Why Are Data Science Jobs In Huge Demand?

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Are you drawn to programming? Do you enjoy using algorithms? If the response is yes, get ready for a lucrative professional career. You must join the fastest-growing field of data science to accomplish this. There has never been a greater growth in the demand for data scientists and AI. No matter the industry—healthcare, manufacturing, retail, education, or IT—data scientists are needed in practically all of these fields. Data science employment increased by up to 14% and is expected to reach 11 million jobs by 2026. So it’s high time to learn data science from industry experts with the help of an online data science course in Chennai, offered by Learnbay.

How Important is Data Science?

The Internet of Things (IoT), machine learning, artificial intelligence, and other emerging technologies have made data the new currency of every enterprise. It is crucial to the organization since it enables firms to make wise decisions. Data science emerged as a result of the growing amount of data available. The primary focus of data science is collecting, manipulating, analyzing, organizing, and administration of data, which aids organizations in identifying trends and making wiser business decisions. Data scientists are in high demand practically everywhere because it is one of the hottest fields rising across all industries.

Job Growth In Data Science

 As data becomes increasingly important, positions in data science are in high demand right now. Every year, there is a rise in the demand for data science positions. Regarding the demand for skilled Data Science workers, India is only marginally lagging behind the US. According to Analytics India Magazine’s study on data science employment, there would be more than 50,000 new opportunities in this field in India alone. The analysis also reveals that, due to their aging skills, more than half of the existing IT talent folks should upgrade their knowledge of data science and other relevant tasks.

Reasons why there is a great need for data science employment 

So let’s take a closer look at the primary elements proving the tremendous need for data science jobs:

  • Companies face a difficult challenge when it comes to organizing their data

Despite the fact that data is one of the fundamental elements of every organization. With the success of information technology starting in the year 2000, firms concentrated entirely on converting their manual business processes into fully automated computer systems. A significant amount of trustworthy electronic material is produced during these times, as well as transactional data and many data records.

  • The job of a data scientist requires exceptional qualities 

According to Harvard Business Review, which has ranked it as the top job of the twenty-first century. Data scientists are welcomed in every top MNC, including Google, LinkedIn, Amazon, Facebook, etc. According to their respective professional tasks, data scientists are required to carry out various unusual and distinctive duties. They have various logical and analytical skills in areas like Machine Learning, Big Data, etc., that can help them advance in their careers. With the help of this comprehensive knowledge, individuals can excel or have an edge within the company. Master the latest data science technologies by joining IBM-recognized data scientist course in Pune. 

  • Lack of competent resources

A McKinsey Global Institute research indicates that there will be a severe lack of 1.5 million managers and analysts and 190,000 data scientists who can comprehend and use Big Data. Particularly in India, there is a high demand for data scientists. Although there are sufficient technologies and techniques, talented individuals are in short supply. There are two types of skill shortages, according to Srikanth Velamakanni, co-founder and CEO of Fractal Analytics: one is for data scientists who can perform analytics, and the other is for analytics consultants who can use and grasp analytics. The need for data scientists is enormous, but there is also a severe scarcity of

 

  • High Salary range

At the moment, data scientists hold some of the most difficult and lucrative positions in the market. According to Glassdoor research, the average compensation in the US for a data scientist professional is $116,000 per year. Nevertheless, salaries may vary from company to company. The experience has a significant impact on the pay scale range in India and worldwide. A candidate can earn more than 19 Lakh a year if they have exceptional analytical abilities and knowledge. Because there aren’t enough competent people, most businesses are willing to pay up to 30 to 50% more than other technical professions.

  • Democratization of data scientists

Data scientists are needed by companies that are not just technological behemoths. In contrast to their rivals, organizations that use data-driven decision-making are typically 5% more productive and 6% more profitable, according to the Harvard Business Review. This is why some medium-sized to start-up companies turn to data science. Entry-level Data Scientists are being hired by a number of new organizations for fantastic salaries. While the company must pay less to beginners, a data scientist can improve their skills by learning various new technologies.

 

  • Entry barriers are currently lower for professionals

Data science is relatively new. This field is easily accessible to experts from a variety of backgrounds. A number of fields, including computer science, natural science, engineering, mathematics, and statistics, make up the majority of the current workforce of data scientists. Business, economics, or social sciences studies are also common among data scientists.

  • Developing data science applications

Data science is used in various sectors of the economy, including industry, healthcare, and finance. The healthcare sector uses data science to deliver improved healthcare services and treatment plans. With the use of data science, industries can anticipate many different types of tool and equipment problems. Opportunities for employment in data science are many. Since data science applications have become commonplace in most businesses, these roles are available to anyone interested in the field and willing to devote more time to it. Data science positions are available everywhere, not just restricted to certain industries or geographical areas. 

Conclusion

Data science is one of the booming and demanding fields right now. There is much employment available in this particular profession because data scientists are needed in practically every company. Several employment roles fall under the broad category of data science. It includes several different job responsibilities. It covers various job duties, such as those performed by database administrators, business analysts, data engineers, data analysts, and BI engineers. If you want to learn more about the cutting-edge tools used by data scientists, register in the finest data science training in Chennai,