Analytics Insight Estimates Online Data Science Programs to Reach US$533 Million

Analytics Insight's Data Science Education Report 2023 forecasts exponential growth for online Data Science programs

With the ever-expanding landscape of technology and global business, the relevance of data science has reached new heights. The intersection of lucrative opportunities, fulfilling careers, and the evolution of technology has positioned data science as a critical field for the future. "Data Science Education Report 2023" by Analytics Insight, sheds light on the current state and future trends of data science education in India.

Big Data Revolution:

As per the report, the Indian big data analytics arena is on the brink of significant expansion, predicting an impressive Compound Annual Growth Rate (CAGR) of 30.1%. The sector is projected to soar from US$5.7 billion in 2022 to an extraordinary US$30.7 billion by 2027, positioning India to claim a substantial 32% share of the global analytics market. This foreseen growth opens up expansive opportunities for both educational pursuits and careers within the burgeoning big data sector.

 1. Data Science Education Market Potential:

Exploring the global data science education market, Analytics Insight's report estimates it to reach US$378.7 billion by 2030, growing at a CAGR of 16.43% from 2022 to 2030. The rising demand for data science skills across industries is highlighted, with North America and Europe currently leading in market potential. However, the report anticipates significant growth in Asia Pacific, Latin America, and Middle East & Africa.

2. Shift towards Online Education:

The Data Science Report 2023, predicts substantial growth in the on-campus data science education market, estimating a CAGR of 56.73%, reaching US$857.57 million by 2027. Simultaneously, the market for online programs is forecasted to skyrocket from US$110.80 million to US$533.69 million, exhibiting a remarkable CAGR of 58.82% by 2028. The convenience, cost-effectiveness, and quality curriculum offered by online programs contribute to their growing popularity among students and professionals.

3. Key Players in the Educational Landscape:

Leading on-campus institutes such as IIT Hyderabad, IISC Bangalore, IIM Ahmedabad, Manipal Academy, and others, are contributing significantly to the on-campus data science education sector. In the online education domain, institutions like Imarticus Learning, upGrad, Jigsaw Academy, and Simplilearn are paving the way for the future generation of data scientists.

4. Job Market Expansion:

The report projects a substantial increase in big data analytics job positions, from 215,793 in the present to over 338,000 by 2028. Major players in the job market include Amazon, AWS, Bain and Company, Deloitte, Ernst & Young, and Google. The average salary packages, ranging from INR 6.5 lacs to INR 35.1 lacs, underline the lucrative nature of the field.

5. Industry Insights and Future Projections:

The report provides a comprehensive overview of the Indian big data technology and service market, anticipating a CAGR of 35.1% from 2023-2028. Top data science recruiters, including Amazon and Google, are set to shape the job market, offering various roles such as Data Scientist, Data Analyst, Business Analyst, and more.

In conclusion, the "Data Science Education Report 2023" report paints a vibrant picture of the trajectory of data science education in India. As the industry continues to expand, providing numerous opportunities and lucrative career paths, the report serves as a compass for both aspiring data scientists and institutions looking to navigate the dynamic landscape of data science education.