In the modern world, data science is used in almost every industry. As technology is constantly evolving, the demand for data science is expected to grow exponentially in the future.
According to a report shared by the U.S. Bureau of Labor Statistics, data science expertise will drive a 27.9 percent rise in employment in the field by 2026. The need for professional and qualified individuals in the data science industry is very high. In fact, there is a shortage of data scientists.
In this article, let’s understand why data science is still a high-demanded and lucrative field:
Growth of data science
Data science is an emerging field. It is also among the rapidly growing industry, which offers exciting opportunities for many individuals. The high demand for data scientists makes this field lucrative. The salaries that one can get in the data science industry are also very high.
The field of data science has comprehended several advanced concepts like the internet, artificial intelligence, machine learning, and many more. Many industries are looking for talented data scientists, as their role is important because they allow businesses and organizations to manage large chunks of data.
Job profiles in data science
The field of data science offers many job opportunities. These are the following popular data science job titles:
- Data Scientist
- Data Architect
- Data Analyst
- Data Engineer
- Applications Architect
- Enterprise Architect
- Infrastructure Architect
- Statistician
- Machine Learning Scientist
- Machine Learning Engineer
- Business Intelligence Developer
To get the answers that the data science industry is still in high demand, one has to understand the demand and supply chain.
High demand of data scientist
A simple rule of economics is demand and the supply chain is an influencing aspect. Continuous supply balances the need and supply chain. When this supply chain gets proper supply, it will fulfill the requirements. In the year 2010, there was a huge demand for web designers and programmers. They also received more paying salaries too. But when many people chose their careers in these fields, the demand caught up with more supply.
The need for data science professionals encompasses almost every field. Thus, this is the important reason behind the growing demand for data scientists. The jobs in the field of data science are still stands in the highest-paying. The necessity of data scientists is very high and there is no indication of slowing down their importance. The need for skilled data science professionals has enhanced the opportunities for high-paying jobs.
Supply of data scientist
When compared to heavy demand, the supply is quite less. A few decades back, in the absence of internet connections and low programming languages, it was very difficult to collect and analyze data. But the evolution of technology has changed many things. With the help of high-speed internet connections, numerous programming languages, analytical tools even the impossible things became possible.
The traditional educational system couldn’t produce qualified data scientists, but thanks to the advanced universities, institutes, certifications that are offering to educate the aspiring data scientists. Many individuals who are planning to be in the field of data science learned as well as polished their skills by doing certifications like data analytics certification, which offer them the right kind of skills to be a data science professional.
Future users of data science
The industries that use data science are growing every year. The current world is in a digitalization age. The immense growth of data gives a glimpse of the future users of data science. There are many industries that will continue to adopt data science. A few of them are mentioned below:
· Transportation
One of the most popular industries who got highly benefitted from data science is the transportation sector. To meet the customers needs more effectively the industry has hired many data scientists who can manage and analyze the collected data via passenger counting systems, location systems, asset management, fare collecting, and ticketing.
- E-commerce
The growth rate of the e-commerce industry has grown immensely after adopting data science. With the help of data scientists who analyze the data and create customized recommendation lists for offering amazing results to end-users.
· Healthcare
The need for data science in the healthcare sector is very high because hospitals create a lot of data every single day. To tackle this huge amount of data they require professionals who can handle it. With the help of data scientists, the hospitals can easily record the patients medical history, payment of bills, staff details, and other details. Many hospitals are hiring data scientists to enhance the quality and safety of the data.
Conclusion
As technology is getting constantly evolved, globally many industries are adopting ML, big data, and AI, which results in high demand for data scientists. People who are looking for job opportunities in the field of data science can expect more job opportunities.
