Why Data Science is in Demand? I will tell you the exact reasons in just 4 mins!
“The jobs for data science has only grown sexier,” said Andrew Flowers, an economist at Indeed, based in Austin, Texas, and author of the Indeed report. “More employers than ever are looking to hire data science professionals.”
The report from Indeed showed a 29% increase in demand for data scientists year over year and a 344% increase since 2013.
Demand for data science professionals is growing, as organizations maintain themselves through data-driven insights.
Similarly, data from a technology job site showed the number of data science job postings on its platform has increased about 32% and it considers data science a “high-demand skill.” The job postings are from companies in a wide variety of industries, not just technology but other sectors too. Demand for data scientists has been on a steady upslope, with more than 3,200 openings as of every month.
While companies realize the value and power of Big Data, they thrive to use it to make better business decisions.
- Median Base Salary: $130,000
- Career Advancement Score (out of 10): 9
- Top Skills: Machine Learning, Data Mining, Data Analytics, Python, R.
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Reasons for the Demand for Data Science Professionals
Below I am sharing top 6 reasons that will tell you why data science is in demand these days –
1. Companies are facing challenges with the handling of data
A huge amount of data is generated every day by companies. This means every company is now sitting with a pile of data and does not really know what to do with that data. So to organize this volume of data and draw meaningful insights from it, they require people who are experts in Data Science.
2. Shortage of skilled resources
Co-founder and CEO of Fractal Analytics, Srikanth Velamakanni says, “There are two types of talent deficits: Data Scientists, who can perform analytics and Analytics Consultant, who can understand and use data. The supply for these job titles, especially Data Scientists is intensely rare, and the demand is abundant.” In August 2018, LinkedIn reported that there’s a shortage of more than 150,000 people with data science skills in the U.S. This supply-demand gap will definitely limit its size as there are many aspiring data scientists who are entering the job market.
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3. Hard to find multi-factors
Data Science professionals typically are expected to have some knowledge of at least one programming language – Python and R are the mains. Data science professionals are also expected to have experience in tools like Hadoop, Spark, NoSQL, as well as training in statistical modeling, machine learning, and programming. Along with statistical and machine learning modeling more demand for skills in SQL, Apache Spark and relational as well as NoSQL database systems are seen. These are all usually hard to find in one person in the field.
4. Entry barriers for other professionals
Many data science professionals come from mathematics/statistics, computer science, engineering, and natural science background whereas some have degrees in business, economics and social science. Those who do not have a foundation in computer/math may face difficulty but can manage to upskill themselves through online courses.
5. The pay is great
Given the high demand for Data Scientists and other data science roles, the salaries for the position are also raised. This job is among the top-paying in the industry right now. According to Glassdoor, the average salary for data scientist/analyst tops more than $62,000 in the U.S. In India, the experience strongly influences the pay. Those with the right skillset earn as high as 19 lacs per annum. And the average pay for a beginner Data Scientist, IT is Rs 619,182 per year.
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6. A Plethora of Roles
Data science combines several disciplines, including statistics, data analysis, machine learning, and computer programs. Roles such as that of a Data Scientist, Data Analyst, Data Architect, Business Analyst, Data Engineer, Database Administrator, The Statistician, Data and Analytics Manager are in high demand. Data Scientist is one of the most demanded job titles you can have these days and is among the top earners in the field of data science.
Average Salaries (US) for the job roles in Data Science
Due to the need for analysis and management of data, organizations are paying huge to the data science professionals.
- Data Scientist – $119k
- Data Architecture – $100k
- Business Analyst – $65k
- Data Analyst – $62k
- Data Engineer – $95k
- The Statistician – $75k
- Database Administrator – $68k
- Data and Analytics Manager – $116k
The IBM study found that 59% of all data science jobs are in Finance and Insurance, Professional Services, and IT. The job is relevant for virtually all sectors of business that deal in data, and that means any successful 21st-Century business that is doing anything with big data. They’re the future of business decision-making, and they’re desperately in demand.
The demand is huge, that is true but with the demand in the field, the need for data science professionals has increased. Although due to the increased demand of this field, many people are concentrating on just learning the skills in order to get into the field. This is why it is becoming difficult to hire people who are hardly experienced or who do not have experience in this field and lack practical knowledge. People are lacking behind in the practical side of data science and this is the reason for getting a job in this field has become difficult.
After reading all this, I recommend you to check all the top data science predictions given by IBM for the year 2020. Hope you liked the article.
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