries began to follow suit and today, almost 250 Billion Euros Investment is in play only in the European Countries.
With over 338+ French startups leveraging AI in a variety of applications, tech giants like Google, Microsoft, and IBM also are highly involved in studying developing the technology which has already started bringing a revolutionary change.
IT – A Big AI Beneficiary
There’s no doubt that the IT organization is perhaps the biggest beneficiary of AI’s capabilities, dealing full-time with data. A Harvard Business Review study reports that between 34 and 44 percent of global companies they surveyed are using AI to help resolve technical issues. Many traditional companies like Capgemini, SAP, Salesforce, EY, Boston Consulting Group and many more are actively on the lookout for Business Analysts and Data Scientists team consisting of both think tanks as well as coders to handle their data requirements.
Although AI is a branch of computer science, today no field is left unaffected by this technology. Let’s discuss where else is AI finding a home!!!!!!
No one ever thought that writing blogs and articles can even be done through AI. Companies like AP and Yahoo! are now using AI to prepare simple reports that would take a lot of time if done manually. According to Automated Insights which introduced Wordsmith, many data-driven entities including real estate and e-commerce are using this platform.
Artificial Intelligence is quite popular in the entertainment industry. From games to music to movies, everything is ruled by AI. Netflix achieved impressive results from the AI algorithm it used to personalize recommendations to its 100 million subscribers worldwide, which in turn improved search results and avoided canceled subscriptions.
Online Retail Stores
Online shopping is quite at its peak right now. With the use of artificial intelligence, these websites recommend the customers what to purchase depending upon his/her past purchases or items put in the search box.
Indeed AI is going to make shopping more personal for the shoppers and simplify things for the retailers.
Banking & Finance
From analyzing market data to forecast change in stock trends to managing finances and offering suggestions to the clients, AI is offering immense benefits in this field too.
Royal Bank of Scotland has recently launched a natural language processing AI bot to answer its banking customer questions and perform simple banking tasks such as money transfers, offer suggestions, etc.
Ever thought of machines assisting doctors with the diagnosis and treatment procedures? Well, no one ever did. But AI and machine learning are revolutionizing the way even healthcare industries work.
Sedasys System by Johnson & Johnson is now approved by the FDA to deliver anesthesia to patients automatically in standard procedures.
IBM also introduced an artificial intelligent application named Watson designed to suggest different kinds of treatments based on the patients’’ medical history.
Online Customer Service
At some point in our lives, we all must have contacted customer support in case of a query or grievance. But did we ever think who are we actually chatting with? A human or a Robot? Well, most of the time these are not humans; rather these are chatbots that are trained to respond and extract the required knowledge from the site and present it to the customer.
While the list is never-ending, to really understand the scope of Data Science in France and the current scope of job opportunities available for students who would be completing their Master’s or any post-graduation degree for that manner, we interviewed someone who is from France and has been involved in this field.
Dr Mehdi, a professor in Strategy & Innovation at Rennes School of Business who has been working closely with the field of Data Analytics for the past 10 years, has shared his views on the scope of Data Science and concerted brilliant insights on the internships and job opportunities in Europe.
In the Data Science domain, quantitative skills are essential. One should be an expert in handling software packages to optimize the operations and elevate managerial skills along with sound business acumen
These help in order to deal with business intelligence, analytics (descriptive, predictive and prescriptive) and data mining tasks. Your work will be pivotal enough to drive business decisions and continuous innovation.
Data Science and Data Analytics have become one of the hottest trends. All the companies are now directly connected to data analysis and business intelligence, the knowledge that is acquired during the bachelor’s and master’s degree in this field is considered to be highly valuable in the market.
To get a broader knowledge of the skills required to be a Data Scientist, do visit here.
Since Python is seen as the most popular production coding language, it is observed that the higher-paying positions usually consist of less coding hours.
So, here’s a brief view of the Job opportunities perspective. Do let us know about any more positions, Jobs are offered for in the field of Data Scientists. Or maybe some other skill sets which you think might be missing out. Tell us in the comment section below.