7 Reasons Why Data Science Jobs are in High Demand
Today, the data a business generates is a valuable asset. By deriving insights from this data, businesses can help streamline their operations, boost revenue, and improve their reputation. As a result, businesses are geared up to hire data science professionals, which places candidates with data science experience in the high-demand bracket. In fact, according to the U.S. Bureau of Labor Statistics (BLS), employment for data scientists is predicted to grow by 36% between 2021 and 2031. So if you are considering jobs in data science, read more.
Jobs in Data Science
Candidates with a background in data science can find employment across a variety of sectors and organizations today. Some of the top companies in the world, like Meta and Amazon, are willing to pay extremely high salaries to aspiring candidates with data science experience. There are several factors to consider if you have been looking for jobs in data science. These include whether the job you are looking at will meet your salary expectations, the necessary qualifications to apply for a position, and so on. These are some of the details we will cover in this blog.
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Why is Data Science Important?
According to a report by International Data Corporation (IDC), the amount of data available globally will grow to over 175 zettabytes by 2025. The enormous amounts of data that businesses generate are valuable assets to their future operations. Data science professionals can utilize this data to generate insights that play the role of business intelligence in helping the company’s management make informed decisions related to hiring, operations, procurement, inventory, demand, marketing, and almost every aspect of the business.
You may have also seen the impact of the rise of data science in your day-to-day life. Data science is everywhere, from order recommendations on your favorite fast food app to your Internet search results. It is used in a multitude of sectors, including healthcare, manufacturing, banking, policy, marketing, gaming, and more. As we get increasingly sophisticated in how we deal with our data, it can significantly impact our lifestyles and ways of doing business.
What are the Benefits of a Data Science Career?
There are several benefits to choosing a career in data science. Some of them are as follows:
High Demand
According to Precedence Research, the global data analytics industry is predicted to grow at a compound annual growth rate (CAGR) of 30.41% between 2022 and 2030. This indicates extremely high demand in the field in the next decade.
Abundant Openings
The BLS predicts over 13,500 open positions for data scientists are projected annually over the next decade. The fact that the skill requirement for data science professionals is high also limits the saturation of the market.
High Salaries
Considering the high demand and limited availability of talent, data science positions are among some of the highest-paid roles in the world.
Versatility
Data science has applications in a wide range of industries. Hence, there are many different fields that candidates with a data science background can work.
Respect
Data scientists are valuable for companies since they inform business intelligence and have a direct impact on the company’s bottom line. This makes the position of a data scientist highly respected in most businesses.
Quality Work
Your data science work can have an immense real-world impact. For instance, data science has helped detect diseases in the healthcare sector. These benefits can make the job incredibly fulfilling.
Personal Benefits
Data science work is very logical and analytical. It requires you to be focused and organized. These are qualities that help you in your personal life as well. They also set you up for leadership roles in the future.
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Data Scientist Job Description
Data scientists must thoroughly understand the business. They need to communicate with other business units continuously. They are responsible for setting up an organization’s data-capturing infrastructure and working on cleaning and analyzing this data. This involves recognizing patterns in the data and making inferences from it. Once it is analyzed, they need to work on reporting information to various stakeholders across the organization using data visualization techniques. They must also work with engineers and product teams to develop solutions for various business problems.
Jobs in Data Science for Freshers
For freshers, finding jobs when they are new to the industry can be a daunting task. Here are some of the best jobs in data science for freshers, along with the average salary for each, collated from listings on Indeed.com:
1. Data Scientist
They work on collecting, analyzing, and interpreting large amounts of data to derive insights that will inform business decisions.
Average Base Salary: $97,222 per year
2. Data Analyst
They work on creating and maintaining data systems. Also, they use statistical tools to interpret data and also work on fixing coding errors.
Average Base Salary: $64,794 per year
3. Data Architect
They design the structure for a company’s data management systems. Also, they work on choosing the data sources to be used and integrate, secure, and maintain them.
Average Base Salary: $104,431 per year
4. Business Analyst
Based on the insights derived by data analysts, they work on identifying solutions to problems faced by the company.
Average Base Salary: $81,500 per year
5. Database Administrator
They manage and maintain data systems so that users can leverage them to analyze data for their projects.
Average Base Salary: $89,298 per year
Job in Data Science for Experts
Moving up the data science ladder can prove to be extremely rewarding. Here are some of the highest-paying data science jobs for experts:
1. Machine Learning Engineer
They are talented software developers who design, create, and operate Artificial Intelligence (AI) software for automated prediction models.
Average Base Salary: $122,573 per year
2. Machine Learning Scientist
They work in the research and development of algorithms that run AI systems.
Average Base Salary: $160,000 per year
3. Lead Data Scientist
They manage large teams of data scientists and plan and implement data science projects
Average Base Salary: $140,198 per year
4. Applications Architect
They manage the teams that design and develop software applications and collaborate with internal stakeholders on development projects.
Average Base Salary: $128,970 per year
5. Enterprise Architect
They oversee the upkeep and maintenance of a business’s IT infrastructure.
Average Base Salary: $139,894 per year
Data Science Careers on Demand
According to Precedence Research, the size of the global data analytics market was valued at $41.39 billion in 2022 but is predicted to be worth $346.33 billion by 2030. This massive growth in market size is a great indicator of increasing demand for data science professionals.
Is Data Science a Good Career?
Data science professionals are in high demand. There are several open positions for them to consider and aspiring candidates are offered high salaries. There couldn’t be a better time to enter the data science industry. If you love statistics and mathematics, think analytically, and love solving problems, it could be the best career for you.
While it is an amazing field to enter, there is a steep skill requirement in most jobs in data science. You might need to upskill to secure a position in the industry. Explore data science courses on Emeritus today.
By Tanish Pradhan
Write to us at content@emeritus.org
