These are the sectors that data scientists should target for jobs

  • Industries across sectors are now falling into the umbrella of data science and analytics — adopting statistical evaluation and tools to gather insights from unstructured data.
  • Healthcare, BFSI (Banking, Financial Services and Insurance), Retail and Telecom are broadly the sectors luring the most data scientists.
  • This emerging technology also opens up opportunities for statistical brains and insolvency professionals as banks look to crack down on debt and bad loans.
Grocers and doctors alike are rushing to offer their services ‘digitally’. It means they are also gathering data which can be analysed and converted into a business proposition.

It is needless to say that more and more businesses and industries across sectors are — adopting statistical evaluation and other tools to gather insights from unstructured data.

The sectors which are wooing away the most data scientists are the usual suspects - healthcare, banking and financial services, insurance, retail and telecom.

“In healthcare and pharmaceuticals, data science can supply solutions for problems where there is scope of manual error. For instance, it can assist the procedure of diagnosis and depicting cancer, neurotechnology and biosciences,” Ashish Malhotra, director at bitgrit Japan — a global data science community, told Business Insider.

Government healthcare departments too can use it to analyse data of food safety inspection and other disease patterns.

The number-crunching sectors - banks and financial enterprises too - are beefing up their data scientist teams. “Data needs statistical evaluation. Treasury, depicting credit default rate of a country or a city is important to banking systems,” Malhotra said. This science also helps insolvency professionals to crack down on bad loans.

Data analytics has become a tool for new-age retailers to disrupt the market. “Food outlets that have image recognition systems can draw predictions to understand the behavioural patterns — which in turn helps offer more customer satisfaction,” he added.

It can also be used to predict inventory and stock.

Telecom — to crack down on internet systems

Large datasets in the telecom industry can also benefit from the technology. Telecom companies leverage it for 5G operations, and also fraud detection by identifying call patterns.

“If we predict the behaviour of the people using the internet in the last six months using data analytics then we can specifically switch of those internet systems that are creating a nuisance in the system,” said Malhotra.

And, there is a huge opportunity for growth. According to a study by McKinsey, merely 30% of telcos invested in big data technologies.

“I think, if we can use machine learning and artificial intelligence to predict a fault, we can make a more proactive network which is error-free and can predict faults rather than let faults happen,” Randeep Sekhon, chief technology officer at Bharti Airtel told ET.

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