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India’s Data Science Education Market to Reach $1.39 BN by 2028: Report
Imarticus Learning, a leading Indian ed-tech platform, recently released the “Data Science Education Report 2023,” forecasting a significant surge in the global data science education sector. According to the report, the sector is poised to reach an impressive $378.7 billion by 2030, with India’s data science education market expected to reach $1.391 billion by 2028—a remarkable leap from $204.23 million in 2023, exhibiting a compound annual growth rate (CAGR) of 57.52%.
This substantial growth is attributed to a paradigm shift toward data-driven decision-making across diverse industries. Simultaneously, the online education sector is predicted to experience remarkable expansion, escalating from $76.20 million to $533.69 million.
In the realm of job market and recruitment trends, the report identifies data scientists, data analysts, business analysts, and big data engineers as the most in-demand roles. Presently, there are 215,793 open positions in the big data and analytics job market, with projections indicating a surge to over 338,000 by 2028. Key players such as Amazon, AWS, Bain and Company, Deloitte, Ernst & Young, and Google are actively seeking data science professionals, offering competitive annual remuneration packages ranging from Rs 6.5 lakh to Rs 35.1 lakh.
India is solidifying its position as a global powerhouse for big data analytics with an estimated 30.1% CAGR. The industry is set to grow from $5.7 billion in 2022 to a substantial $30.7 billion by 2027. During this period, India is expected to capture 32% of the global analytics market, creating significant educational and employment opportunities.
The report identifies key roles driving the expansion of the data science sector, with Data Scientists (10.9%), data analysts (10.7%), and business analysts (10%) leading the pack. Financial analysts (5.3%), big data engineers (4.2%), data specialists (1.2%), business intelligence analysts (1.2%), and data science managers (0.9%) are also in high demand. Furthermore, the report highlights a growing demand for professionals with expertise in natural language processing (NLP) and computer vision, technologies fueling innovation in AI applications across various industries.
Imarticus Learning recommends sustained investments in AI research and development as crucial areas for educational institutes to align with industry demands. Nikhil Barshikar, Founder and CEO of Imarticus Learning, emphasizes the importance of nurturing the data scientists of tomorrow, stating, “The Data Science Education Report 2023 reflects India’s growing interest in data science education. It’s more than simply education; it’s a journey into the future, one data scientist at a time.”