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Is a Career in Data Science a Good Option in 2023?

datascience34

@datascience34

October 26, 2022

Data Science & AI Community

1302

According to a 2012 prediction by Harvard Business Review, "Data Science" would be the most promising profession in the twenty-first century. Many others took this as a cue, upskilled themselves, and were eventually hired as data scientists or data science analysts by some of the most prestigious international companies. Until it recently lost its luster in 2020, "Data Scientist" constantly ranked first in the US employment market starting in 2016. However, it still comes in third on the list of the most sought-after jobs in the US today. It demonstrates how there is still a significant need for data scientists despite the Covid-19 slowdown.

However, many contend that front-end engineers and Java developers have taken the top spot, demonstrating that data science is no longer the lucrative field it once was. Is data science still a viable career option in the near future. That is what this blog will talk about.

So, What is Data Science?

As described, data science is the study and use of data to assist the creation of new products and services and commercial decisions. Data scientists and data science analysts are in charge of carrying out the process.

What Are The Duties Of Data Scientists And Analysts?

In order to help management make wise business decisions, data scientists and data science analysts are in charge of studying historical user data, forecasting future user behavior, and then delivering these insights to management. Creating statistical and economic models and using cutting-edge machine learning technologies to summarize and visualize data are typical aspects of the profession.

Why Data Science Remains A Viable Career Option Until 2022 And Beyond?

Let's look at a few variables that suggest data science will still be a viable career choice in the near future

Demanding Career

Today, data is, without a doubt, the most valuable commodity, whether it is perishable or not. Leading businesses, including Google, Amazon, and Meta, use data to improve consumer experiences, increase profitability, and accomplish strategic objectives. The issue is that data is spread out in numerous locations in both structured and unstructured forms. In order to gather data, structure and analyze it, derive useful insights, and present it for informed business decision-making, firms require and will always need data science and people.

Jobs in data science have increased by an astounding 650% since 2012. According to Glassdoor, 1,700 jobs with data science as the major responsibility was advertised in 2016. 4,500 in 2018 and 6,500 in 2020, respectively, were the same. With a 60% increase in job vacancies in the US alone, data science was named by LinkedIn as the most promising job for 2019. Even the Covid-19 crisis had no effect on the need for data scientists, with 42% of these firms experiencing little change and just 8% expanding.

Short Supply

From 2012 onward, people began educating themselves for professions in data science primarily through books because there was little material on the internet and no advanced programming languages. Additionally, the conventional school system did not provide degrees in data science or specialized courses for those who desired to pursue a career in the field. The discipline of data science is still relatively new and undeveloped right now. There is reportedly a global shortage of between 1,50,000 and 200,000 dedicated data science workers. Therefore, if there was ever a good moment to pursue a career in data science, it is now.

Access to Specialized Programs and Data Science Degrees

Professionals working in data science must have in-depth subject expertise as their job description is always changing. Numerous professional organizations are aware of this and wish to impose certification and licensing criteria on people who work in data science.

Future Growth Prospects

Opportunities abound in the field of data science, where demand regularly outpaces supply. According to a survey released by the US Bureau of Labor Statistics, there will be almost 11.5 million additional employment in the field of data science by 2026, an increase of around 28%. Even the World Economic Forum's Future of Work Report 2020 forecasted that by 2025, data scientists would hold the position with the highest growth and demand.

Fat Pay Packages

Even after considering opportunities for advancement, the financial feasibility of a vocation is a crucial consideration in selecting whether to follow it. Additionally, careers in data science do pay well. The median wage in the US is $49,800, according to Glassdoor, while the median wage for data science experts is $1,08,000, which is more than double the national average. Data science specialists with expertise ranging from 3 to 10 years stand to earn anything between 25 and 65 lakhs annually, according to the 2021 India Talent Trends study provided by recruitment agency Michael Page. Experienced people are paid more than one crore.

Final Thoughts

The makeup of the global workforce, including data science experts, has evolved due to emerging technologies like quantum and cloud computing, blockchain, artificial intelligence, and machine learning. Data science experts may not disappear anytime soon, as seen by the exponential growth in demand, the future potential in the area, and the rise in the number of colleges offering specialist data science degrees. Therefore, if you're still debating whether data science is a viable career path in 2022 the answer is unambiguous YES.

#AI #datascience #machinelearning

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