Is data science a rising career? Data science job is considered one of the highest paying fields. Data science jobs also follow the basic laws of economics – demand, and supply. The demand for data science is very high while the supply for data science job is too low.
If we look at the computer science field a few years ago, the internet was becoming famous and people were making a lot of money out of the internet. Everyone wanted to become a programmer, web designer or anything related to the computer science industry. Salaries were very high and it was exceptional to be in the CS industry. As time passed, the supply of the workforce in IT industry increased and salaries got lowered as the supply of CS workforce started to catch up with the demand.
The same thing is happening to the data science industry right now. Demand is really high and the supply is really low. The salaries of data scientists are still very high and people are willing to get into the data science. Let us have a look at the demand and supply of the data science jobs.
Data-driven decision making is increasingly becoming popular. In the past few years, analysts would use software like Excel to analyze the data. Technology is advanced enough to have tools like:
Complicated ERPs that break down information and create the visualizations.
Tableau, Sisense, Microsoft Power BI for your business intelligence department (which is a sub-field of data science), where analysts can visualize the data in unprecedented ways and uncover unexpected insights.
Outstanding improvements in programming languages such as R and Python, which let you perform very complicated analyses with a couple of lines of code.
Google is defining the data science. Everything they do is data driven from their search engine. Even their HR team is using scientific methods to evaluate the strategies that make the employees feel better at work so they can be more productive.
Each product recommendation that you get comes from Amazon’s data science algorithms. Actually, Amazon has implemented an algorithm that can predict with some certainty if you are going to buy a particular product.
Facebook is generating very high ad revenue because it has all the personal data of the users. Since you interact with the platform, they know if you like cat videos or dog videos. They know what sports you like, who is your favorite celebrity and the amount of money you can spend online. In this way, they can target users in multiple ways. Thus companies like to use Facebook as a medium.
Not only huge companies have a data science division. Small businesses, blogs, and local businesses use google analytics for their needs and have huge gains from it. You don't need machine learning to monetize on data science.
Data science technology was driven by the technology change. Thus it was impossible to exist 20 years ago (slow computers, low computational power, primitive programming languages, etc.)
However, when traditional education was not ready, there are still very few programs that educate the aspiring data scientist. The people that get into the topic usually transition from other field and gain the necessary skills mainly through self-preparation. That includes books, research papers, and online courses. There are still not enough people exploiting the opportunity in the industry.
As the supply of labor is low, supplies will remain high. Thus it is a good field to get into.
The demand for the data scientists will continue to grow and the demand will continue to grow faster than the supply for a long time. So, data science jobs are on the rise both from the company perspective and employee perspective. This makes data science a great field to get into at the moment. If you are interested in getting into the data science field, you must take 6 months industrial training in Chandigarh from DummyByte. Contact DummyByte via email firstname.lastname@example.org or by Contact Us form.