Demand for Data Scientist has increased in 2019. Why?

By ridhigrg |Email | May 17, 2019 | 7260 Views

If you think that data science is not a job which needs proper skills, here are some reasons where you will see the fact.

1. Soaring Demand for Data Science Professionals:
Data science management has multiple opportunities as compared to previous years. There are various IT professionals who are themselves willing to invest more time for the training. 
The data scientist who is qualified is currently in demand these days. In the next few years, the size of the data science market will evolve to at least one-third of the global IT market from the current one-tenth.

2. Huge Job Opportunities & Meeting the Skill Gap:
The demand for Data Science skill is going up steadily but there is a huge deficit on the supply side. This is happening globally and is not restricted to any part of geography. In spite of Data Science being a Hot' job, there is still a large number of unfilled jobs across the globe due to a shortage of required skill.
India currently has the highest concentration of analytics globally. In spite of this, the scarcity of data science talent is particularly acute and the demand for talent is expected to be on the higher side as more global organizations are outsourcing their work.

3. Salary Aspects:
Qualified professionals have too many wages just because of the higher demand and making Data Scientist's pay big bucks for the right skill. This phenomenon is being seen globally where countries like Australia and the U.K are witnessing this Moolah Marathon.

4. Big Data Analytics: A Top Priority in a lot of Organizations:
According to the Peer Research - Big Data Analytics' survey, it was concluded that Big Data Analytics is one of the top priorities of the organizations participating in the survey as they believe that it improves the performances of their organizations.

Below are some facts about Data scientists/Data analytics Job Demand:
  • By 2020 the number of Data Science and Analytics job listings is projected to grow by nearly 364,000 listings to approximately 2,720,000
  • The fastest-growing roles are Data Scientists and Advanced Analysts, which are projected to see demand spike by 28% by 2020
  • Jobs requiring machine learning skills are paying an average of $114,000. Advertised data scientist jobs pay an average of $105,000 and advertised data engineering jobs pay an average of $117,000
  • Annual demand for the fast-growing new roles of data scientist, data developers, and data engineers will reach nearly 700,000 openings by 2020.
  • Around 80% of companies are focussing highly on investing a large portion on creating better data analytics teams or professionals within their company to analyze the data effectively so that better strategies can be created for the future.
  • Demand is very high and supply is not enough for the corporations.
  • Data analytics help companies to make better decisions via analyzing the historical data and help them to reduce the cost and companies can make better strategies for future growth.

Source: HOB