Why Data Science Jobs Are In High Demand In 2024?

March 8th, 2019
10022
Data Science Jobs

This is an era that is explicitly defined by data. Before we proceed any further, here are a few examples of what adds to the data point. The song that you skipped in your music streaming app - the ad that you continued to see - the item you added to your cart - the picture you double tapped - everything adds on! And these are just a few highly basic examples. Data is literally everywhere and even at an individual level, we create plenty of it with our every tap. This should give you an idea of what makes data so popular, and data science much needed. In this blog, let's uncover why data science jobs are in high demand in 2024.

First Things First- Why Data Science?

Data has become the new currency that every company in the market is fighting for. Everyone wants to get the best share of it.

Today, the world is witnessing a shift from redundant skill sets to more specialized ones. Hence, giving us a point on why data science jobs are in demand and why data scientists have become sought-after professionals.

What is Data Science?

Data science refers to the field of computer science that deals with data gathering and processing. The aim is to use this knowledge to build algorithms, and many other predictive models so that they can extract insights independently.

Data scientists apply their skills and extensive learning in programming and statistical analysis. Using this, they weed out any faulty data to pinpoint at the correlations and trends. Hence, they are able to find hidden stories and benefit the organization in the longer run.

What Does A Data Scientist Do?

A data science job is affected by many factors. There are different duties and responsibilities you will have to serve depending upon your seniority, your team status, and the industry you're in.

However, there are certain general things to do. These include -

  • Applying your programming skills
  • Having a mathematical know-how
  • Good business acumen
  • Cleaning data
  • Writing algorithms
  • Reporting their findings to company leaders, stakeholder, and colleagues
  • Performing data analysis
  • Creating narratives and data visualizations

These professionals work closely with software engineers and other team members to ensure that the organization benefits from the power of data. Hence, many companies are resorting to hiring data scientists and leveraging their prowess to grow ahead of their competitors.

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Why Are Data Science Jobs in Demand?

Now that we already know that data is everywhere and has become a crucial aspect of our lives, the need for skilled professionals is obvious too. After all, what is the point of accumulating and possessing this data if it is not used optimally?

Here are a few reasons why data science professionals have experienced a sharp rise in the last few years, and will continue to enjoy this upward graph.

1. Data is exploding around us

Come to think of it, until a few years ago, many of the products or services we use today didn't have an online presence. Even buyers preferred offline means of shopping as it gave them more confidence in their purchase.

As the business world has moved online, especially post-covid, data generation has exploded. The number is so close to 328.77 million terabytes of data being produced every single day! All this data is available, waiting to be tapped and that can only be efficiently done by a data science expert.

2. The Increasing Number of Applications of Data Science

Every single industry today either generates data or anyhow relies on it for their growth. Every single time a new industry or a leading company starts to use data, it brings hundreds of new job opportunities in the market.

Healthcare uses data in order to provide better healthcare services and treatment. Agriculture is making use of data to come up with better crop yields, germinate seeds, and even control water cycles. Manufacturing utilizes data to foresee the malfunctioning of equipment and machinery. The automobile industry uses it to provide better-connected care facilities and so on.

3. Impressive Pay Scale & Growth Opportunities

Data science Engineer jobs are among the highest paying jobs today. Due to the lack of talent available, companies are ready to pay up to 30%–50% additional in comparison to other more conventional technical roles.

The average annual salary of a data scientist in the US is around $125k. A data scientist enjoys additional perks, with niche responsibilities that cannot be replaced immediately. An expert data scientist enjoys better working conditions and facilities such as flexible hours and bigger pay increments. As you gain more experience, your pay will get better too.

What is the Reason Behind Data Science Growth?

The answer to this is pretty straightforward and right in front of us.

Companies are tired of going for trial and error methods. Too much of their resources, both time and money, get consumed in that. Data-driven decision making is the new fuel driving organizations and that only way to make it happen is by taking the aid of the data being produced.

While previously only analysts or academics would analyze data, it has become a more common practice today. Companies of all sizes and nature have taken to optimally utilizing the information they have, and that information is not anything else but data. However, with more complex data sets out there, the demand for trained and certified professionals has come forth.

Wrap-Up

This is a great time to get into the field of data science. The demand for data scientists is growing rapidly, while conventional skills are getting obsolete fast. Hence, your skill set is one of the most sought-after ones today and will continue to be high in demand in the coming years too.

As more companies get familiar with this technology, data science jobs in India and other parts of the world get higher in demand. It is the perfect time to switch to a data science career and explore its true potential.

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