India's data science education market to reach $1.39 bn by 2028: Report

Data scientists, data analysts, business analysts, and big data engineers are the most in-demand jobs according to Imarticus Learning's Data Science Education Report 2023

The global data science education sector is poised to reach $378.7 billion by 2030, according to the "Data Science Education Report 2023," recently released by the Indian edtech platform Imarticus Learning. India's data science education sector is reported to skyrocket to $1.391 billion by 2028 from $204.23 million in 2023, growing at a compound annual growth rate (CAGR) of 57.52 per cent. A paradigm shift toward data-driven decision-making across diverse industries propels this surge. Simultaneously, the online education sector is expected to witness remarkable growth, escalating from $76.20 million to $533.69 million.

Job market and recruitment trends

The research predicts a significant surge in the big data and analytics job market, with 215,793 open positions presently available. Projections indicate that big data job opportunities will soar, surpassing 338,000 by 2028. Indian organisations embracing data-driven cultures and big data analytics technologies are driving this sector's increasing profitability. Key recruiters such as Amazon, AWS, Bain and Company, Deloitte, Ernst & Young, and Google are actively seeking data science professionals, offering annual remuneration packages ranging from Rs 6.5 lakh to Rs 35.1 lakh.

 

India's rise as a big data analytics powerhouse

With an estimated 30.1 per cent CAGR, India has positioned itself as a global powerhouse for big data analytics, propelling the industry from $5.7 billion in 2022 to a substantial $30.7 billion by 2027. During this period, India is poised to capture 32 per cent of the global analytics market, amplifying educational and employment prospects.

In-demand jobs in data science

Data Scientists (10.9 per cent), data analysts (10.7 per cent), and business analysts (10 per cent) have been identified as key positions driving this sector's expansion and, therefore, the most in-demand positions in the sector. Followed by financial analysts (5.3 per cent), big data engineers (4.2 per cent), data specialists (1.2 per cent), business intelligence analysts (1.2 per cent), and data science managers (0.9 per cent). The report also sees a growing demand for professionals with expertise in natural language processing (NLP) and computer vision, pivotal technologies fueling innovation in AI applications across diverse industries.

Fostering industry-aligned education

With the findings of the report, Imarticus Learning advocates sustained investments in AI research and development as key areas for educational institutes to align with industry demands.

Nikhil Barshikar, Founder and CEO of Imarticus Learning, states, "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."