Data science has been around for quite some time now. Although, the arrival of computers and the internet has further led to the production of enormous amounts of data, the notion of data has been in existence even in the 19th century with organizations gathering, storing, and processing data. Fast-forward to 2024, how has data science evolved, and what is the goal of data science in this new era? The recent past few years saw a boom in the data and data proliferation. The digital age drives on large volumes of data, with the importance of data science discipline growing at a rapid pace. The need to manage big data has driven the demand for data science professionals, with projections of data science as the next big thing in the job market. The data science in 2024 is poised to grow, with PayScale predicting data science annual salaries ranging between $65k to $153k. So if you are looking forward to pursuing a master of science in data science in 2024, you're on the right track. Let us delve into the growth and projection of data science in 2024 and find out how to craft your MS in Data Science career path through this blog.

Why pursue of Master of Science in Data Science

A Master of Science in Data Science has become the standard pathway to entering the more advanced positions in data science field. Data is practically employed across every industry. There is no contesting the fact that data science is poised to see a bright future ahead. A data science professional with advanced skills and expertise is in demand in practically every organization to help in the growth of the company by making them make more-informed choices and decisions.

There is a significant demand for data scientists by varied businesses. Their expertise include gathering data, analyzing, sanitizing and extracting information to derive more informed business choices. Data scientists employ a diverse set of tools and techniques such as statistics, machine learning, and programming to generate insights from the data. These skills are critical for any aspiring data scientist. A Master of Science in Data Science equips and trains prospective professionals with all these crucial skill sets and knowledge to work as a competent data scientist. To simply put it, the following points signify why data science is an excellent career path and why holding an MS in Data Science will help you become a unicorn in today's data era.

Massive Demand for Professionals
High Job Satisfaction
Interdisciplinary Field
Constant Learning Opportunity
High Growth Opportunities
Impactful Work
Diverse Career Paths
Lucrative Salaries

Trends and Use cases of data science in 2024

Customer behavior prediction in retail: Businesses in Retail are required to have extensive knowledge of their customers' past interactions with the company and comprehend future needs, spending patterns and trends. For this, companies gather data of the customer's past interaction to draw insights about the future trends.

Fraud detection in Banking and Finance Sectors: Data Scientists are in large demand as with massive digitalization comes the rise in cases of digital threats and frauds, particularly in finance and banking sector. Data Science professionals employ machine learning algorithms and anomaly detection techniques and help organizations detect suspicious patterns and prevent from possible fraudulent activity occurring.

Equipment failure detection in Manufacturing: Manufacturing companies will largely be in demand for professionals with specialized degree and skills like an MS in Data Science, as maintaining their plant is an essential. Companies often use Condition-based maintenance strategy for predicting failures of equipment in their plant. CBM method relies on the real state of the company's equipment. Hence, it's essential that companies have problem equipment.

Healthcare-Patient Outcome predictions: Another significant trend that will give rise to increasing need for data science in 2024 is rendering better predictions in healthcare industries, especially in patients. Healthcare industries will demand MS in data science level expertise to employ predictive models efficiently. Predictive models are generally trained to identify and recognize trends and risk factors connected to several patient outcomes by employing machine learning algorithms. This method enables healthcare providers to provide personalized treatment and interventions to improve health outcomes.

AI & ML: There will be massive advances with AI and ML, and companies will face the challenge of implementing and interacting with these technologies. Professionals with advanced skills and knowledge in AI and ML technologies are poised to lead the modern-day digitally intensive era.

Predictions in Transport Industry: Another industry poised to see massive use of data and to demand for data science experts in 2024 is in the transport industry, with massive need for forecasting traffic patterns.