Loading ...

The demand for data science jobs in 2020

The Demand for Data Science Jobs in 2020

sharmaniti437
by Niti Sharma — 3 months ago in Future 3 min. read
1595

Data science is one of the hottest industries these days, given the massive amounts of data flowing into companies of all sizes and across all sectors.

From product sales to material usage and employee work hours, among others, the variety of data is immense, and this data could be mined for valuable insights to guide the strategic choices of companies.

Data science enthusiasts had a great year in 2019. The data science industry could do even better in 2022, touching global revenues of USD 274 billion (2019: USD 189 billion) and growing at 13.1% annually.

The fourth industrial revolution will further accelerate the demand for data science professionals by creating millions of new data science jobs in the coming years.

The Demand for Data Science Jobs in 2020

This massive sprawl will bring:

  • Job opportunities for data scientists, data engineers, data analysts, analytics specialists, consultants, insights analysts, analytics consultants, and more
  • Lower costs, higher efficiencies, uncovering new markets, and an edge over competitors in the market

The prospects for the data science industry are bright. Every day, our world generates 2.5 quintillion bytes of data. This could add up to 5.2 zettabytes by 2025, which must all be analyzed.

And a data-driven mindset has been shown to offer multiple advantages over eschewing the use of data: insights led to profits of USD 1.8 trillion; operational expenses went down by a large amount, and customer acquisition went up by a multiple of 23!

Data science could be a great disruptive force in traditional industry dynamics, as companies can leverage the power of insights to make data-driven strategic decisions that keep them ahead of their peers.
Also read: Best Ways for Project Managers to Prepare for VR Project Development

The following trends were seen in big data in 2019

  • Big data analysis got a great push from artificial intelligence (AI) and machine learning (ML).
  • Acquisitions in the data space moved to core products instead of only adding features incrementally.
  • Only those companies received funding who innovated more and generated more value than others.
  • Producing use cases for big data became simple with frameworks for automation.

A large number of data science jobs points to the increasing demand for big data and analytics professionals, further driving the need for distinctive skill sets.

  • A report from the Royal Society, an independent scientific academy of the UK and the Commonwealth, said that the demand for workers with data skills grew by 231% over the past five years.
  • Globally, according to IBM, around 28% of the total jobs in 2020 will be data science jobs.
  • The US Bureau of Labor Statistics (BLS) believes these jobs will grow by at least 19% by 2026.

The data science industry has been hiring an exponentially larger number of professionals every year, making it very popular. About 400,000 new jobs came up during 2018-2019, in particular for administrators, analysts, architects, and engineers.

Along with this growth in job openings, average salary levels for professionals in big data and analytics went up in the same period by 28%.

But there is a serious shortage of the relevant skill sets, which could well disrupt the disruption dream! According to ‘The Quant Crunch’ report from IBM, machine learning, big data, and data science skills are the most challenging to recruit for, and can potentially create the greatest disruption if not filled.

  • The current skill development rate for data science professionals stands at a slackened 14%.
  • On average, a data science job remains vacant for 45 days due to a talent crunch.
  • In a 2019 survey of 3,000 technology leaders, KPMG found that the “Data Analytics Expert” role was the hardest to fill.

With the ever-widening demand and supply gap, this period is more than likely to extend much further. Already, according to LinkedIn, the total number of big data professionals is 2,186,308 worldwide. Against it, approximately 660,528 job postings were made in 2019.

Looking ahead, the demand for big data and data science skills is likely to continue to rise in 2020. Information technology and services could be picking up 44% of the professionals hired in this period (2019: 36%).

A smaller part, though significant, will go to sectors such as financial services, recruitment, and software.

Niti Sharma

Niti Sharma is a professional writer, a blogger who writes for a variety of online publications. She is also an acclaimed blogger outreach expert and content marketer. She loves writing blogs and promoting websites related to technology sectors.

  • Top 5 reasons companies are turning to no-code platforms Jul 28, 2020, 3:15 PM
  • What is INSTAGRAM and Why You should use it full guide? Jul 26, 2020, 9:00 AM
  • Integration of Pedometer in Swift iOS Development Jul 26, 2020, 4:14 PM

Sunday August 2, 2020

Monday July 27, 2020

Monday July 27, 2020

Never miss out

Sign up with TNT and get direct story to your inbox.
Facebook Pagelike Widget

Twitter Feeds

10 Reasons to Buy a #Smartwatch https://www.the-next-tech.com/?p=24678 #top10 #buysmartwatch #tech #technology #watch

How is Artificial Intelligence revolutionizing the Home Decor Industry? https://www.the-next-tech.com/?p=23267 #artificialintelligence

5 Steps to Gaining Financial Freedom https://www.the-next-tech.com/?p=25040 #tnt #finance #financialfreedom #tech #technology

IT from Home: Prepare your IT Infrastructure for the new normal https://www.the-next-tech.com/?p=23502 #digitalinfrastructure #technologytrendsfuture

Load More...

Related Posts

Future

Top 10 Trending Technologies You should know about it for Fu...
By: Alan Jackson, Thu July 23, 2020

Change is the only constant. This applies to your professional life as well...

Future

How Continuous Testing with Automation Helps Build Robust So...
By: Andrew Zola, Thu July 16, 2020

Nowadays, customers and end-users expect top-notch software and mobile..

Future

Future of Cash: Impact of Covid-19 on Payments
By: Alan Jackson, Wed July 8, 2020

The intersection of global emergency and revolutionary changes in international..

Future

IT from Home: Prepare your IT Infrastructure for the new nor...
By: Bharat S Raj, Sun June 28, 2020

As the spread of COVID-19 continues to surge, many organizations have adopted..

Future

The more common types of Commercial Insurance
By: Alan Jackson, Sat June 27, 2020

Commercial insurance protects a business owner against losses resulting from..

Future

ByteDance to shut down Vigo Apps in India
By: Amelia Scott, Mon June 15, 2020

Chinese internet large ByteDance has announced plans to cease or discontinue..

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Copyright © 2018-2020 The Next Tech. All Rights Reserved.