What Will Happen When There are Many Data Scientists and Fewer Jobs?

Let's see why data science is a growing field and yet has a shortage of data scientists jobs?

Data science encompasses preparing data for analysis, including cleansing, aggregating, and manipulating the data to perform advanced data analysis. Data science job is a mix of mathematicians, trend-spotters, and computer scientists. Data scientists are responsible for collecting, analysing, and interpreting extremely large amounts of data.

Data scientists can bring invaluable insights that transform the ways we conduct business, leading to greater solutions and cost-reduction opportunities.  But, most data science enthusiasts were not even aware of the working of neural networks. Most companies are adopting a data science strategy to make more revenue by automating different scenarios and replacing dozens of IT people. Therefore, data science jobs are reduced. Let's see why data science is a growing field but with fewer jobs?

Why data science is a growing field?

Businesses across industries have realized the importance of using data, which has led to a growing demand for a data science career. Data helps companies assess the market and consumer base that is becoming an indispensable asset today. Data scientists must help businesses navigate a world of global data collection and applications.

Data science is and has been on a roll since tools like artificial intelligence became more accessible to businesses. By 2025, experts predict that 163 zettabytes of information will be generated, an incredible number prompted by the explosive growth of connected devices and enhanced networks.

Data science is crucial to so many industries so, there is no reason to believe data science will be anything but a growing profession for years and years to come. From securing business processes to meeting international data security standards to connecting new and vital patterns in business trends, data scientists are vital to the success of innumerable businesses across industries.

Why there is a shortage of data science jobs?

The major reason why there is a shortage of data scientists in the industry is the lack of skills. Data scientists are highly skilled persons who are supposed to possess technical skills as well as non-technical skills.

Another reason is data scientists used to spend days in data gathering, data cleaning, and feature selection, but now we have many tools like H2O, and PyCaret in the market that can do these tasks in a few minutes.

The other major problem is that companies are demanding data scientists with some years of experience. Being a beginner, they have no experience in the domain of data science and the companies are demanding experience, making it a deadlock for aspirants.

Conclusion: Data scientists can assist your business ventures and make a real difference in the global economy. But in reality, things are changing at a fast pace. And, we are losing data value because everyone will trust the tool that tries more than twenty machine learning algorithms with better accuracy than data scientists who try only a couple of machine learning libraries with less accuracy.