So what is all the hype about Data Science?

Over the past couple of decades, Data Science, has been recognized as one of the most exciting IT domains in the world. Recent reports suggest that leading countries like USA and China are investing billions of dollars to integrate their industries with AI. These nations have been financing sectors like finance, healthcare, retail, and defense to make the presence of AI felt.

Due to the advent of Data Science in the Indian market, the last three years were recorded as ‘quite successful’. However, the scenario is a bit different here. On one hand, AI is considerably dominated by US-based firms including Adobe, Accenture, and Microsoft. These IT giants also do have their innovation centers here in India.

When we look at the other side, there are very less efforts applied by Indian companies as far as AI grooming is concerned. Roughly around 30% of AI research come from home-based companies. Hence, the difference is making quite of a lag.

The intervention of Ministry of Commerce & Industry suggested policies encouraging innovation in the country. Its findings conclude on the lines of:

• Need for increased investment
• Extensive AI research
• Reconstruction of educational curricula
• Additional innovation by private sector

 
Now let’s see how AI is emerging and being applied across various areas, ensuring development at a macro level.

Finance

Each day, many financial institutions handle multi-billion monetary transactions including ATM withdrawals, debit/credit card payments, deposits, online payments, and so on. It is also evident that considerable amount of fraud and corruption take place hindering financial growth of the country.

Modern ML (Machine Learning) techniques and analytics in combination with human-based skills are being adopted to curb mishaps. The system recognizes potential threats and flag them as fraudulent in order to minimize losses beforehand. AI techniques not only create early warning signs but also reduce human errors, thereby increasing efficiency.

Healthcare

Presence of Artificial Intelligence in the healthcare domain helps health managers to analyze simple to most complicated medical conditions. It allows them to examine symptoms, diagnose diseases, and even suggest medical treatments.

The medical industry is applying AI concepts to enhance their accuracy and bringing improvements. Apart from diagnosing diseases and suggesting treatments, both AI and ML algorithms are being utilized to improve the healthcare quality as well as cutback on high-end medical costs.

Manufacturing

Manufacturing is one of the most vital industries in our country. However, they constantly face challenges while maintaining logistics, product forecasting, and supply chain management as well.

Through automation by way of AI and ML, manufacturing companies can evidently enhance their efficiency. It would also help keeping unnecessary costs at bay, thereby earning better profits. In the long term, the manufacturing sector can expect to create ample job opportunities and contribute to the overall growth of the country.

Law & Order

Can AI be used for maintaining law and order of the country? Well yes, absolutely! Indian officials are turning towards artificial intelligence to detect crime and take necessary steps to limit them then and there.

Like for instance, officials are examining CCTV cameras installed in public areas to improve safety and security of the masses. They analyze terabytes of CCTV data to look for “behavioural abnormalities” that suggest if any kind of potential threat. This way, AI and ML prove to be useful tools in maintaining peace and harmony of the country.

Agriculture

Last but not the least, a noticeable presence of AI has also been seen in the field of agriculture. Being one of the most crucial sectors in India, agriculture takes the help of artificial intelligence to improve produces and minimize wastages. Farmers are integrating traditional farming practices with AI to automate the processes.

The ML sensors help farmers to measure soil temperature and moisture, identify ideal time for sowing and harvesting, and making proper use of pesticides and fertilizers.

The above sectors show that India definitely needs a boosted investment in both artificial intelligence and machine learning. Due to which, we can experience greater outputs, higher efficiency, and increased job opportunities across the sectors.

As per India’s leading job portal, Data Science is currently offering more than 3500 career opportunities for both freshers and working professionals. Here’s a brief breakdown of Industry-wise careers in Data Science:

• IT/Software: 54.01%
• Banking: 9.13%
• Ecommerce: 4.33%
• HR: 5.74%
• Education: 3.67%

 
Now let’s have a look at the salary range fetched by Data Science specialists at various levels:

• Junior Data Scientist INR 4 lacs to 6 lacs
• Data Scientist INR 6 lacs to 12 lacs
• Senior Data Scientist INR 12 lacs & above

 
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