Data science is currently one of the fastest-growing careers. Why is this specific career in such high demand? With technology being ever-evolving and living in a digital society, data scientists are essential as they work to analyze large amounts of data and make assessments that help a company bring in high amounts of revenue. Data scientists can also find jobs in a variety of different fields that you may not expect.
Why Data Scientists are Needed
If you think about it, just a decade or so ago, companies were not promoting their products and services online or using digital media as a marketing tool. Clearly, this is no longer the case. Since businesses have begun doing most of their sales online, data has exploded and the need for data scientists has greatly increased.
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It would be challenging to think of any company that does not promote its product virtually. Therefore, they require data scientist’s to help make decisions in regards to the best methods of how to market and generate more revenue for the specific company that they are working for. Having a data scientist on your team reaps many benefits as well such as better product management, improved advertising, and most importantly improves service level performance all around. You can get more information about adding a data scientist to your team today.
According to the United States Bureau of Labor Statistics, data scientists are on the top 20 list of fastest-growing occupations in the United States by 31 percent compared to the average job growth which is at 5 percent. This shows that the growth rate for this specific career is more than six times the national average! Due to such a high surge in demand, companies are willing to pay 30%-50% more than mainstreamed technical roles. Techjury has predicted that by 2023 the data analytic industry will reach $103 billion dollars with 95% of companies citing the need for a data scientist. Also, according to a study done by Deloitte Acess Economics, 76% of businesses plan to increase spending on data scientists within the next two years. The outlook on this career proves to be promising.
When you think of a career as a data scientist, your mind more than likely goes automatically to thinking of IT jobs or computer-based businesses only but this is not true. Data scientists are becoming more needed in a variety of fields. As stated, more companies are looking to hire data scientists meaning that there will be many more career paths you will be able to take as a data scientist.
Such as the growing demand for these jobs in health care, cybersecurity, retail, manufacturing, telecommunications, transportation, education, government, and even nonprofit organizations. Therefore, no matter what the person’s niche is, chances are they’ll be able to find something that suits their interest in this thriving career field. A plus to this career is that the median salary according to the BLS in 2020 was $98,230.
The demand for employers needing to hire as data scientists is not going away anytime soon as more and more products and services become available online and companies are willing to pay almost double what they have in the past for an employee in this profession. More companies will be promoting products and services online making this a steady, in-demand career field.