The Demand for Data Scientists Is at an All-Time High!
Between 2020 and 2030, a 31.4 percent increase in employment for Data Sciences is expected indicating the demand for Data Scientists!
In today’s technology-dominated society, data is seen as the new currency. Consider the advantages a data scientist may obtain! Data Science, as the name implies, is a discipline of study concerned with collecting and analyzing data to make sound business choices.
Data Science has carved itself significantly into many of the world’s major sectors. Every day, more and more businesses are turning to Data Science tools and practices to help them thrive and reach new heights of success. Between 2020 and 2030, the Bureau of Labor Statistics predicts a 31.4 percent increase in employment for data scientists.
“Data Science is a branch of technology that majorly deals with analyzing vast amounts of data by making use of complex tools and techniques to unearth hidden patterns and make informed decisions that yield maximum success.
Modern machine learning algorithms and technology are used in this field to develop predictive patterns that help in making sane decisions. The data can be gathered through various platforms and mediums for analysis.”
Statistics was the foundation of data science. The incorporation of concepts such as machine learning, artificial intelligence, and the internet of things was a part of the evolution of data science. With the influx of fresh data and corporations looking for new methods to enhance profits and make better judgments, data science began to spread to other sectors such as medical, engineering, and others.
With the rise in demand, Data Scientists’ job has become more enticing than ever.
Do you have an interest in data mining, machine learning, or predictive modeling? If so, you better pursue a career as a Data Scientist. The number of data scientist positions is growing at a rate much faster than the number of qualified candidates. So what’s causing this shortage of data scientists? And more importantly, what can you do to take advantage of it? Read on to find out.
Data Scientist’s Demand in 2022
By 2025, the market for Data Science platforms is estimated to reach 178 billion US dollars. And this is just the Data Science platform, which offers open-source software and computational resources for Data Scientists to employ in order to stay up to date on the newest innovations in the field.
Considering the upcoming growth, there is no denying that the job opening for Data Scientist roles will also increase along with the lucrative perks and packages. Therefore, it is high time to invest in Data Sciences certifications and get ready for upcoming roles.
Let’s dive into the demand for Data Scientists on a global and industrial level to identify how Data Sciences are reshaping our future!
Industry Level Demand for Data Scientists
The Data Science field is booming, making now an excellent time to pursue a career in this subject. Data science talents are particular to firms such as IBM, Google, Amazon, Coca-Cola, Netflix, Starbucks, Ford Motors, and others. Not to mention the innumerable non-profit and social enterprises aimed at making the world a better place, which has produced a plethora of data science careers.
Here are some of the industry sectors with a high demand for Data Scientists.
Let’s find out why these industry sectors are actively searching for Data Sciences talent and how they will benefit from them.
Data Science has aided the automobile industry’s competitiveness by enhancing everything from research to design, management, production, and marketing. Furthermore, the use of analytics has resulted in the development of autonomous automobile systems like cameras, sensors, and radar, as well as Inertial Navigation System (INS), Global Navigation Satellite System (GNSS), and Light Detection and Ranging (LiDAR).
Here are the main roles a Data Scientist plays in the field of automotive:
- Improving organizational control over logistics and administration
- Improve production line performance
- Reduce repair expenses
- Using cognitive IoT, you can improve vehicle safety
- Predictive maintenance
Increased use cases in the Banking, Financial Services, and Insurance (BFSI) sector have resulted in a tremendous rise of data that must be examined and acted upon. Based on actionable insights from consumer data, the segment has primarily integrated data science into all decision-making processes.
Data Scientists in the automotive industry are mainly responsible for:
- Credit scoring and underwriting
- Detection of Fraud
- Loan appraisals management
- Managing customer data
- Modeling risk
Hackers nowadays utilize increasingly complex Artificial intelligence and deep learning algorithms to conduct cyber-attacks. To prevent the expanding use of algorithms for harmful purposes, the cyber security sector is now embracing data science and AI.
Data scientists utilize artificial intelligence and machine learning techniques to discover the source of harmful activity by reading attack patterns and devising strategies to combat these attacks and avoid their recurrence.
Social networks, search engines, CRMs, web pages, databases, and other services increasingly collect massive amounts of data from their clients. 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.
Here is what a Data Scientist can do in the field of Digital Marketing:
- Anticipate the user’s wants and provide them with tailored and customized results
- Make better business decisions by predicting user behavior
- Market segmentation analysis
- Efficient user interaction
- Analyze trends for product development
Hospitals want Data Scientists that can combine scattered data in the healthcare business, where most data is unstructured and difficult to access and evaluate. Data science has made it simpler to handle all the information, from clinical trials, electronic medical records, and genetic information to billing, care management databases, scholarly journals, and so on.
