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Why Data Science Jobs are in High Demand?

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20th Jan, 2021
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Why Data Science Jobs are in High Demand?

The hype around data science has left everyone asking the question that why data science jobs are in high demand these days?

Let’s see. A single flight of Boeing 787 aircraft generates up to 500GB of data. Currently, there are over 6 billion connected devices around the world generating millions of terabytes of data every single day. In India, we have close to 500 million internet subscribers simultaneously generating massive chunks of data.

Why data science jobs are in high demand - Cutshort
From simple Google searches and Facebook posts to your e-commerce activities and map searches, you are contributing to data generation every time you access your phone.
What Is Data Science? Who is a Data Scientist? What is Analytics?

What happens to the data?

It comes back to you with a personalized user experience. Moreover, with emerging technologies like Machine Learning, IoT, Artificial Intelligence, and more, data is the new currency every company and market player is fighting to have a major share of. Skilled data scientists are needed more than ever globally and this is the time the world is seeing a shift from redundant skill sets to more specialized skills. Not convinced?

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The exponential rise of Data Science jobs

India just trails the US in terms of the demand for skilled data scientists. According to the reports from Analytics India Magazine on data science job studies, over 50,000 opportunities in data science will crop up in India alone. The studies further reveal that over 50% of the current IT talent pool should upskill to data science and other niche responsibilities as their skills are becoming obsolete.

Why data science jobs are in high demand - Cutshort
How do I Find Mentors for Data Science?

So, why are data science jobs are in high demand?

1. Data is exploding around us

Come to think of it — just a decade back, many of the products or services we use today didn’t exist online or kept their data on non-digital media.

As the business world has moved online, the data getting generated has exploded. As I mentioned earlier, there are over 6 billion connected devices around the world generating millions of terabytes of data every single day.

All this terabytes and petabytes of data are available, waiting to be tapped.

2. Technology has evolved to make data science affordable

As technology made way for faster and cheaper processing power, processors and as the Internet made its way to the masses, data generation became an everyday affair. Today, we are in a tech phase where companies are reinvesting on data scientists to uncover crucial insights rather than on redundant skill sets, resulting in an invariable requirement of data experts.

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3. The increasing number of applications of Data Science

There is no single industry today that doesn’t generate data or doesn’t rely on it. Healthcare is making use of data to provide better healthcare services and treatment agendas, agriculture is making use of data to come up with better crop yields, germinate seeds, and even control water cycles. Industries are using data to precisely predict the malfunctioning of equipment and machinery, the automobile industry is using data to provide better-connected car facilities, and more.

These are just the tip of the iceberg and data is being put to diverse uses in ways we cannot imagine.

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4. Impressive payscale and growth opportunities

Data science jobs are among the highest paying jobs today. Due to less talent available, companies are willing to pay up to 30%–50% more than for other more conventional technical roles. The Salary Study mentioned above also reveals that data science jobs salary for freshers is up to 6 lacs per annum as data scientists and experienced pros can take home up to 20 lacs per annum.

A Data Science job enjoys an additional perk. Being a niche responsibility that cannot be replaced immediately, expert data scientists enjoy better working conditions such as flexible hours and bigger pay increments.

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Want to get a job in Data Science?

This is a great time. The demand is growing fast while conventional skills are getting obsolete fast.

Thanks to more companies waking up to this technology, data science jobs in India are weighing out other IT jobs. With cities like Mumbai, Chennai, and Bengaluru leading the data science jobs scene in India, it is an ideal time to switch to a data science career.

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Data Science Summarized In One Picture

Are you in data science? What do you think – the demand for data science jobs will continue to rise or will reduce in the long run?

This article was originally published on The CutShort Blog.

Profile

Nikunj Verma

Blog Author
Nikunj Verma is Co-founder and CEO at CutShort.io - a refreshing recruitment platform that uses AI and personalization to simplify recruiting and job search. He's a passionate leader and entrepreneur. Product, marketing, strategy, leadership excites him.

Frequently Asked Questions (FAQs)

1What is the need of a data scientist?

Today data is ruling the world. From a Boeing 787 aircraft to the mobile phones that we use every day, everything in this world is consuming and generating data. If you simply search on Google, you are generating data. You like a post on Instagram, you are generating data. With so much data around us, we need someone who can handle it and extract something meaningful from it and that is what a data scientist does. Data Science is the art of processing large chunks of big data and extracting processed information from it.

2How much does data science pay you?

With so many crucial applications of Data Science, it is indeed trending the charts with our ever-increasing dependencies on data and technology. There is a huge gap between the demand and the supply of data scientists which makes it one of the highest paying fields of 2021. A data scientist with 5 years of experience earns around $300,000 per year. A decent data scientist earns around $123,000 per annum whereas the median salary of data scientists is around $91,000 per annum. This is just the base salary. Data scientists also get an attractive media bonus of around $8k within a range of $1K-$17k.

3How can one be a Data Scientist and what should be the career path?

Data Science is a field that rewards you almost better than any other field but asks you to follow a certain career path to be a deserving data scientist. First of all, you have to acquire a bachelor’s degree in Computer Science (CS), Information Technology (IT), or Mathematics. After completing your degree, you should get an entry-level job as a data analyst or a junior data scientist for experience before getting into the big games. Data Science is a field that requires at least a master’s degree or a PhD to get bigger opportunities. You can get your master’s parallelly with your entry-level job too. Qualification plays a major role in your promotion. After completing your higher studies, you can apply for the post of senior data scientist.

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