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Data Science - A monster at Job Market in 2021 and Beyond

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antony
Data Science - A monster at Job Market in 2021 and Beyond

 

The year 2021 has been unrestrained for many industries, yet data science skilled significant demand and growth. According to a recent Dice Report, the demand for data scientists in 2021 has greater than before by an average of 50% across healthcare, telephones, media/entertainment, and the banking, financial Services, and insurance (BFSI) sectors, among others.

For many businesses, Covid-19 caused important disruptions and profit losses this year, yet gave way for many openings in the tech sector. Data scientists helped industries dramatically increase the effectiveness and efficiency of procedures and processes to meet shifting online workforce needs with the help of big data, cloud computing, machine learning, and more advanced Artificial Intelligence (AI) applications.

Improved demand has allowed data scientists the opening to drive huge developments in client data management, Robotic Process Automation, cyber security, finance, healthcare, engineering, logistical supply chain Artificial intelligence , retail, workplace communication, and e-commerce. These fields will absolutely continue to need data science talent in 2021 and beyond, as data scientists help companies increase their capacity for big data and make sense of newly digitized business models and digital revenue opportunities.

Whether you are interested about a career in data science or want to know what specialism to lean toward, we are here to help break down the numbers for you. Let’s take a closer look at the data science career market and forecasts for data scientists in 2021 and beyond. 

What is the career outlook for data scientists?

A career in data science takes significant dedication, a passion for data, and a special kind of interest about problem solving. Although it is a stimulating path, there are many causes why you should consider a career in data science. Consider the following data science job development statistics:

 

  1. Data scientists work within most major industries where development is happening.

The finance industry was one of the initially to take notice of data scientists and know what data scientists do. They not only found value in the capability of data scientists to analyze data to make forecasts, inform decision making, and prevent losses, but identified the long-term profitability of leveraging their unique skill sets. Today, the popular of data scientists work within the tech sector, although those numbers are changing.

A report by Deloitte Right to use Economics concludes that 76% of businesses plan to increase spending over the next two years on data analytic capabilities, opening the doors for increasing needs within all fields requiring analysis and feedback, including energy, the internet, manufacturing, financial services, healthcare, cyber security, broadcastings, retail, construction, transport, education, government and non-profit administrations. This is great news for small businesses and Riches 500 companies alike, who will benefit from leveraging data analysis to strengthen their business policies and increase incomes.

Not only did IBM predict the request for data scientists would surge by 28% in 2021, but the Bureau of Labor Statistics considers data science in the top 20 fastest growing careers and has projected 31% development over the next 10 years. Moreover, Garner projects universal IT spending will increase from $3.9 trillion in 2021 to $4 trillion in 2021.

Data from the employing firm Robert Half shows that 69% of IT administrators in the first half of 2021 intended to grow their teams in areas like cybersecurity, cloud computing, business intelligence, database management, and DevOps, but 86% had a stimulating time finding talented professionals. This indicates a difference in the needs met and potential chances waiting in 2021.

 

  1. Big data needs will continue to develop. Big data describes the large collection of data that grows exponentially over time in size and difficulty that traditional data management tools are unable to efficiently store or process. Big data can be structured or unstructured, and is used by corporations like Amazon and Facebook to grow automation, advertising algorithms, and meet increasing data capacity needs.

As a recent Forbes Article optional, companies like Netflix that lean on big data analysis to inform decision making will make better decisions and take more informed risks, in turn gaining greater rewards and income. This means similar analysis and conclusion model strategies will only be more valuable to corporations in the years to come.

According to a recent Markets and Markets Report, the worldwide market for big data is predicted to grow from $138.9 billion this year to $229.4 billion by 2025, with the data science platform developing 30% by 2024. This means that not only will big data be more accessible globally, but it will have steady upward growth as data scientists gradually work to streamline data management and normalize the mainstream use of machine learning procedures and big data analytics.

 

  1. Greater cloud infrastructure is coming. Cloud computing is the delivery of databases, servers, storage, software, networking, analytics, and intelligence completely online, allowing personalities and businesses to save files to cloud databases and recover them at will. Major cloud breadwinners like Google Cloud Platform, Amazon Web Services, and Microsoft Azure have growing cloud-based needs for machine learning, data storage, and analytics and have even embedded and extended their AI offerings for community and hybrid cloud appointments this year.

According to a recent O’Reilly Report, 88% of administrations used some form of cloud structure, with most surveyed administrations preparation to grow their cloud capacity within the year.

Due to the unexpected virtual needs for most companies in 2021 due in large part to Covid-19, cloud needs likely surpassed most forecasts for the year. In addition, as more data and analytics moves to the cloud in 2021, business leaders will likely work more closely than ever with data teams to use cloud systems efficiently to order workloads, optimize costs, and accelerate invention.

A report from Forrester Research predicts cloud infrastructure will grow by 35% to $120 billion in 2021, with 25% of designers moving to server less and 30% moving to use containers frequently by the end of 2021. This means better demand for multi-cloud container growth platforms and better opportunity for innovation within large and small tech environments alike.

 

  1. The exponential possible and growth of Machine Learning and AI will keep data scientists busy innovating. AI refers to the simulated human intelligence automatic into machines, while Machine Learning refers to the application of AI that allows systems to learn and increase from experience without being explicitly automated. According to a recent Forbes Article, 28% of US homes will be “smart” by 2021 thanks to Machine Learning and Artificial Intelligence that will interact with real-time data and automatic processes.

 

AI from chips to software will carry on to bring insight, efficiency, and cost savings to the digital landscape next year. Notably, AI and Robotic Process Automation (RPA) has enabled companies to work more efficiently and use staffs for more creative, complex tasks. Still, by some estimations only 15% of corporations currently utilize 50 or more bots. This leaves marvelous growth potential for AI and Machine Learning. According to LinkedIn’s 2021 Emerging Jobs Report, data scientists showed 37% annual development this year.

In fact, data science has topped the report for three years running, naming AI as a significant contributing factor. This means there has never been a better time for a career change to the tech field, with innovation pushing job security and development.

Undoubtedly it will change with the ever changing needs of the digital landscape, but the field of data science will influence its reputation for years to come, ushering in talented and excited data-savvy statisticians who will transform tech in ways we cannot even yet imagine.

Want to learn how to become a data scientist? TIB Academy is here to help with an innovative online curriculum led by industry experts who teach students the current tools, techniques, frameworks, and languages to succeed. Learn more about our live online courses to find out if TIB Academy is right for you.

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