Starting a career in data science is a smart choice. The reason is not only in trend and well-paid jobs but also in analyzing data to make the strategic moves. And these moves decide the future of the business.
Data science specialists are in demand every sector today. They play an essential role in the five most prominent tech companies like Google, Amazon, Apple, Microsoft, and Facebook. However, to break into this highly demanded field, advanced education is required. Data scientists are highly educated and are masters of their subject.
In 2017 LinkedIn marked Data science as the fastest-growing job. Similarly, in 2018 Data Scientist job was ranked as the best job in the U.S. by Glassdoor. In a recent study, PWC mentioned that the data engineer, data scientists, and business analyst are the best jobs in the U.S.
Below are a few facts which show the professional growth in the field of data science:
- According to LinkedIn since 2012, 650% job growth.
- As per U.S. Bureau of Labour Statistics approx. 11.5 million new jobs by 2026.
- According to Glassdoor, a data scientist’s job title is getting a lucrative salary package with an average annual average salary of $120,931.
Data Science which is a stream to deal with the data analysis, data exploration, data modeling, and to use this data for generation of meaningful information, is the trending word across all the industries. It is a well-recognized fact that they have an enormous amount of data in their system across all the organizations. The need to analyze this data to generate useful information from it is evident.
Here we will put some focus on the need for Data Science Jobs:
Companies’ challenges in organizing data during the digitization process, which started in late 1990 and till early 2000, the main objective was to move offline business processes into system driven processes. There was a consistent generation of transactional data and data logs for day-to-day business operations for all the system-driven functions. With time each organization has availability of huge databank having all the history of various organizational processes. Although most organizations are unaware of how best they can use this data to improve their strategic decisions.
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Here data science comes into the picture
Shortage of Skilled Resources
In one of the studies of McKinsey Global Institute, it was mentioned that the U.S. would face a there will be a shortage of approximate 190,000 employees in the field of a data scientist. India faces a severe shortage of data scientists where limited availability of skilled resources is hampering optimal use of available technologies and tools in this area. According to Srikanth Velamakanni who is co-founder and CEO of Fractal Analytics, in particular, we can see two types of shortfalls in talent availability: Data Scientists, who are responsible for analytics and other are Analytics Consultant, people who are efficient in data understanding and know how to use this data. The availability of skilled resources, mainly Data Scientists, is extremely low, and the need for these resources in Industry is very high.”
As we all know that it’s a game of demand and supply. As we discussed above, there is a massive gap in demand and data scientists’ availability in Industry. Data Science job is one of the highest-paid jobs in the Industry. In Indian, I.T. industry experience is a key factor in determining the pay. Data Science candidates having right skillset in place are capable of getting 19 LPA as an average.
Data Scientists charm of the Industry
Data Scientist is the Industry’s charm as they are working with top shots like Google, LinkedIn, Facebook, Amazon, and Twitter. Harvard Business Review stated Data Scientist as ‘the sexiest job of the 21st Century’. Role data scientists play in their jobs makes them engaged in multiple branches, enhancing their analytical skills in several domains. Thus, making the pool of knowledge.
Data Scientists need of the day
Data scientists are not restricted to tech giants. Companies using data-driven decisions are far ahead than their competitors. This has made small industries and start-ups use data and take strategic moves accordingly. So, Data Science is in picture everywhere. Entry-level data scientists are hired at decent pays by small organizations. This satisfies needs of both. One gets ground to enhance skills while the other can afford the data scientists to grow their revenues.
Open opportunities for skilled professionals
Being a new field, it provides many opportunities for existing skilled professionals from different backgrounds. Data Scientists are generally from mathematics/statistics, computer science, engineering, and natural science disciplines. Now, people having degrees in social science, economics, and business card are also getting into data science as they have upgraded themselves in data science and have the urge to solve problems.
Jobs in different areas
Since different industries are using data science in one or the other form, there is no scarcity of skilled and hard-working people. Irrespective of existing domains Data science is open to all. Professionals knowing data science can work in different roles such as Data Scientist, Business Analyst, Database Administrator, Data Engineer, Data Analytics Manager. They are need of the day. So, it is essential to gather data in today’s world and use it for future growth.