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You could be the next Data Scientist!
The above statement is not just for reading, I mean it. Yes! you can become the next data scientist. You might be wondering how I am so confident. The answer is hidden in the blog.
I have brought some interesting predictions given by IBM for Data Scientists demands for the year 2020. And believe me, after knowing all the predictions, you will become much more excited to start your Data Science journey with me.
In this article, we will see how the demand for Data Scientists has increased tremendously over the past few years and how 2020 will be the year of Data Science.
I will highlight some key findings from IBM and lay out some rare facts and figures to give you a comprehensive insight about what the future holds for Data Science. So, let’s get started.
How is Data Science in Demand?
Data Science is highly becoming a popular field that has been hailed as the “sexiest job” of the 21st century by Harvard Business Review. The number of data science jobs have sky-rocketed in the past few years.
In 2015 alone, the number of data science positions were over 2 million. These numbers are growing at a constant pace and in the year 2019, the number of data science positions have increased tremendously. The figures speak for themselves. But how is data science in demand?
The answer is simple – More employers are searching for qualified data scientists who can help them to generate insights out of the data. In order to handle a large amount of data that is being generated everyday, industries need employees who are specialized in handling this data.
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Data can be analogized as a form of crude oil to the industries. The data that is taken is present in raw form. This data is then processed and transformed into various useful products for the utilization by the users. Therefore, the demand for data science is more than ever.
This huge demand for data scientists is contributed by the massive skill gap that exists in the industry. While there are many new jobs in data science being created everyday, they mostly go vacant.
This is because of the massive dearth in the supply of data scientists. Because of this, there is a salary bubble such that qualified data scientists draw lucrative salaries.
In the figures that we will discuss further, we will see how data science has created lucrative career opportunities and how it has made its foothold in several industries of the world.
Data Scientists Demand Insights by IBM
According to a survey conducted by IBM, there will be an increase by 364,000 to 2,720,000 openings in the year 2020. Furthermore, the unstoppable rise in demand for data scientists will reach approximately 700,000 openings in the same year.
Don’t miss the chance to grab the Data Science job. This is the right time to update your skills that are required for Data Science.
Jobs in Data Science are currently reigning the job market such that Glassdoor has observed it to be number 1 job on its website. Furthermore, the data science openings are open for 45 days, which is 5 days more than the regular job market!
This imparts data science a special position in the market. In order to bridge the skill-gap, IBM has taken the initiative to align educational institutes with its industrial environment to train data science professionals. Some of the important features of the study conducted by IBM are –
- Finance and professional services are the main demand zones for data scientists. The total demand in these fields is 59%, which is the highest among all the industrial sectors. Finance industries account for 19% of the openings whereas professional services account for 18% and IT sector holds 17% of the total data science openings.
- There is a predicted growth by 364,000 to 2,720,000 openings in data science in the year 2020 alone. You can have a detailed look at this through the following infographic.
- In terms of skills, the highest paid data scientist are those who possess the knowledge of MapReduce, PIG, Hive, and Hadoop. Having knowledge of MapReduce will earn you $115,907. You can have a further glance at several zones of big data.
- The demand for data scientists and advanced analysts will skyrocket in the year 2020, with a projected demand spike of 28%. Considering the rarity of ‘pure’ data scientists, industries are paying premium salaries to those who hold the right expertise. Successful applicants like freshers can earn an average salary of $80,265 while skilled data scientists earn $100,000.
- Data Science requires skilled candidates who hold higher degrees like Masters and Ph.D. in qualitative fields. 39% of the positions require the Data Scientists to hold a higher degree. Therefore, engaging in long term education and immersing yourself in knowledge will reap you great rewards.
- There are further challenges in hiring data scientists such that it takes 53 days on average to fill the position of an analytics manager. In the field of finance, hiring data scientists and specialized analysts is much easier than other industries.
Images Source – IBM
How to become a part of Data Science?
In order to become a part of this emerging field, you must have the required skills to be at par with the industrial standards and requirements. Data Science is a vast field composed of several disciplines.
Data Science is like medicine, it takes the right expertise and years of experience to master it. It is an entirely new field in itself. Therefore, to grasp these positions, you must possess the right skills.
To know more about the required skills for Data Science and how can you become a data scientist, you must check this trending infographic – How can you become a Data Scientist
Summary
So, after reading the complete article, I hope you very well understood how data science is an emerging field and how big is its demand. Data Science will contribute to the economy and will create jobs that will form a substantial portion of it. Learn the key skills and prepare yourself for the career of the future.
Comment below, if these insights motivated you to start your career in Data Science. Stay connected for more interesting articles.