Which is a bigger domain in data science: AI or Data Analytics?

Artificial Intelligence courses in Delhi provide a very lucrative avenue for all data science professionals looking to build their careers in the fastest growing technology domains. AI versus data analytics remains the most defining battleground for top companies looking to tap the best talent. The game is equally challenging for professionals passing from the AI and data science courses in Bangalore and Delhi. Let’s understand the ecosystem in a better way.

Data science has suddenly emerged as one of the biggest job markets in the world, employing close to 20 million people. As per LinkedIn, 20 percent of the job titles in data science have arrived only in the last 10 years. This has more to do with the rise of two major technologies in the data science world. These are Artificial Intelligence (AI) and Data Analytics. Out of these two, AI seemingly attracts more professionals to its lucrative marketplace. However, when it comes to the sheer size of the market in terms of revenues, the number of companies, and the volume of investments coming in, AI and data analytics are neck to neck. And, in 2022, the competition for the coveted top title in data science has only got stiffer. In this article, we will highlight the remarkable distinction between AI and the data analytics marketplace and how these two compare against the rest of the data science domains.

How big is the AI world?

AI is a very market for investors and technology companies. Despite the slow down in the economy and cost cutting affecting a majority of the IT businesses, of which AI is also a part, market research pegs the AI industry at 1000 billion USD in revenue shares. By 2030, this would cross projections beyond $1500 Billion USD. Between 2020 and 2030, the growth of the AI market is speculated to be between 30% and 50%, which more or less depends on how many data scientists and AI engineers are hired from top AI courses across the world. Top AI hotbeds like San Francisco, Delhi, Bangalore, and Israel continue to attract investors and companies who keep delivering AI solutions one after another. 

How big is the data analytics market?

Compared to the AI world, data analytics is much smaller, at least if we compare the revenue shares and projections for the next 10-12 years. For instance, different market research companies position data analytics markets at $700 billion USD, almost growing at 15% annually. AI, which is a major contributor to the success of many existing data analytics platforms and business intelligence tools, obviously steals the thunder. In the same breadth, data analytics jobs comprise of 15% of AI roles that companies hire for, and these are mostly concentrated on Big Data, Data Engineering, Data Storage, and Data Visualization applications. AI majorly influences the business analytics market, and the investments in this domain largely depend on how companies that make SaaS and Cloud tools for users leverage AI and machine learning for their products. 

So, it is a fairly easy guess that AI overpowers the data analytics market in every way possible. But, wait — what about the jobs? Which domain provides more jobs to professionals in the current era?

After the US, India is the biggest data analytics job market for companies. Nearly 35 percent of the global workforce is hired from India into business analytics and data intelligence roles. And, by 2030, this volume could rise to 60%! In comparison, only 4% of the Indian workforce is working in AI companies, which are heavily dominated by professionals with Chinese, Israeli, and Russian backgrounds. In 2020, there were close to 650,000 different big data and data analytics jobs in the world, which sort of remained the same in the last 2 years. In comparison, there were only 50,000 AI and Machine learning jobs in the global market, of which less than 10% were ever fulfilled. The remaining were either revamped and rebranded to other job titles or outsourced to AI as a Solution provider that hired talents from data analytics markets. So, AI jobs are kind of dwarfed in front of the big data and business intelligence markets. If you are in the data science domain, you are more likely to get an interview call from a company that offers data analytics and business intelligence solutions, and not from a core AI company. 

With demand for AI talent peaking in 2022, a solid education in AI can definitely serve you best.