Why Is Data Science In Demand?

Why Is Data Science In Demand?

Introduction

Data Science deals in exploring, analyzing, modeling, and generating meaningful information from data. This stream is creating a buzz in the market today. According to the report from Indeed, the demand for data scientists increases by 29 percent year after year. And, it will grow consistently as organizations continue to maintain themselves through data-driven insight. 

This is proof of the increasing demand for data scientists and it is not going to change anytime soon. But, have you wondered the reason behind the increase in demand for this field? No! Then, don’t worry! We have got you covered. In this blog, we have discussed detailed information concerning the increase in demand for data science.   

Why is Data Science in Demand?

Today, organizations are realizing that they have a vast pile of data that needs to be analyzed to generate revenue. The rise in the demand for data science is due to the following ways:

Overcome Challenges Faced While Organizing Data

The significant boost in the IT industry in the late 1990s or 2000s focused on lifting and shifting offline business processes into automated computer systems. And from the past two decades, we have witnessed consistent electronic content creation, transactional data generation, and streams of data logs. It directly indicates organizations have a pile of data that they know is very valuable. This challenge has led to a significant rise in data science as these professionals are only going to overcome it by organizing data appropriately. 

Cheer Up Your Lifestyle Using Pay-Scale Method

With the help of Pay-Scale, people you are surrounded with getting to know your worth. And, talking about data science, it is among those remarkable jobs that have relatively decent paychecks. According to the data provided by Glassdoor, the average pay scale offered to the people of this field is more than 995k approximately. 

Shortage Of Skilled Resources

According to a study of McKinsey Global Institute, the United States of America faced a significant shortage of data scientists, managers, and analysts, who are required for making decisions using Big Data in 2018. 

In India, this demand is acute as they have appropriate technologies and tools but not skilled users. Also, the co-founder and CEO of Fractal Analytics, Srikant Velammakanni says that there are two types of talent deficits, data scientists and Analytics Consultants. The talent supply for these jobs is scarce while having wider demand. 

Availability Multiple Potential Jobs

There are a plethora of job roles in this field. A person seeking education in data science can become Data Analyst, Statistical Expert, Data Scientist, Data Architect, Business Analyst, etc. although they have to face specific challenges, they should not rely on any friend or family to excel on them. It is because there are multiple institutions that are delivering both online and offline training for this particular job role. Therefore, the demand for Data Science will progress in the near future. 

Simplifies Decision Making Process Using X Factor

Being a data scientist is considered a very cool job. It is because of top data scientists working on top companies like Google, Amazon, LinkedIn, Facebook, and Twitter. This made it the Sexiest Job Of The 21st Century by Harvard Business Review. Data scientists have exceptional and unique responsibilities towards their job role. This nature helps them in advancing further in their work and incorporate their skills over several domains like machine learning, big data, etc. This is what is considered to be their impeccable X-Factor.  

Less Competition

Competition is something that we cannot avoid even in this pandemic. Therefore, it is essential to think of maintaining the learning spirit of Data Visualization and other components of Data Science that will help you to get your dream job. Further, the field is growing and providing opportunities to both freshers and professionals, which gives you the reason why you need to present your services to renowned companies. 

Democratization of Data Scientists

The demand for Data science is no longer limited to tech-savvy. Companies that are using data-driven techniques for making decisions are more productive and profitable than their competitors. Therefore, mid and small industries are looking towards data sciences to scale their business. Moreover, the data scientists have also found it an appropriate platform to hone their skills while paying by the organization. 

Ability To Predict The Statistics and Solve Real Time Cases

Today, businesses are using Statistics to grow globally. Data Scientists having knowledge about Data mining has the ability to re-use the existing data and focus on the available pattern appropriately. This way, the teams will be able to predict the forecast appropriately. 

All these decisions will revolve around real-time case studies. Also, there are statistics that can be used to examine tools like R and Python free of error. Therefore, it eliminates the company from the hustle of using time-consuming ways and sources. 

Streamline The Process Of Handling Massive Data

The research states that about 75 percent of organizations are fighting with their counterparts of structured and unstructured data. Also, it is essential for them to manage data uncontrollably. Because of this, the organization will have to face a huge mess. Therefore, data scientists manage the data and discard the data sets that are not in use. It helps the organization to gain productivity and profit margin too. The only thing that the organization is left to focus on is patience and resilience.  

Conclusion

As discussed earlier, data science professionals are paid a decent salary because of their need for analyzing and managing data. Therefore, if you are still wondering whether the field of data science is demanding, then you should know that the answer is YES. This demand is not going to slow down globally and since there is a lack of competition in this field, it is considered to be the most lucrative option for your career path. 

So, if you want to become a data scientist, it is significant to know that you might require advanced knowledge in this field that is beneficial in building the foundation in information technology and computer systems. 

Also Read: Pandas Library In Data Science

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