Why Data Science jobs are in huge demand?Category: Data Science Posted:Apr 22, 2019 By: Serena Josh
Are you interested in coding or do you like to work with algorithms? If your answer is yes, then be ready for a highly professional career. In order to achieve this, you need to enter the fastest growing data science field. The demand for data scientist and data analytics has not ever observed such increase ever before. Data Scientists are required in almost every area no matter if it is healthcare, manufacturing or retail industry, education, or IT industry. From the year 2014 to 2015, the number of jobs in Data Science is increased up to 42%, which has become 10% more between the years 2015 to 2016 and got doubled from 2016 to 2017. The growth is continuing. Currently, around 50 thousand Data Science jobs available in the USA as well as in India. This post shows some reasons for the huge demand for Data Science jobs. Let’s explore them in detail.
Why is Data Science important? With the growing technologies such as the Internet of Things, Machine Learning, Artificial Intelligence, etc. data is the new currency of every organization. It plays an essential role in the organization as it helps businesses to make informed decisions. Due to this increasing scope of data, data science came into the picture. Data Science mainly deals with the data collection, manipulation, analysis, organizing and management of data which helps the organization in finding patterns and making a better business decision. It is one of the sizzling fields which is booming across all industries and data scientist are needed almost in everywhere. In order to find insights and to take significant business decision, the need for Data Scientists is comparatively growing in this competitive world. To arrange large data sets logically, the data scientist uses their skills in mathematics, statistics and programming. Then, they apply their skills to find the hidden solution from this data to achieve business objectives. That’s why Data Science is essential in different industries.
Increase in Data Science job: Due to the growing importance of data, Data Science jobs are in huge demand nowadays. The demand for data science jobs is increasing every year. India is just following the US, in terms of the demand for qualified Data Science professionals. As per the studies conducted by Analytics India Magazine on Data Science jobs, more than 50 thousand opportunities in Data Science will manifest in India only. The analysis further uncovers that over half of the current IT talented individuals should up skill themselves in the data science field and other distinct responsibilities as their skills are becoming outdated.
Reasons why Data Science jobs are in high demand: Now, let’s explore the top reasons which show why data science jobs are in huge demand:
1. Data organization is a challenging task for companies: Though data is one of the essential components of every organization, its proper organization would be a challenging task for the companies. With the success of Information Technology from the year 2000, the organizations were completely focusing on shifting their offline business operations into completely automated computer systems. During these periods, substantial reliable electronic content is created, transactional data generated, and an enormous amount of data records has been produced. This shows that the information is stored in the form of data in many organizations. If the data is identified correctly, then it will be beneficial to the organization, but how this can be achieved? Recently, this is replicated in Glassdoor’s latest released report which focuses on the 50 best jobs in the current period. There is no doubt that Data Scientist is at the top position for the next subsequent year with a score of 4.8 out of 5.
2. Outstanding qualities of a Data Scientist: There is no doubt that Data Scientist job is registered as the top job of the 21st Century by Harvard Business Review. Data Scientist is greeted in every top MNC such as Google, LinkedIn, Amazon, Facebook, etc. The Data Scientists have to perform various job roles and responsibilities which are unique and extraordinary as per the job role. They can enhance their career by nature of their work including various logical and analytical abilities in different areas like Machine Learning, Big Data, etc. Using this extensive knowledge they can have an exceptional reputation or X-factor within the organization.
3. Lack of talented resources: According to an analysis conducted by A McKinsey Global Institute, there will be a massive shortage of about 190,000 data scientists and 1.5 million managers and analysts who can understand and make decisions by utilizing Big Data. The demand for data scientists is particularly severe in India. Though there are enough tools and technologies available, there is a lack of talented people. As per the co-founder and CEO of Fractal Analytics, Srikanth Velamakanni, there are two types of skill shortage: one is a data scientist, who can carry out analytics and another is Analytics Consultant, who is capable of utilizing and comprehending There is a huge demand for data scientist, but at the same time there is great shortage of talented professionals for these job roles.
4. High ranging salary: Currently, Data Scientist is one of the demanding and highest paying jobs in the industry. As per the Glassdoor report, the average salary in the US that is offered to a data scientist professional is $116,000 annually which may differ organization to organization. In India, the salary range is greatly affected by the experience. If a candidate possesses an excellent analytical skill and experience can earn more than 19 Lakh per annum. Due to the scarcity of talented peoples, most of the companies are ready to pay up to 30 to 50% more than the other technical roles.
5. The democratization of Data Scientists: Data Scientists are not only required in technical giants. According to the Harvard Business Review, the companies which are using data-driven decision making were usually 5% more productive and 6% more profitable as compared to their opponents. Due to this reason various medium to small start-up companies are moving towards Data Science. Several startup companies are hiring entry-level Data Scientists with an excellent range of salary. This will be beneficial for a data scientist as well as for the company. The Data scientist can enhance their skills by learning various new technologies whereas the organization has to pay less salary to the beginners.
6. There are fewer entry barricades for current experts: Data science is relatively a new field. The different professionals from various backgrounds can quickly enter into this field. Most of the existing Data Scientists belongs to the different fields such as mathematics or statistics, computer science, natural science, and engineering disciplines. Many data scientists may also hold a degree in other areas such as economics, social science, and business. These data scientists have a problem-solving spirit and also learn to manage various issues. They have also improved themselves with online or recognized courses.
7. Growing applications of Data Science: Data science is used in most of the industries whether it is a manufacturing or healthcare industry, IT or banking sectors. Healthcare industry is using data science to provide better healthcare services and treatment programs. With the help of Data science, industries can easily predict any fault in the tool and equipment and many more. Data Science applications have been observed in most of the organizations, thus, there is no shortage of Data Science jobs; the jobs are available for anyone concerned and eager to put more effort in this field. Data Science jobs are not restricted to industries only, but it is available across topographies. Data Science and analytics is open to everyone. Anyone can take-up Data Science course regardless of their geographical employment or existing field.
Conclusion: Currently, Data science is one of the growing and demanding fields. Data Scientists are required in almost every industry, and thus, there are plenty of jobs available in this particular field. Data Science is a big umbrella which involves different job roles. It incorporates various job-roles such as Data Architect, BI Engineer, Business Analyst, Data Engineer, Data and Analytics Manager, Database Administrators.