Trending industries for MSc Data Science graduates

Data science is a multidisciplinary field that uses scientific methods, algorithms, and systems to extract knowledge and insights from structured and unstructured data. Its applications span across various domains and industries, fundamentally transforming the way organizations operate and make decisions. For instance, in healthcare, data science enables predictive analytics for patient outcomes, personalized medicine, and efficient management of medical records and in retail, it powers recommendation systems, inventory optimization, and customer sentiment analysis

Data scientists are in high demand in today’s data-driven world as more and more firms have started leveraging data for growth and expansion. Data scientists provide insightful analyses that support greater investigation by various organizations and individuals. In addition to being financially lucrative, emerging trends in data science career options also foster intellectual development. This growing trend is fueling numerous opportunities for data scientists after MSc.

REad more: How to get a job in data science?

Industries for data science graduates

Between 2022 and 2032, opportunities for data scientists with an MSc are predicted to increase at a rate that is 35% faster than the average for all jobs. These job opportunities range from data scientist to machine learning scientist. Let’s explore the most trending career options for MSc data scientists.Modern businesses rely heavily on data to identify patterns, insights, and methods for streamlining operations. All this makes data science one of the top careers with the highest-paying potential. Let’s dive deep into the post MSc data science industry options.

01. BFSI and Financial Services 

In the Banking, Financial Services, and Insurance (BFSI) industry, increased use cases have resulted in a tremendous rise of data to be examined and used. Also, the use of data science in BFSI is crucial to enhance risk management through predictive analytics, enabling institutions to foresee potential fraud, credit defaults, and market fluctuations. Data science also streamlines operations by automating routine tasks and optimizing processes such as loan approvals and claims processing. That is why there is a high demand for data scientists in the BFSI industry. The professionals help detect fraud and dangers, identify income possibilities, manage loan appraisal, and secure customer data.

Top job roles: Financial Data Scientists, Financial Analysts, Risk Managers, and Big Data Analysts

Also Read: Data Science Use Cases in Finance

02. Information Technology

The tech industry is one of the most popular destinations for aspiring data scientists. They help produce tech products and services, manage cyber security risks, predict customer trends and patterns, and generate actionable tech strategies. Data science takes numerous responsibilities in industry that range from building machine learning models to making accurate data-relied predictions. Data science enables tech companies to refine their marketing strategies, leading to more effective targeting and customer engagement. The integration of the tech industry and data science ultimately leads to innovative solutions and sustained competitive edge.

Top job roles Data Scientist, Data Analyst,  Database Administrator, and Machine Learning Engineer

03. Healthcare Services

Data science has wide applications in healthcare that range from medical image analysis to predictive analytics. It also helps uncover, analyze, and produce actionable insights from raw data. It also helps in mapping the spread of viral infection, increasing efficiency in hospitals and healthcare institutions, improving diagnosis and treatment methods, and more.

Top job roles: Analytics Manager, Data Scientist,, Predictive Modeller, and Business Analyst

04. Automotive

Automotive is the one industry that data science has helped maintain its competitive edge. It is helping enhance everything from research to design, production, and marketing processes. The use of sophisticated analytics has resulted in the development of autonomous automobile systems such as sensors, cameras, and radar.

Top job roles: Data Analyst, Data Engineer, and Data Scientist

05. Retail Industry

Data scientists are in high demand in the retail industry due to their competence in processing and interpreting enormous data sets acquired from various sorts of consumers. They assist retailers in better understanding market trends as well as consumer behavior, demands, and interests. They use data insights to improve a retail business’s products, services, and revenues. Data science is helping firms better understand their customers.

Top job roles: Business Analyst, Statistician, Data Architect, Analytics Manager, and Business Intelligence Analyst

Also Read: How Does an MSc in Data Science Help You in the AI Era?

06. Entertainment and Media 

The major media and entertainment companies employ data scientists to learn more about the audience, their interests, and preferences. OTT platforms use data science to provide their audience with the most relevant and personalized suggestions. Data scientists create calculated suggestions for pages, videos, and more. This information is also utilized to increase brand recognition as well as product and service consumption.

Top job roles: Forecasting Analyst, Business Intelligence Developer, People Analytics Partner, Junior Data Scientist, and Content Analyst.

07. Digital Marketing

Digital marketing firms leverage data science to make better business decisions by predicting user behavior. The rise in demand for data scientists is because of the increasing number of social networks, search sites, online traffic display networks, movies, and web pages. Analysis of such large amounts of data necessitates a high degree of business intelligence, which can only be obtained via the proper use of data science approaches.

Top job roles: Database Developer, Statistician, Business Intelligence Analyst, Data Analyst, and Data Engineer

08. Telecommunications Industry

Every minute, the telecommunications business creates vast volumes of data, including customer information, call details, and network statistics. This vast data necessitates employing a data scientist who can process and simplify it. It necessitates having a deep understanding of the various domains of data science, as well as significant industry knowledge, which will vary widely depending on the organization you work for.

Top job roles: BI Developer, Analytics Manager,Ddata Manager, and Business Analyst

Also Read: Exploring new opportunities with MAHE’s Online MSc in Data Science

Why pursue MSc Data Science from MAHE

Although data scientists can work on nearly any project in any industry, those who hold a master’s degree may be able to choose from a wider range of post-MSc data science industry options. A master’s degree is also useful if you wish to shift careers and work in data science. Obtaining an MSc in data science from the Manipal Academy of Higher Education (MAHE) is thus one of the best and wisest options. Here are some reasons why an MSc in data science from MAHE is the best option.

• The curriculum includes the proper blend of machine learning, big data analytics, and statistics to help you become competent at exploiting real-world data to solve issues.
• Both diverse training in data-centric research and solid methodological foundations in the decision sciences are provided.
• At MAHE, students receive insightful direction, coaching, and support from extraordinarily qualified faculty members.
• Through MAHE’s online webinars and seminars, students can receive practical guidance on real-world projects and scenarios.
• MAHE provides outstanding placement support in addition to workshops, alumni engagement, portfolio preparation, virtual recruitment drives, and other services.

Conclusion

One of the most popular courses to take in 2024 is data science. Given the enormous career potential and strong need for qualified data scientists, many professionals and students are becoming more interested in this field. Higher education and more skill development can be beneficial to seek greater opportunities for data scientists after MSc. If you want to improve your skills, getting a master’s degree in data science might be a worthwhile investment, as it can provide you with numerous career options for MSc data scientists.

Getting an MSc in Data Science from the MAHE is a crucial move towards a lucrative and successful profession. MAHE’s competitive curriculum, knowledgeable professors, and cutting-edge tools offer an ideal professional and personal development environment. Opt for MAHE’s MSc in data science to succeed in future data science careers.