by Analytics Insight
February 26, 2022
Global online programme for the data science market is forecasted to hit US$356.27 million by 2026
Data science is creating a plethora of opportunities for the global industries to enhance productivity, make smart decisions, and gain higher customer engagement to be ahead of multiple competitors. Industry 4.0 has experienced a higher volume of supply of real-time data after the introduction of smart devices. This has helped to drive in-depth meaningful insights efficiently and effectively without any potential error. Thus, more is the supply of data, the higher demand for data professionals for data management such as data scientists, data managers, data engineers, data architects, and many more. It can be said that data science has opened ample windows to kick start a career in this hottest field. The demand for these job roles has been growing exponentially since the last few years, but now it is reaching a new level. Every company is highly interested to recruit data professionals with lucrative salary packages per annum. Thus, data science is now the most demanding field, fastest-growing, as well as the hottest profession of the 21st century with its different job opportunities.
Aspiring data professionals must have certain skills to cover a wide range of services, ranging from studying customer behavior to controlling autonomous cars. A talented and professional employee must possess skills like communication, storytelling, analytical, data visualization, data mining, data manipulation, data wrangling, and sufficient knowledge of data science tools. There should be practical experiences with multiple data science projects in the real-life environment to solve complex problems. Hence, educational institutes have started recognizing the need to bridge the gap between the demand and supply of professional data science roles. These are offering popular and trending data science courses under Bachelor’s, Master’s, and Ph.D. degrees to gain sufficient knowledge before entering the business domain. Due to the emergence of the COVID-19 pandemic, multiple data science courses are in online mode, offline mode, or hybrid, depending upon the government guidelines.
In on-campus data science programs, there are majorly three courses Bachelor’s, Master’s, and Ph.D. Most institutes also offer executive programs under on-campus mode. Executive programs in data science involve post-graduate programs, management programs, MBA, integrated programs, and certifications
According to our analysis, the on-campus data science education market is expected to grow from US$90.67 million in 2021 with a CAGR of 41.20% to US$572.28 million in 2026 with a CAGR of 49.85%. Meanwhile, the off-campus or the online courses including executive programmes and online certifications, the global online programme for the data science market is forecasted to hit US$356.27 million in 2026 from US$52.81 million in 2021, at a CAGR of 49.80%.
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