Are data science jobs in demand? Well, The key to the effective and impactful use of big data is data scientists. Data scientists manipulate large and unstructured data sources and extract valuable insights from them. Governments, local authorities, financial companies, marketing firms, techs, telecommunications, manufacturing, entertainment, retail, and almost all other industries offer thousands of jobs to data scientists. That means, yes. Data Science jobs are, in fact, in demand. Indeed, according to a study by Burning Glass Technologies, Demand for data scientists and data engineers tripled over the past five years, rising 231%
Data science jobs are in demand. Despite high pays, data scientists are difficult to hire and retain, but the skills are imperative for any organization aspiring to capitalize on big data.
Harvard Business Review suggests that data scientist jobs are the “sexiest jobs of the 21st century.” The reason is the high demands for data scientists and the high salaries in the past few years. LinkedIn named data science the fastest-growing job in 2017, and Glassdoor ranked data science jobs as the best jobs in the United States. The trend is still strengthening and is expected to in the foreseeable future because of several reasons.
Why are data science jobs in demand?
There are several reasons for the demand and high pay associated with data science jobs.
1. A large amount of untapped data need to be analyzed
Almost all organizations, including governments, are currently sitting on huge piles of data. They know that this data is very crucial for them, but they do not know-how. They need data scientists to extract insight from that data, and that is why they offer handsome salaries to data scientists. This is what is reflected in job-related reports that suggest data science jobs are occupying the top spot.
2. Lack of trained data scientists
More and more organizations are looking to take advantage of widely available data with the help of data scientists but skilled data scientists are extremely low. According to McKinsey Global Insurance, the US will face a shortage of approximately 190,000 data scientists and 1.5 million data analysts and data managers. The high demand v scarce skilled people demonstrates that data science jobs will be in demand for years to come.
3. Data Scientist have a unique skillset
Data scientists have skill sets that no one else has. For example, they have knowledge and skills to handle Big Data, machine learning, etc. That means they are irreplaceable professionals, and organizations have to hire them at high pay offers and retain them through various incentives. That is the reason that data scientists are amongst the highest-paid professionals.
4. Data Science is applicable in multiple industries
The need for data scientists is not just limited to tech companies. The stats demonstrate that companies relying on data-driven decisions are 5% more productive and 6% more profitable than their competitors. Those stats are urging small to mid-tier companies to turn to data science, and for that, they need data scientists. That is why companies hire fresh data science graduates at handsome salaries, and this trend is just getting stronger. It illustrates that there will be more opportunities for data scientists in the future.
5. The supply of data science job higher than the demand for Data Scientists
Data science jobs are of an omnipresence nature as industries from healthcare to manufacturing, banking to IT are looking to leverage data science. According to Quandhub, there were 3x more data science job postings than there were searches. Consequently, there is no lack of jobs for data scientists who have the right skills and work hard.
Are data science jobs in demand? The answer is yes. Data science jobs are not only in demand right now but are highly lucrative jobs. Several surveys and reports all across the globe indicate that data scientists are the highest-paid professionals. Moreover, opportunities for data scientists are ever-increasing as more and more organizations are looking towards data science. Harvard Business Review has very aptly suggested that data scientist jobs are the “sexiest jobs of the 21st century.” In my opinion, it is true without a shadow of a doubt.
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