In 2012, Data Scientist was dubbed the sexiest job of the 21st century by Harvard Business Review and it is one of the most in-high demand jobs in the world. Data has become a key part of every organization as technology flourishes. As the world become increasingly digitized, businesses are grasping to understand the intricacies of tech. Employers find that for daily job use they need to know how to use it, or at least find someone who can. If they cannot, advancements for their organization slows down significantly. As the world is rapidly changing, a data scientist’s job brings new challenges and opportunities. Below you will see a peek into some ways the job is thriving and struggling today.
Data Scientist is ranked #2 in the U.S. for best job on Glassdoor and has been in the top 3 for the past 6 years
This year the spot for first was beat out by Java Developer which shows that technological fields are still taking the lead. The job satisfaction rating on Glassdoor rates highly compared to most jobs with a score of 4.1 out of 5.
Due to the increased need for data science skills, The US Bureau of Labor Statistics predicts that there will be a 27.9% increase in job opportunities through 2026
The latest data from the Bureau of Labor Statistics shows that there are 32,700 data scientists as of 2019, but that number has almost certainly grown since then. With so many companies struggling to keep up with tech, the job has become an essential role for a lot of companies.
Statista’s global big data statistics found that the global big data and business analytics market was valued at 169 billion U.S. dollars in 2018 and is expected to grow to $274 billion dollars in 2022
The significant increase in data science jobs is certainly not sudden. The boom of technological use and advances overtime has caused the industry to become a giant. With the increased global interest in artificial intelligence (AI), the market’s value does not seem to be taking a downward trend anytime soon.
According to Forbes, 79% of executives agree that companies cannot survive without embracing big data
As people adapt to technology, companies must begin analyzing the new data that is created to keep up. That’s why 83% of company representatives are investing in big data projects to stay ahead as the global market changes.
Human bias may be underlying AI programmed by data scientists, but there are ways to address it
While we are finding evidence that AI can be less biased than humans, there is still a worry that bias is seeping its way into new technology. Data scientists, as amazing as they are, are still human. When programming and working with AI there is a large worry that these biases can affect results. Check out Human Bias in Machine Learning for examples. Then watch this video about combatting bias in artificial intelligence.
One of the highest paying jobs of 2021, being a data scientist can make you between $95,000-$250,000 according to the University of Wisconsin
Unlike other jobs where the entry-level salary tends to be low, an entry-level data scientist’s median starting salary remains high at $95,000. Once you reach mid-level, the median is $130,000 and as for a high-level experienced data scientist the average is $165,000. However, the most shocking number is for the experienced manager-level professionals whose median salary is $250,000.
According to CDO Trends, 93% of employers say their work force is lacking data skills to achieve optimal productivity
The skills gap is growing rapidly and is one of the larger challenges the field faces. A third of employers perceived their employees lacking in data analysis, data interpretation for decision making in business and data protection and risk management. Unfortunately, these skills were also voted as the most necessary data skills for their organization.
Text data comprises the majority of the data used in data science
A recent Crowdflower data science report found that 180 of the respondents on their survey were working with text data. This shows that although machine learning is one of the bigger topics talked about currently, text is also one of the data types that are worked with the least.
European countries make up more than 80% of the cutting-edge category across business, technology and data science
According to the Harvard Business Review, Finland, Switzerland, Austria, Sweden, Germany, Belgium, Norway and the Netherlands are leading in all three domains of business, tech and data science. Surprisingly, the US only shows mediocre performance when it comes to global innovation.
The global big data market is forecasted to grow to $103 billion by 2027, more than double its market size in 2018
An already huge market, the size only continues to grow as newer and better technology emerges. The predicted growth would make the software segment the largest big data segment in 2027 according to Statista.
As the world becomes more dependent on technology, it will become more important for the general population to understand how it works. What this means for companies is that the need for data scientists is becoming more vital than ever. The field is at a tipping point there are so many jobs open and the pay is high. With SAS, you can become certified as a data scientist and open a world of job opportunities for yourself. If interested in being certified in data science, click the button below: Data Science Certification | SAS