Global data science education market to reach $378.7 billion by 2030: Report

Imarticus Learning, one of India’s leading edtech companies, is proud to announce the release of the Data Science Education Report 2023, an in-depth analysis of the revolutionary landscape of data science education. This research, published in collaboration with Imarticus Learning and Analytics Insights, explores major trends, opportunities, and problems in the global data science and artificial intelligence industries.

Key findings of the research include:

• Global data science education market to reach $378.7 billion by 2030
• With a staggering 215,793 openings in big data and analytics, the report highlights a thriving job market. By 2028, it is anticipated that employment opportunities will exceed 338,000
• India's market is predicted to grow 57.52% from $204.23 million in 2023 to $1.391 billion by 2028.
• In addition to emphasising the need for industry-aligned education to meet market demands, the report calls for continuing investment in AI research and development

Imarticus Learning undertook a comprehensive evaluation, uncovering major discoveries that are poised to have a big impact on stakeholders and the industry as a whole. According to the study, the worldwide data science education industry would reach $378.7 billion by 2030. India is predicted to play a key role, with its market expected to grow from $204.23 million in 2023 to $1.391 billion by 2028, reflecting a spectacular Compound Annual Growth Rate (CAGR) of 57.52%. The paradigm change towards data-driven decision-making across numerous industries is fueling this increase. Simultaneously, the online education sector is expected to grow from $76.20 million to $533.69 million.

The research predicts a surge in the big data and analytics job market, with 215,793 open roles now available. According to the forecast, big data job prospects would skyrocket, surpassing 338,000 by 2028. The sector is getting more profitable as Indian organisations embrace data-driven cultures and big data analytics technologies. Notably, renowned recruiters such as Amazon, AWS, Bain and Company, Deloitte, Ernst & Young, and Google are actively employing data science personnel, with annual remuneration packages ranging from Rs 6.5 lakhs to Rs 35.1 lakhs. These firms are primarily looking for Data Scientists (10.9%), Data Analysts (10.7%), Business Analysts (10%), Financial Analysts (5.3%), Big Data Engineers (4.2%), Data Specialists (1.2%), Business Intelligence Analysts (1.2%), and Data Science Managers (0.9%).

With a projected 30.1% CAGR, India has emerged as a global powerhouse for big data analytics, growing the industry from $5.7 billion in 2022 to $30.7 billion by 2027. During the same time frame, India is expected to grab 32% of the global analytics market, increasing educational and employment prospects.

Data Scientists, Data Analysts, Business Analysts, and Big Data Engineers are among the major positions identified by the report as driving this increase. It also highlights the growing demand for workers with expertise in Natural Language Processing (NLP) and Computer Vision, two technologies that are driving innovation in AI applications across industries.

In light of these findings, Imarticus Learning underlines the importance of a strong, industry-aligned curriculum that provides aspiring professionals with the skills required by an ever-changing employment market. The paper promotes sustained investment in AI research and development, emphasising the critical role of educational institutions and government initiatives in encouraging innovation and talent development.

The goal of the Data Science Report is to explain the significance of these findings to industry executives, educational institutions, legislators, and aspiring data science experts. Imarticus Learning urges these stakeholders to use the insights from the Data Science Education Report 2023 to drive innovation, inspire cooperation, and empower the next generation of data scientists.

Mr. Nikhil Barshikar, Founder and CEO of Imarticus Learning, commented on the findings, saying, "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."

Imarticus Learning urges all stakeholders to recognise the significance of these findings and participate in the change of the data science and AI ecosystem.