The Harvard Business Review dubbed “data scientist” the “sexiest job of the 21st century” more than ten years ago, and it is now abundantly evident that they were spot on.
One of the most valuable modern currencies is data. Even though AI and IoT technologies continue to produce enormous amounts of data, there aren’t enough people who can effectively analyze and utilize that data.
According to a Deloitte study, the number of jobs posted by tech companies in 2020 for analysis skills, such as machine learning (ML), data science, data engineering, and visualization, outnumbered traditional skills like engineering, customer support, marketing and PR, and administration for the second time in four years.
Because of this, businesses are providing very sizable pay increases to retain specialists like data scientists and analysts. While this is happening, businesses are trying to recruit people to their organizations by offering salary increases of 20% to employees with the necessary abilities who are willing to switch companies.
Businesses are also paying top dollar for entry-level roles, not just seasoned professionals who are seeing substantial pay increases. According to Mercer’s 2021 Australia Total Remuneration Survey, the pay for entry-level cybersecurity workers climbed by 8% in 2021.
For a while now, IT conglomerates have tried to entice candidates with solid analytics skills, particularly math and statistical expertise that can help them analyze data to address real-world business issues. We’ve all noticed what Netflix has done with data science — creating a behemoth of a programming language based on machine learning algorithms. Amazon and Google, for example, regularly use data science to increase engagement. And now, other sectors are paying attention.
A Peak that Never Stops Rising
2016 saw a surge in the need for data analysts as businesses increased their personnel to concentrate on sophisticated analytical skills. Tech organizations are still looking for people with experience in data analysis. Still, with companies across many industries frantically seeking to hire AI talent and enhance their data-driven decision-making, demand for data analysts will likely continue to outpace supply for some time.
Big Data Is Still Driving Demand
Businesses are seeking technical professionals with business translation skills more and more, according to a 2018 Deloitte report titled The Future of Work: Occupational and Education Trends in Data Science in Australia. This is done to support organizational growth.
Data specialists are still a key weapon in every company’s toolbox in 2022. Why are data experts like data scientists and analysts in such high demand? According to research, more than 60% of the world’s population is now online, and in the last six years, there have been 1.5 billion more people using the internet globally.
Did you know that soon every person on the earth will generate 1.7MB of data every second? How much of the data generated by regular internet users and consumers is actually efficiently analyzed? Data creation and collection are only part of the solution; data analysis and application are crucial. Whatever your industry, you need to be able to harness the vast amounts of data that are now available to manage a successful business in 2022 and beyond. Data analysts excel in this role.
Data Science in the Future
According to the Bureau of Labour Statistics estimates, employment in the field of data science will expand by 11% by 2024.
This is good news for people who are already taking a data analyst course Malaysia or are considering studying data analytics. The rapidly expanding digital economy and the growing usage of data across numerous industries continue to drive the demand for jobs in the data science field. As a result, there will be a bigger need than ever for data scientists, engineers, strategists, and chief data officers in the present and the future.
This article is posted on infinity news.