While 2020 was certainly an atypical year, it did nothing to quell the demand for data science talent, in fact, quite the opposite. According to a recent Dice Report, the demand for data scientists increased by an average of 50 percent in 2020 across healthcare, telecommunications, media and entertainment, and the banking and financial services sectors.
Let’s take a look at some of the reasons why the field is so hot—and only poised to get hotter:
- Big data needs will continue to grow. The global market for big data is predicted to grow from 138.9 billion dollars this year to more than 229 billion by 2025, with the data science field expected to expand by 30 percent by 2024. This means that not only will big data be more accessible globally, but it will also have a steady upwards growth as data scientists increasingly work to streamline data management and encourage mainstream use of machine learning (ML) and big data analytics.
- The exponential growth of ML and AI. Speaking of ML, as the technology matures in tandem with AI, there will be new opportunities for data scientists to get involved in furthering its innovation.
- The omnipresence of jobs in high-growth industries. As mentioned above, all industry sectors are clamoring for data science talent. This gives data scientists unparalleled opportunities to harness data to drive competitive advantage in industries experiencing rapid growth and change.
- Low-entry barriers for existing professionals. Another reason the data science field is so desirable is that it caters to professionals from diverse backgrounds. To be successful, candidates require both technical proficiency and knowledge of the business—and the latter paves the way for employees from departments other than IT to enter the data science domain. There are numerous training programs where individuals can learn the statistical and data mining techniques, programming languages, advanced analytics, and other skills necessary to retrain as a data scientist.
As the needs of the digital world continue to evolve, there will be even more demand for data science talent. For tips on maximizing the potential of your data science team, check out this previous APEX of Innovation post.