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PGDM – Dual Specialization
PGDM – Data Science and Analytics
PGDM – Quantitative Finance

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Top 10 Data Science Tools To Use In 2024: How Much Do Data Analysts Make?

Top 10 data science tools to use in 2024

Undoubtedly deemed as the “hottest career of 2024” data science continues to be a critical field in the modern digital landscape, shaping industries from healthcare to finance with its ability to extract actionable insights from raw data. Data is important in any organization to make better decisions and stay ahead of the competitors.

The application of DS is expanding and impacting numerous aspects of our lives. It is used in every industry, including technology, finance, e-commerce, healthcare, etc. which makes it more significant. According to research by LinkedIn, data science is the most in-demand profession, with a 37% increase in hiring over the previous three years.

For students eyeing a future in this vibrant field, understanding the tools of the trade and potential earning outcomes is essential. Our team of subject experts have analyzed the market and finalized the most in demand data tools in 2024.

Narayana Business School offers masters in data science which by many students has been deemed as the best data science course in the industry. Let’s explore the top 10 data science tools poised for prominence in 2024 and provide a detailed look at salary expectations for data analysts, aiming to guide your academic and career choices effectively. 

Data science enables organizations to identify and refine their target audiences by merging existing data with additional data points to develop valuable insights. The growing importance of data science is rooted in the increasing value of data. 

In the education sector, data science provides centralized control over all student data, enabling educators to evaluate student performance and make informed decisions.

Here are the nuances of each tool, exploring their new features, use cases, and the impact they’re poised to make in the data driven landscape of 2024. Your guide to masters in big data:

ToolOverviewKey FeaturesImpact
PythonCornerstone of data science due to its simplicity, readability, and vast array of libraries.Libraries like TensorFlow, Pandas, and Matplotlib. Improved integration with data platforms and performance optimizations.Simplifies complex data analysis tasks, community-driven support. Indispensable for data scientists.
RKnown for its statistical prowess and graphical capabilities.Packages like tidyverse for data manipulation and ggplot2 for plotting.Beneficial in academia and research for detailed statistical methods.
SQLStandard for managing relational databases.Sophisticated query capabilities, integration with NoSQL databases.Handles large volumes of data efficiently, key in industries with significant database management.
Apache SparkIdeal for large-scale data processing.Enhanced machine learning libraries, better cloud integration.Versatile in processing vast amounts of data quickly, invaluable for real-time applications.
TensorFlowLeading framework for deep learning.Focus on ease of use with more pre-built models, simplified APIs.Drives AI innovations with extensive use in AI research and real-world applications.
TableauStands out for intuitive visual interface for complex visualizations.Better mobile support, enhanced integrative capabilities with real-time data sources.Democratizes data visualization, favored among non-technical users in corporate settings.
Jupyter NotebooksSupports interactive data science and scientific computing via a web interface.Better collaboration tools, increased language support.Ideal for educational and collaborative features in academic and research environments.
GitHubCrucial for version control and code sharing as a repository hosting service.Improved data version control, integration with continuous integration tools.Essential for collaborative projects, efficiently managing changes and maintaining work history.
SASPowerful software suite for data analytics used primarily in corporate settings.Robust analytics and enhanced machine learning capabilities.Useful in sectors like healthcare and finance for data security and precise analytics.
Microsoft ExcelWidely used spreadsheet management despite more advanced tools.Integrates AI features for automation and predictive analysis insights.Continues to fundamental tool for data handling in the business world due to its ease of ubiquity.

Python is a programming language that is easy to learn and use, which is why it’s incredibly popular among data scientists and developers. It has libraries (like toolkits) such as TensorFlow for creating complex machine learning models.

Learn Python Enabled Pandas Tool

Pandas for organizing and manipulating data, and Matplotlib for making charts and graphs. Python is great for automating tasks, analyzing data, and building applications. Its community-driven nature means many people contribute to its development, constantly improving its functionality. Recent studies show that big data analytics tools like Python’s simplicity and flexibility are driving its adoption in diverse fields from web development to artificial intelligence.

R is particularly favored in academic and research settings due to its strong statistical analysis capabilities. With tools like tidyverse and ggplot2, it’s perfect for analyzing complex datasets and visualizing the results in detailed graphs. R is often used in biology, economics, and psychology for statistical tests, modeling, and visualization. The comprehensive nature of its packages allows for detailed exploratory data analysis, which is essential in research to uncover patterns or test hypotheses.

SQL (Structured Query Language) is the standard tool for managing relational databases. It helps in efficiently managing structured data, like that in a customer database. Its ability to perform sophisticated queries makes it indispensable in sectors like banking, healthcare, and retail, where managing vast amounts of data is crucial. Recent enhancements allow better integration with modern database technologies, such as NoSQL, which are designed to handle a wide variety of data formats.

Apache Spark is a powerful platform for handling large-scale data processing. It can process data across many machines, which makes it faster than traditional single-server platforms. Spark is ideal for real-time analytics and has applications in industries like finance where immediate data processing is critical, such as for fraud detection systems. The recent updates have focused on improving its machine learning capabilities and making it easier to use in cloud environments.

