Data Science is the new wave coming in the professional sector. Careers in data science, machine learning, and artificial intelligence are seen increasing demands year on year with a copious increase in the amounts of data that the companies need to extract information from. From offshore businesses like India to areas like Silicon Valley, the demand is exceeding the supply everywhere. Hiring is on an all-time rise, with companies dishing out competitive salaries to attract the best possible talent. Hiring in the artificial intelligence sector has increased by over 74 % in the past four years.
Data Scientists are considered as one of the top five job profiles to be in, as per the survey conducted by professional networking website Linkedin shows that this is the gold rush of the digital era. It also states that in particular for data scientist role, there have been over 37 per cent growth in the last 3 years. With an increase of demand for data-based roles, a massive growth of 15-20 times is expected in the upcoming years, with major growth coming from the education, manufacturing and marketing sector respectively. IBM has also predicted that this over 2 trillion industry with seeing a further increase of demand for data scientists by up to 28 per cent in 2020 itself.
Since the demand is enormous, and skills demanded are niche, many data science courses have cropped up in the market and this is proving to be a boon for those who have just entered or are about to enter the job market in recent years. According to the August 2018 LinkedIn Workforce Report, there were more than 151,000 unfilled data scientist positions across the U.S.. There were "acute" shortages in New York City, San Francisco, and Los Angeles. In a recent survey conducted by the consulting firm KPMG, nearly half (46%) of CIOs who participated in the survey said they suffered from a skills shortage in the data science domain. In 2019, there were close to 97,000 vacant/unfilled data analytics jobs in India. 45 per cent of these were with data analytics companies.
Apart from the number of jobs, the average salary being offered to data scientists is also seeing higher values than the traditional computer industry. Randstad U.S. released its 2019 Salary Guide, which found that salaries for data scientists nationally ranged from nearly $85,000 to more than $119,000. All this makes data science a great career option for the recently graduating generation and effort put in this domain can help them make their career future proof.