According to LinkedIn’s 2021 Report for Jobs on the Rise, hiring for data science roles increased by 46 percent between 2019 and 2020 alone. As demand for data science skills increases, below is a look at some key sectors clamoring for new hires.
Some of the earliest applications of data science began in the financial industry, so it should come as no surprise that there are still multiple use cases for data scientists. Among the key focus areas are:
- Fraud detection
- Risk modeling
- Algorithmic trading
- Customer segmentation
Healthcare is another sector in which data scientists are in high demand. By analyzing data to evaluate and design new healthcare strategies, data scientists can help improve the quality of care and also patient health and outcomes. Data science is increasingly being applied to the development of:
- Tailored prevention plans
- Precise prescriptions and customized care
- More efficient disease diagnosis
Take a look at this previous APEX of Innovation post for more on the analytics opportunities within the healthcare sector.
Combatting the threats of today’s complex security landscape is another area in which data scientists can assist. As hackers grow more sophisticated and are able to infiltrate advanced security systems, data science can help companies understand patterns behind these malicious activities. This information can then be used to determine the limitations of existing security systems, and what must be changed to improve them.
As we’ve previously documented, data science plays a crucial role in helping brands meet customers’ omnichannel eCommerce expectations. Additional focus areas include analyzing purchasing data to produce personalized recommendations and analyzing customer data to better understand their expectations. In addition, data scientists are often tasked with analyzing the market to identify new revenue opportunities for retailers, including data monetization.
Head over to KDNuggets for more on other industries actively hiring data scientists and the key responsibilities associated with these roles.