Here is what a Data Scientist is responsible for in the healthcare arena:
- Disease diagnosis
- Drug development and discovery
- Offering personalized care
- Post-care vitals monitoring & recording
- Providing more precise prescriptions
- Recognizing health concerns and advocating preventative measures
Media & Entertainment
This new face of digital reality attempts to match users’ particular tastes and is evoked by the notion of addressability, as well as the ability to communicate with customers based on their interests. In this data-driven world, the media and entertainment industries want data scientists that can gather, analyze, process, and store while positively influencing the business.
Here are the primary responsibilities of Data Scientists working in the media industry:
- Analysis of viewer’s emotions
- Analytics in real-time
- Programmatic Ad Buying with Optimized Media Scheduling
- Smart Recommendations for Hyper-Targeted Advertising
- Personalized Content Experiences
Telecom operators now have access to massive volumes of data since consumers continuously connect to telecom networks via text messaging, phone, social media, and other means. Other data sources, such as previous purchases, website visits, search trends, and consumer demographics such as age, geography, and gender, have proven to be critical for telecom organizations, and here is where data science comes in.
These are the day-to-day responsibilities of a Data Scientist working in the field of telecom:
- Optimization of price and plans
- Analysis of Call Detail Records (CDR)
- Distribution of network resources
- Network deployment
- Location-based advertisements
Country Level Demand for Data Scientists
Literally, every major organization in any country is looking for Data Scientists so the job opportunities are pretty abundant. Here is a clear reflection of the country-level demand for Data Scientists and how much they are being paid.
|The United States||$165,000||High|
Considering the above scenario, you can check that Data Scientist is a highly paid job designation and comes with multiple perks. It is high time to learn the concepts and principles of Data Sciences and shift to this exciting and rewarding industry.
Interesting Statistics That Make a Career in Data Science the Hottest in 2022
Given the extent to which data and data science today dominate our society, we might question the future of Data Sciences. While it’s tough to predict the future, we are sure about massive advancements in the field of Data Sciences. Data scientists are looking for methods to leverage machine learning to create autonomous artificial intelligence.
In other words, data scientists are working diligently to advance deep learning technology to make computers smarter. These future advancements may result in sophisticated robots combined with strong AI.
Here are some of the interesting statistics reported by Forbes that make a career in Data Science exciting.
- 47 percent of businesses feel data analytics has fundamentally or significantly changed how their sectors compete. (Forbes)
- Only a 10% improvement in data accessibility will result in net additional revenue of $65 million for a Fortune 1000 company.
- 73 percent of firms spend almost 20 percent of their entire technology spending on data sciences.
- For 40% of firms, effectively managing unstructured data to derive relevant business insights is a high priority.
- Individuals generate 70% of web data, with corporations storing, managing, and analyzing the remaining 80%.
Considering the shift of significant industries towards the utilization of Data Sciences and allotting the highest budget to this field, you can understand why we are saying that Data Scientists will soon become the elite of the IT world, and you don’t want to miss out on this opportunity!
Key Skills Required to Be a Data Scientist
Data Science has the potential to become the backbone of all the world’s major industries. This is why now is the perfect time to pursue a career in the area. That said, you will need some vital skills including:
- Statistical Analysis and Modeling
- Machine Learning and Artificial Intelligence
- Programming languages such as Python, R, and SQL
- Data Visualization
- Critical Thinking and Problem Solving
How to Start a Career in Data Science
There is no one specific path to becoming a data scientist. However, there are some key skills and knowledge areas that are essential for success in this field. Firstly, strong math skills are important for data scientists, as they need to be able to understand and work with complex data sets.
Secondly, data scientists must be proficient in programming languages such as R or Python, as well as database management systems. Finally, strong analytical and problem-solving skills are essential for data scientists, as they need to be able to identify trends and patterns in data sets.
If you are interested in pursuing a career in data science, there are many resources available to help you get started. There are online courses and programs that can give you the skills you need to be successful in this field.
You may always enroll in free online Data Science courses or Nanodegree Programs. Aside from that, you may check at numerous scholarship programs that provide Data Science courses based on certain requirements.
Additionally, networking with other data scientists and professionals in related fields can help you gain the experience and connections you need to get ahead in this competitive field. Finally, keeping up with the latest news and developments in data science is essential to being successful in this rapidly-changing field.
The profession of Data Scientist is one of the most significant and in-demand in today’s labor market. If you want to change careers or boost your earning potential, being a data scientist might be the correct choice.
Considering the high demand for Data Scientists, this is the ideal time for you to begin your career in Data Science with the Udacity Data Science Nanodegree Programme!
You might be on your way to an exciting and rewarding profession with the right talents and attitude. Are you willing to accept the risk? Visit our courses page to get started on your adventure right away!