“Consumer data will be the biggest differentiator in the next two to three years. Whoever unlocks the reams of data and uses it strategically will win.” – Angela Ahrendts
With talent deficit and the amount of data doubling at a variable speed, it is hardly surprising that Data Science professionals are high in demand and data science is the most in-demand skill currently.
Let’s check out some facts about why Data Science has been making waves in the corporate world.
Interesting stats listed below prove Data Science career is the hottest profession in the new era
- According to the US Bureau of Labor Statistics, the number of jobs requiring Data Science skills is expected to grow by 27.9 percent by 2026.
- The data science market size is expected to grow from USD 95.3.9 billion in 2021 to USD 322.9 billion by 2026.
According to latest reports, data engineering is one of the fastest-growing domains in technology, with over 88.3 percent growth in job postings.
The average salaries in data science and machine learning jobs are surging sky-high with a data scientist getting USD 176,213, and a data engineer taking home USD 166,992.
According to latest reports by Forbes, 5 percent of all data analytics and data science jobs can be found in IT, finance, insurance and related professional services.
- About 80 percent of the firms across the globe are investing a large part of their earnings into creating a skillful data analytics division, thus hiring the smartest of people in the industry domain
Top Skills in Data Science: Python, Data Mining, Data Analytics, Machine Learning, R.
Why Data Science Professionals Are So Much in Demand Globally?
Here are the top reasons:
- Abundance of data: Organizations around the world are finding it a big challenge to handle the enormous amounts of data at their disposal, and an even bigger challenge is how to manage the future datasets that will be exponentially larger.
- Talent deficit: Finding an equipped talent in the data science domain is tough. People adept at understanding and using data to drive business benefits are a rare gem to find. The demand for data analysts and scientists is like gushing water that is unstoppable and the supply is like a trickle. A 2021 report by McKinsey stated that the U.S. alone has got a shortage of more than 190,000 data science professionals. Since then, the demand has grown manifolds.
- Diverse and long skillset required: Being a data science professional requires so much than having an ordinary knowledge of programming, or coding. You must be proficient in applying tools such as Spark, Hadoop, and NoSQL. Besides, you must be well trained in machine learning, programming, and statistical modeling. It’s really hard to find all these skills in one person.
- No entry for professionals with zero knowledge of related subjects: Entry is almost banned for professionals or students with no connection with computer science, engineering, mathematics/statistics, and general science. Data Science is a multidisciplinary field and requires expertise in either one of the above-mentioned fields.
Handsome salary: There’s no doubt about that! The pay is simply great! But so is the work that goes into being a data science professional in your organization.
Average Remunerations for Data Science Job Profiles in the United States
How to Prepare Yourself Up for a Fulfilling Career in Data Science?
Here is what all you can do:
Learn matrix factorizations
Build your concepts in distributed computing
Get trained in statistical analysis, or earn a certification in the same
Develop skills in machine learning and signal processing algorithms
Take up a professional diploma/certification in machine learning, get your hold on the advanced concepts
Make yourself familiar with information retrieval techniques and methodologies
Knowledge in algorithm-building and decoding data structures would certainly help
- A study of computer science engineering with the focus on machine learning
If you are a millennial or a Generation Z professional, there can’t be a better opportunity in the present job market than starting a career in data science.
Do your research, study hard, brush up on your skills, take online programs, take professional certifications, to enter this red-hot industry domain. Data Science professionals are the unicorns in the corporate world.