Demand for people with specialized data skills is surging every year. More and more businesses are understanding the importance of capturing, interpreting, and being informed by data. Such data-driven insights can not only radically transform businesses but also help target new markets, address customer pain points, boost revenue and much more. Even organizations in research and administration sector can amplify the success of their daily activities by leveraging data science practices and tools. So, it is no brainer that the job market demand for data science professionals like data scientist, data architect, data analyst is growing every day.
According to the US Bureau of Labor Statistics, around 11.5 million jobs will be created by 2026. Earlier this year, PWC had predicted 2.7 million job postings for data science and analytics roles across the globe. A similar trend has also been observed in the domestic sector. Analytics Insight has forecast that by 2025, there will be 137,630 data science job openings in India, rising from 62,793 jobs in 2020. Analytics Insight also projected 72,337 data science job openings in India, next year.
Despite the job openings in figures of thousands, there is a scarcity in the national job sector. Companies like IBM, Amazon, Microsoft, have mentioned on several occasions that being a country with the largest young graduates' population, India can enhance its human resources by extensive skilling programmes. While data scientists' roles are booming, there are other sectors where one can opt as a career in data professionals. These include data analyst, data scientist, data architect, data engineer, business analyst and more.
With big data analytics market estimated to be worth US$ 18.9 billion (INR 138965.6 crore) in India by 2025, increasing from the current value of US$ 5.5 billion (INR 40439.7 crore) with a CAGR of 27.8% (2019-2025). Given this figure projections, the requirement for the number of data professionals will also grow at an exponential rate. This also implies that while COVID-19 pandemic affected all industries, the demand for people skilled in data science remained immune to this blow. In reality, the pandemic accelerated the need to recruit these people as businesses become agile and data-driven.
For more information about global data science job market predictions, click here.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.