Here are the 4 major reasons for the lesser demand for data scientists

We all know how data science took over the world some years ago. There was a lot of buzz about data science at the time and people from all walks of life were rushing to get involved. Data science degrees began to gain popularity and there was no shortage of online courses available. Students rushed to Coursera, Datacamp, and Udemy to earn data science credentials and break into the workforce.

However, there is a shortage of data scientists in this industry. But why? Read on to learn more about it.

Shortage of Data Scientist Demand

Many analysts believe that data scientist is the most in-demand career in the market right now. As the industry evolves with new-age technologies and solutions, the demand for data science skills will increase. Companies of all sizes are keen to use data to increase efficiencies, so they're always on the lookout for somebody who can gather, review, and analyse data. Indeed, the survey predicts a 364,000 increase in job postings for data science and analytics in 2022, bringing the total to 2,720,000.

These figures illustrate that there is a significant demand for data scientists; nevertheless, the supply does not meet the industry's needs.

Reasons for The Lesser Demand of Data Scientists

Many Firms Working with Data

Because all firms nowadays are utilising the worth of big data in order to make informed business decisions, one of the key reasons for the lack of data scientists in the market is that all companies are exploiting the value of big data. A major shortage of data scientists has developed from the increased demand for analytics in enterprises. Even though many people desire to work in data science, there's not enough qualified labour to fill vacancies.

Small firms can get by with one computer programmer and an analyst who can analyse the data, but a big organization will need a team of data professionals that includes not just programmers and engineers, but also data visualisation experts and program managers. As a result of the shortage of data scientists, the organization's existing data scientists are under increasing pressure to complete more projects and address more business challenges. As a result, it is critical for data science aficionados to enrol in data science training centres, complete projects and seek out additional resources in order to get the essential expertise to close the skill gap.

Fast Upskilling Required

Given the rapid evolution of technology, the requirement for an organisation to recruit a data scientist is also expanding. Businesses are searching for data scientists who are knowledgeable in new-age technologies instead of older computer languages like R, Ada, C, Haskell, and others, as the demand for emerging technologies grows. Companies are constantly seeking emerging capabilities such as data visualisation and machine learning, to mention a few, in order to make better decisions in this competitive environment.

Rigorous analytics tools and quantitative methodologies, as well as strategies for integrating massive data sets, should be familiar to data scientists now. As skills become obsolete, the data science skills gap widens, resulting in a market need. Companies are also recruiting on the basis of projects and resumes instead of degrees, hence data scientists should develop personal projects to add to their portfolio.

Furthermore, data scientists must also be business-savvy and have excellent communication skills in order to share ideas and approaches. Additionally, the impending recession brought on by the pandemic outbreak will result in a surge of automation for enterprises, and if data scientists do not upskill and re-skill themselves, the sector will face a severe scarcity of experienced data scientists. In fact, according to recent research, 64 percent of Indian experts believe that upskilling is necessary to survive in a difficult job market, which will help to solve the shortage problem.

College Courses Insufficiency

Because data science is such a broad area, taking online courses isn't enough for data scientists to get the job they want. Online classes can help you learn the mechanics of the industry, but they won't help you evaluate data in a meaningful way, which is crucial when tackling complicated business problems. With so many online courses accessible, it might be tough for data scientists to choose the best one for their profession. Notwithstanding being a popular choice among beginners, online courses mostly teach theoretical information and a significant lack of real hands-on experience in the industry.

Lack of Guidance

Another major cause of the industry's data scientist deficit is a lack of supervision among them. Data science is a big subject and students who try to learn everything ends up being a jack of all trades and master of none, which isn't what businesses are looking for right now. Many firms have a data-related requirement that needs candidates to have a thorough understanding of various parts of data science.