TensorFlow is a leading tool for deep learning, a type of artificial intelligence that mimics the way human brains operate. TensorFlow is widely used in creating systems that can recognize speech, improve search engine results, and even diagnose diseases from images. Its ease of use and flexibility, thanks to recent updates, make it accessible to both beginners and experts. Recent studies using TensorFlow have shown significant advancements in automated driving systems and healthcare diagnostics.

Tableau excels in making data visualization intuitive and accessible. It allows users to create detailed graphs and interactive reports without needing extensive technical skills. This makes it popular in business environments where quick, clear insights into data are necessary for decision-making. Its latest updates have improved how it works on mobile devices and how it integrates with real-time data sources, enhancing its versatility.

Jupyter Notebooks provide an interactive computing environment where you can combine code execution, rich text, and visualizations in a single document. This tool is particularly useful in educational settings, allowing for a hands-on approach to learning programming and data science. It facilitates collaboration and is used extensively in research to document experiments and share findings.

GitHub is a platform for code hosting and version control, allowing multiple people to work together on software projects. Its recent updates have focused on data version control, which is crucial for teams working on data-intensive projects, ensuring that changes can be tracked and managed effectively. It is essential for developers in maintaining the history of their work and collaborating on projects across the globe.

SAS (Statistical Analysis System) is a suite of software tools specifically designed for data analytics. It’s widely used in professional environments where robust data analysis capabilities are needed, such as in healthcare for analyzing patient data or in finance for risk assessment. Its powerful analytics and machine learning capabilities make it a preferred choice for complex data environments where accuracy and security are paramount.

Despite the presence of more sophisticated analytical tools, Microsoft Excel remains a staple in many business settings. It is primarily used for spreadsheet management, budgeting, and financial analysis. Excel’s recent integration of AI features to automate tasks and provide predictive analysis has kept it relevant in the modern data-driven world. Excel is often the first tool many people learn for data management, making it universally valuable in both personal and professional contexts.

Learn Data Science With No Coding Background Required

The role of data science is becoming increasingly pivotal across various sectors. This field, which seamlessly blends statistical analysis, algorithmic development, and technology, is not just enhancing operational efficiencies but is also driving innovation and strategic decision-making. For those considering a career in this dynamic field, pursuing a Masters in Data Science or a PG in Data Science could be highly beneficial. Various institutions offer specialized programs such as Data Science and Business Analytics courses and PGDM in Data Science, tailored to meet the industry’s demands.

In 2024, data science in healthcare is revolutionizing patient care through predictive analytics and personalized medicine. Data Science courses, focusing on healthcare applications, teach how to manage and analyze vast datasets—from patient genetics to lifestyle choices—enabling the development of tailored treatment plans that significantly improve patient outcomes. Additionally, Data Science certifications are equipping professionals to use machine learning models to predict epidemic outbreaks and devise response strategies, critical in preempting and managing public health crises.

Financial institutions are leveraging data science to enhance customer experiences and optimize risk management. Business Analytics and Data Science courses are crucial for professionals aiming to develop algorithms that detect fraudulent activities in real-time and automate trading strategies. Moreover, Data Science courses near me can provide localized training, integrating AI with traditional banking processes to facilitate personalized banking services.

The retail landscape is undergoing significant transformation thanks to data science. Courses on Big Data and Data Science help professionals optimize supply chain logistics and personalize shopping experiences through predictive analytics. These programs enable retailers to forecast demand more accurately, manage inventory efficiently, and enhance customer satisfaction through personalized recommendations.

The transportation sector benefits from a data-driven approach, improving everything from traffic management to fuel efficiency. Professionals trained in Data Science course eligibility that include geospatial data analysis are optimizing routes, reducing traffic congestion, and advancing autonomous driving technologies.

Data Science courses play a crucial role in combating climate change by analyzing environmental data. These courses prepare scientists to predict weather patterns and assess the impact of human activities on the environment. The knowledge gained is crucial for developing effective environmental policies and technologies aimed at reducing carbon footprints and promoting sustainability.

Becoming a data analyst can be a lucrative career choice. Here’s what influences their salary:

A degree in masters in data science or related fields like quantitative finance often leads to higher starting salaries.

Even as a fresher you shall earn well if studied from the best b school.

Salaries vary widely depending on geographical location like Ahmedabad is the emerging hub of data and quant experts.

Industries with higher stakes in data, like finance and technology, typically offer higher pay.

In the U.S., the average salary for a data analyst ranges from $60,000 to $90,000 annually, with variations depending on the above factors.

Globally, salaries vary but follow similar patterns influenced by the local economic landscape and industry demands.

For graduate students eyeing a future in data science, business analytics, looking for MBA in data science and analytics is essential. The ability to analyze and derive meaningful insights from data is defining the new era of financial professionals. By embracing data science, aspiring financiers equip themselves with the necessary tools to innovate and excel in this evolving field.

As the reliance on data continues to shape financial strategies, the demand for skilled practitioners in data science will only increase, promising a rewarding career at the intersection of finance and technology.

Consider enrolling in a data science course, data science programs, or pursuing a PGDM in data science to start your journey in this lucrative field.

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