Background of Society for Data Science (S4DS)
Founded in 2017, the Society for Data Science has been growing quickly.
Data Science is the discipline of extracting insights and analytics from data. It is broadly used to describe Machine Learning, Artificial Intelligence, and Data Analytics. Job postings in this discipline have increased multi-fold in the last 5 years and Data Scientists in India are in short supply.
More than 2.7 zetta-bytes of data exist in today’s digital universe, and that is projected to grow to 180 zetta-bytes in 2025
Data is everywhere
In fact, the amount of digital data that exists is growing at a rapid rate— more than 2.7 zettabytes of data exist in today’s digital universe, and that is projected to grow to 180 zettabytes in 2025. All this data—from photos to the Fortune 500’s financials—has only recently begun to be analyzed to tease out insights that can help organizations improve their business. That’s why more organizations are seeking professionals who can make sense of all the data.
Put simply, Data Science is an umbrella term for techniques used when trying to extract actionable insights and information from data. It mainly combines statistics, mathematics, programming, problem-solving, capturing data in ingenious ways, the ability to look at things differently to find patterns, along with the activities of cleansing, preparing, and aligning the data.
Role of a Data Scientist
The role of a data scientist has already earned the moniker of “the hottest job of the 21st century”. According to a report by the Mckinsey Global Institute, there will be a shortage of 140,000 to 190,000 data science professionals by 2018 in USA alone.
Data Science Industry in India
As far as India is concerned, there are some studies that believe that the Analytics/ Data Science industry in India is at a phase where IT was some 10-15 years ago and thus a boom can be expected in analytics outsourcing to India. Hence, Data Science has a great scope in India. Like any large economy, there are enough industries where data science is going to disrupt, or at least create a differentiator for the first mover businesses. Because of the size of India (volume) and the diversity of market (variety), the opportunities are much more than say a smaller emerging economy. Nasscom pegs revenues from data science and AI (IT and non-IT industries) in the country at $16 billion by 2025, providing jobs to 1.50 lakh professionals. The expertise in Data Science is not be high in India (except some pockets), and therefore there is a strong reason to form a Society of Data Science.
Intend to form the Society of Data Science
We intend to form the Society of Data Science to have great pool of talent and believe that India with its data science/ analytics talent pool can very well be the global leader of the industry in the age of the “Big Data”.