Know about the importance of data scientists in the future

Data will control the twenty-first century. The majority of companies now consider data science to be a fundamental component. Data Science is required by businesses of all sizes to make decisions, analyze market trends, reduce losses, and increase profits. The role of a Data Scientist has become the most sought-after profession due to the increase in data and its connected industries. Data scientist is a dream job for many IT professionals and academics with a quantitative background. According to a recent survey by The Hindu, India now has over 97,000 open data analytics positions, but there aren't enough qualified applicants to fill them. The number of jobs requiring Data Science skills is expected to grow by 27.9% by 2026, according to the US Bureau of Labor Statistics, making now the best time to start a career in Data Science. Not only because of the great demand for the profession today but also because economies may now be transformed solely based on data generated by a Data Scientist.

Here is why Data scientists will be the most in-demand profession in the next 5 years

Because of the increased demand for data scientists, educational institutions are beginning to include it in their curricula. Data literacy will improve in the future, and a data scientist will have a specific qualification, similar to that of a doctor or lawyer. That is, they will become part of a whole new discipline. Many institutions have recently introduced data science degrees to fill the skills shortfall in the industry. Because data science is a relatively new discipline, data scientists do not have the same level of experience as other IT-related fields. Senior Data Scientists will be distinguished from other roles in the coming decade, according to data scientists. As a result, the data scientist hierarchy will be much more clearly defined.

The number of data scientists required is increasing at an exponential rate. The rise of various job roles across sectors and the increase of data and its different types have made this possible.  The number of data scientists and positions will only grow in the future, which is why the appeal for the profession is only set to grow over the next few years.  Added to this, the financial and insurance industries are becoming key players in data scientist recruitment. As more institutes open to train data scientists, data literacy is likely to become increasingly widespread around the world. Industries also use data science to construct clustering algorithms that will aid in recognizing distinct trends and patterns in the fraud-detection ecosystem, which is why data scientists play an essential role in several industries. In the banking industry, for example, data scientists are absolutely critical. Banks all throughout the world analyze data in order to create better client experiences. Fraud detection, risk modeling, client lifetime value, and real-time predictive analytics are just a few of the main areas that have helped banks upgrade the quality of their services and attract new customers. In fact, data science is a prerequisite for many business operations in the banking sector.

Another reason why Data Science is expected to be one of the most in-demand jobs in the next few years is that businesses generate large amounts of data on a regular basis, and data has become the backbone of business decision-making. According to estimates, the total amount of data created, copied, collected, and consumed worldwide would likely exceed 149 zettabytes by 2024, up from two zettabytes in 2010. Data science has shown to be a successful way of extracting usable information from large amounts of data. These insights help businesses identify any substantial changes that need to be made in light of evolving consumer behavior, previous solution defects, forthcoming challenges, and competitor evaluations. Another reason is the scarcity of qualified professionals in the industry. While demand for data science professionals is at an all-time high, there is a substantial demand-supply imbalance due to a scarcity of qualified people. Several organizations are cooperating with edtech companies to train their employees, as well as building internal training programs, to solve this essential deficit.

Because of the scarcity of talented individuals in the field, companies are willing to pay a premium and offer long-term incentives to recruit and retain talent, which is why data science is a highly lucrative career opportunity According to Michael Page's 2021 India Talent Trends research, professionals with 3-10 years of experience earn between INR 25-65 lakh per year, while those with more experience can earn up to INR 1 crore per year. Experts with more than 15 years of expertise can earn up to INR 1.8 crore, according to the report.  Existing professionals face lower barriers to entering the profession compared to other sectors, making it possible for people from all walks of life to join the workforce in the data science field. It requires people to be proficient in both technical and business abilities, and with the availability of high-quality learning programs, anyone with a desire to study can enter this field. The key is to develop the necessary skills while also honing the ones you already have. Individuals can engage in a high-quality upskilling program to learn good statistical and data mining techniques, computer languages, machine learning, and advanced analytics.

With these insights aspirants already have the tools to build their career journey in this exciting new world of potential. It is important not only to check off all the technical steps but also to address the big questions of why one wants to get into this career path and what they intend to gain on their new venture. Only then they will be able to truly enjoy the benefits and potential of this new and emerging field.

Author:

Robin Bhowmik, Chief Business Officer, Manipal Global