Data science is getting bigger, courtesy, of massive data inflows, and the need to extract great insights to guide company operations. Professionals have several interesting roles to pick from.
Data is everywhere! Businesses across the world are constantly generating data on various parameters of their work, and this data is often used to extract valuable insights that could guide the future course of action. Data science helps to do this, allowing businesses to understand consumer behavior and accordingly tweak their operations, products, services, and more. It is no wonder that Max Levchin, co-founder of PayPal, said: “The world is now awash in data and we can see consumers in a lot clearer ways.”
According to the recent U.S. News report of annual job ranking list, data scientists continue to be among the best employment, with competitive pay, advancement prospects, and a decent work-life balance. Data scientist was ranked third in the best technology jobs category, sixth in the best STEM jobs category, and sixth overall in the best jobs category.
The BCG-WEF project reported that 72 percent of manufacturing organizations use advanced data analytics to increase productivity. By 2025, the global big data market is expected to be worth USD 123.2 billion. Data science certainly looks like a great career choice!
According to about 47 percent of McKinsey survey respondents, data science has helped businesses gain a competitive advantage. This suggests that there is a fair gap between the supply and the demand for data scientists and therein lies the opportunity! Data science has caught the attention of jobseekers, with fresh graduates striving to get into data science and seasoned professionals putting in efforts to learn and transition to a data science career.
Because there is so much data and the volume is getting bigger exponentially every day! The demand for data science spiked almost instantaneously, as companies got their hands on large volumes of data. Although data-driven decision-making has been a key part of the operational strategy at successful organizations, it has now become main stream. Companies can now use this data to understand customers and their behavior, sort out operational challenges, and build better customer retention strategies.
Problems previously solved with guesswork or hit-and-trial methods are now tackled by data analysis – collectively called data science. This combines statistical techniques, programming, and sophisticated machine learning algorithms to dissect problems to their simplest form and derive solutions. Thus, companies need to hire people skilled in data science. According to the US Bureau of Labor Statistics by 2026, 11.5 million jobs will be created for data scientists.
We bet job-seekers are queuing up!
Certainly, to take advantage of the demand, professionals are moving towards data science certifications, training, workshops, and seminars. They want to put in their best to equip themselves with the required skills.
The average base salary for Data Scientists in the United States is USD 117,212 per year, according to Glassdoor. Given that the estimate was created from a sample of 18,000 incomes, there is a very high degree of confidence in it.
Contrary to popular belief, ‘data scientist’ is not the only role available in the data science field. There are many other roles, with differences in roles and responsibilities, as well as in technological and other skill requirements. A common career path is a progression from ‘data analyst’ to ‘principal data scientist’, and a typical data science team comprises data analysts, data scientists, senior data scientists, and principal data scientists, among others.
Some of the common job roles in data science are explained below:
The future seems bright!
It is. After all, Tim Berners-Lee, known as the inventor of the World Wide Web, said: “Data is a precious thing and will last longer than the systems themselves.”