Today’s global economy might be roaring ahead at full speed to the benefit of professionals in all fields, but few industries have seen such astonishing growth in recent years as data science has. Around the globe, data scientist, machine learning professionals, and coders have seen their fields grow immensely, and are continuing to deal with clamoring demands for their services.
These are some of the reasons why data science is the fastest growing job sector, and how the industry as a whole will fare in the next few years as the digitization of the global economy continues.
The new age is powered by data
It should be of little surprise to anyone that data science is reportedly the fastest growing job sector. After all, the new age of globalization is powered by data. The usage of data has absolutely skyrocketed in recent years, with statistics for mobile data alone showing an eye-popping 700% growth by as soon as 2021. As digital devices and their accompanying digital services continue to spread around the globe at a breakneck pace, the hungry demand for mountains of data is only going to grow larger.
Thus, it’s clear that data science is going to continue to suck up most of the attention in the jobs market. On LinkedIn, for instance, we’ve seen a steady trend of data-heavy professionals ranking among the top emerging jobs on the business-minded social media platform. Companies from virtually every industry, from McDonalds to Ford to Walmart, are finding that there’s a veritable treasure trove hidden in the data they can gleam from their customer’s shopping habits.
As businesses continue to uncover the immense value hidden in their data troves, they’ll pivot to adopting big data analytics operations at an ever-growing pace. You might be wowed by the pace at which businesses today are digitizing, but as data science grows to become an ever-larger sector of the economy, it’s going to grow cheaper for companies large and small alike to hire more data scientist, data engineers, and machine learning professionals.
Job growth in the next decade is expected to be heavy all around, according to the Bureau of Labor Statistics, with forecasted employment statistics showing growth in virtually every sector of the economy. This widespread growth will buoy the rise of data science as a field even more, especially as businesses come to realize that they need dedicated machine learning and data science professionals if they want to avoid disastrous IT failures that could cost them their reputations.
Businesses need data professionals
Businesses that originally rushed to adopt data science-based practices without the help of a dedicated data professional are beginning to regret their decisions. That’s because data science isn’t mere child’s play, but rather a complex industry that’s growing more advanced by the day. Companies that have thus far shunned hiring a dedicated IT team to handle data-related matters are likely to do so in the near-future, especially as data scandals continue to snag headlines and the public’s attention.
The recent indictment of 12 Russian nationals by US officials and the huge PR disaster that Facebook suffered from during its data breach dilemma just go to show how seriously the world is beginning to take cybercrime that’s focused on making off with other people’s data. Consumers overwhelmingly care about their data security, and are beginning to make their voices heard to companies. While many could once get away with shoddy data practices, a new era of strict standards has propelled qualified data professionals to the forefront of a myriad of industries.
As more companies come to realize the potential that lurks in targeted marketing campaigns that can only function with the help of mountains of data, they’re going to start pouring even more money in data-based marketing campaigns. Similarly, data-heavy automation practices will continue to disrupt the market in the near-future, especially as low-cost and low-skilled jobs are handled more and more by software programs instead of human employees. During all of this frantic change, data professionals are going to be needed to secure data collection efforts and make sure information is being accurately collected, categorized, and utilized. Companies that shun safe data practices do so at their own peril; if there’s any one lesson that can be gleamed from the fact that data science is the fastest growing job sector right now, it’s that no one can afford to cut cost when it comes to maintaining consumer privacy and the integrity of your business’ IT infrastructure. A revolution in the field of data has given birth to a slew of time and money-saving innovations, but it’s also rapidly shaken up markets and jarred employers. Despite the twist and turns on big data’s road towards global domination, however, we should expect data science to remain one of the hottest job sectors for the foreseeable future.