Data science has been predicted to be the most promising career of the 21st century. People have begun upgrading their skill sets, ultimately transitioning into data scientists or analyst roles within some of the top global organizations. From 2016 until 2020, ‘Data Scientist’ consistently ranked number one in US job markets; however, even today, it ranks third on this list of highly sought-after jobs in America – showing that demand for data scientists remains high despite the Covid-19 slowdown.
We want to explore this idea: Is data science still an attractive career option in 2023 and beyond?
What is Data Science?
It is studying and using data to make informed business decisions and create new products or services. The professionals responsible for this process are data scientists and data science analysts.
Data Scientist vs. Data Science Analyst: Which One Is Right for Me?
Data Scientists and DS Analysts are responsible for analyzing past user data, forecasting future behaviors, and providing these insights to management to enable informed business decisions. The job typically entails creating statistical models and using advanced machine-learning tools to summarize and visualize data.
How is a data scientist different from a data analyst?
Data scientists do everything a data analyst does, plus much more. Data scientists possess more experience working in the DS field across various domains regardless of degree level; they possess the expertise to identify issues and create comprehensive solutions. Not only are they adept at practical and computational skills, but they also possess the insight needed to recognize problems requiring the application of DS in making informed business decisions.
Data scientists and analysts both play an essential role in modern organizations. The following section will examine factors that indicate why DS professionals won’t be out of work anytime soon and why data science remains a viable career option beyond 2023.
Is data science a good career?
Let us examine why DS remains a viable career option:
- High Demand
Data is unquestionably the most precious of all commodities, whether perishable or non-perishable. From Google to Amazon to Facebook (now Meta), all leading organizations rely on data to improve customer experiences, maximize profits, and meet strategic objectives. However, this data exists in various formats and structured or unstructured forms across multiple locations – hence why companies will always need DS professionals who can extract, structure, and analyze it, gain meaningful insights, then present this insight for informed business decision-making.
DS jobs have seen an incredible 650% growth since 2012. Glassdoor reported 1,700 jobs with DS as its primary role in 2016, rising to 4,500 in 2018 and 6,500 by 2020. In 2019, LinkedIn rated DS as the most promising job, with an approximate 60% increase in job openings nationwide. Even during the Covid-19 crisis, 42% of DS organizations experienced no impact, and 8% experienced growth.
- Limited Supply
As DS professionals began to learn their trade from 2012 onward, it was mostly through books as there wasn’t much online information, and programming languages weren’t common yet. Furthermore, traditional educational systems didn’t offer specialized courses or degrees for those aspiring to a career in DS yet. Until today, this field remains relatively young and untapped; according to some estimates, there are currently between 1,50,000-2,000,000 hardcore DS professionals worldwide – making now an opportune moment to pursue data science professionally!
- Prospects for Future Growth
Examine your prospects for growth using three criteria: Potential, prospective future returns on investments (ROIs), potential profitability from operating activities (NPVs), and future potential of your product or service lines.
DS is bursting with opportunities, with demand always outpacing supply. A report released by the US Bureau of Labor Statistics projects that jobs in this field will grow by 28% by 2026 – creating nearly 11 million new data scientist positions. Even The World Economic Forum’s Future of Work Report 2020 predicted that data scientists would experience the highest growth and demand by 2025.
- Generous Pay Packages
Money is an important factor when selecting a career path, and data science jobs offer lucrative compensation packages. According to Glassdoor’s median salary for US workers of $49,800 per year, data science professionals earn on average $1,08,000 – more than double the national median. According to Michael Page’s 2021 India Talent Trends report on data science professionals with experience ranging from 3-10 years can earn anywhere between 25-65 lakhs annually; those with more experience command more than 1 crore dollars annually.
- Access to Exclusive Courses and Degrees
Now, exclusive courses and degrees are available in data science that you cannot get elsewhere.
Data science professionals face an ever-evolving role that necessitates expert domain knowledge. Many professional associations recognize this need and want to introduce certification or licensure requirements for data scientists. Fortunately, several technical institutions now include:
- Data science in their undergraduate curriculums.
- Providing future data scientists with essential knowledge.
- Skill Sets.
- Globally-recognized degrees.
Final Thoughts
Recent advances like Quantum/Cloud computing, Blockchain, AI, and Machine Learning have dramatically reshaped the global workforce – including data science professionals. Yet their exponential growth in demand, potential future potential in this field, and increased institutions offering specialized degrees suggest data scientists won’t be going away anytime soon. So if you’re still wondering if data science is a viable career option in 2022 and beyond, the answer is an emphatic YES!
Are you looking for a career in Data Science?
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