Data Science has been termed as the “Sexiest Job of the 21st Century,” and a job designation with a promise of immense respect along with a handsome salary package that you must have imagined in your dreams.

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

  • A Deloitte research says that by 2022, the income of data scientists will rise to as high as USD 130,176
  • The job listings in data science in 2020 are supposed to grow by a whopping 364,000, with total number of openings skyrocket to 2,720,000
  • The role of Advanced Analysts and Data Scientists will be most sought after in the job market in 2020, with an expected rise in demand by 28%
  • The average salaries in data science and machine learning jobs are surging sky-high with a data scientist getting $105,000, and a data engineer taking home $117,000
  • Forecasted demands for the much-crucial roles in data science industry – data developers, scientists, and engineers, indicate that in 2020, 700,000 new openings will emerge globally
  • About 80% of the firms across the globe are investing a large part of their earnings into creating a skilful 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 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 a gushing water that is unstoppable and the supply is like a trickle. A 2018 LinkedIn report said that U.S. alone has got a shortage of more than 150,000 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 modelling. 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 an 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 U.S. Remunerations for Job Profiles in Data Science

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

Conclusion

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.