What is the Current Demand for Data Scientists?

01-Mar-2021

Data Science has spread throughout the technological world rapidly and is set to become the most popular and most well-known field of computer science within the next 5 years. In this scenario, many may start to wonder, “What is the current demand for data scientists?”.

In this article, we will discuss the various reasons why data scientists are in such high demand. But first, we should try to understand what a data scientist’s job entails. For that, we will have to take a look at what data science consists of. To put it simply, data science is the art of extracting patterns from data. This art can be learned by taking a Post Graduate Program in Data Science course.

Data means raw information. Data scientists collect data and store them into massive data sets. They then carry out analysis of that data using sophisticated tools and advanced computer science algorithms. In the course of doing that, several patterns are revealed in the data. Any good data science certification training will teach the learners how to extract these patterns from data

From these patterns, the data scientists spot emerging trends in the data, which can take the form of say, changes in the behavior of customers at a retail store. They then communicate these emerging trends to the management staff of the company they work in and this management staff uses this information to make more informed and data-driven business decisions.

Reasons for the high demand for data scientists -

1. Companies lack the know-how of how to organize their data -

When the technological revolution transformed the world there was a rush towards digitization and shifting to digital platforms. Businesses and organizations started converting all their data into electronic format and storing it in data centers. While this has created huge piles of data which the companies are aware can be turned into a valuable asset, they lack the technical expertise to do so.

This is why companies are seeking out data scientists so actively and this is one of the reasons why the demand for data scientists is so high. Companies are even sponsoring their own employees for getting a data science certification.

2. Acute shortage of knowledgeable professionals -

According to various studies, India will face an acute shortage of data scientists over the next 5 years. There will be 190,000 job vacancies for data scientists which will go unfilled because of a lack of skilled professionals. While the tools and technologies to drive innovation to exist, there is a shortage of skilled data scientists who can carry out data analytics and understand and use big data.

India and the world at large can avoid this acute shortage of skilled professionals by encouraging individuals to take data science certification training.

3. Very lucrative career paths -

The job of a data scientist comes in the higher echelon of career paths as far as the pay scale is concerned. Glassdoor and many other top-ranking agencies have placed data science in the number one position in terms of monetary compensation or salary. An average data scientist earns a salary of $92000 per annum. With experience, this can go up to as much as $120,000 per annum.

4. Broadening avenue of opportunities for data scientists -

The prevalent situation that data scientists were only required by and were only hired by tech giants is disappearing. Now the scope for data scientists getting hired has expanded widely. All kinds of businesses and organizations are looking to hire data scientists for their big data needs including startups and small to mid-sized companies.

5. Low barrier of entry -

Relatively speaking, data science is a very new and fresh field. So there are not many incumbent organizations and the field of opportunities for getting hired is open to everyone. Data science allows entry to professionals from all walks of life and from all fields of activity. One simply has to upskill themselves by taking a data science certification course and learning the ins and outs of data science.

Current Demand for Data Scientists What is the Current Demand for Data Scientists Demand for Data Scientists