The sexiest job of the 21st century, data science, has seen a lot of demand with no significant dip at any point of time over recent years. According to a study, it was found that there is a requirement of 28% more data scientists worldwide. So, it is only to fair to assume that the data science career choice in 2020 will not slow down. As for India, in 2018, demand for data scientist shot up by 417%, but the skilled professionals were not in shortage even if there was such an increase in demand.
Demand For Data Science in 2020
In 2019, 2.9 million data science job openings were required and looking at the trend, 2020 will only see an increase. According to a report, in 2020, the job requirements for data science and analytics is projected to boom to by 364,000 openings to 2,720,000. And according to the U.S. Bureau of Labor Statistics, 11.5 million new jobs will be created by the year 2026. Therefore, it’s safe to say, even with the amount of shortage in talent, there might not be a dip in data science as a career option.
The Hottest Job Roles and Trends In Data Science 2020
The increase in data science as a career choice in 2020 will also see the rise in its various job roles. Analytics India Magazine has listed some of them below:
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- Data Engineer
- Data Administrator
- Machine Learning Engineer
- Statistician
- Data and Analytics Manager
The increase in the job roles will be because of growth in certain sectors, and these sectors will need data science personnel to process and deal with the data which they produce. Below are some industries which will create more jobs in 2020, particularly in India:
- Agriculture: The backbone of our country and one of the most prominent areas to adapt technology worldwide, and therefore will demand applications of data science, ML and AI. These will help improve farm output, pricing and forecasting.
- Healthcare: Analysis of the massive data produced by the healthcare department will require the assistance of data science as more and more data is provided every day. Not only is this data large-scale, but also complicated, so the demand for a skilled data scientist can skyrocket in this sector.
- Aviation: Aviation companies produce a very massive amount of data. This data is used by them to improve their services like customer experience, fix flight schedules, safety data, route optimisation, preventive maintenance, etc.,
- Cyber Security: Cybersecurity has seen a recent surge with various companies levelling up their security systems with increasing malware. The data engineer demand will increase as the companies will need them for anomaly and intrusion detection uses.
Industry Salary For 2020
The data science career may attract many people because of its challenging nature, but the payment related to it adds another layer to it. In India, the average salary of a data scientist as of January 2020, according to Glassdoor, is ₹1,052K/yr, which is pretty attractive. The other job roles vary according to the companies and the position.
Market Revenue
In recent with the amount of shift in analytics and data science, the market revenue has increased. According to the report by AIM, in 2018, analytics, data science and big data industry in India generated about $2.71 billion annually in revenues, and in 2019 it grew to $3.03 billion in size. This 2019 figure, is expected to double by 2025 nearly.
Increase In Data & Computing Power
The primary factor contributing to the boom in data science sector is the increase in data being generated and at the same time, the amount of data that is being consumed as well. This data is generated everywhere from one’s mobile phones to the most significant healthcare procedures, so the big data has contributed as a major factor in spurring the growth of data science.
Another factor to be considered is the increased computing power and advancement of tools. This plays an important role, because the big data, as useful as it can be, needs a powerful computing system to which one can efficiently crunch and make the data useful to a reasonable amount. There are cloud computing platforms like AWS, Cloudera, Microsoft Azure, GPS, etc., that provide intelligent solutions.
Outlook
If we look at the previous year, 2019, then according to a survey, 46% of the CIOs who participated said that they had suffered a shortage of skilled data scientists. So, it becomes imperative that as one has to think about this high demanding job seriously, but it is equally essential to be skilled at it. In India alone in 97,000 jobs are vacant because of the shortage of skilled employees. One has to participate in various data science boot camps, projects, and other various opportunities to upskill themselves and move towards being an expert, and then think about starting a career in data science.
