Demand for Data Scientist: Job Outlook for 2024

Data Science is the science and study of all the data we generate and collect daily. Major fields associated with this multidisciplinary field include Statistics, Computer Science, and domain knowledge. On the fundamental level, data science focuses on extracting insights and knowledge from data, which can help decision-making. On a more advanced level, data science job roles, like Data Engineers, Analysts, and Scientists, are associated with using techniques like machine learning and statistical modeling for data collection, storage and cleaning.

While Data Engineers are associated with creating and managing data pipelines for the quality and availability of data, analysts look for trends and patterns in the data. Developing data science models is the role of a Data Scientist. In various cases, it is common for all these roles to collaborate to help businesses make data-driven business decisions.

Yes, Data Scientists are still in demand. Individuals from diverse backgrounds look forward to a career in data science every year because of the lucrative salaries and potential career opportunities in data science. According to the U.S. Bureau of Labor and Statistics, the projected job growth of Data Scientists is 35% from 2021-2032.

In both the US and the UK, the role of a Data Scientist is one of the most in-demand, according to LinkedIn’s 2020 Emerging Job report. Even in India, big data is one of the fastest-growing sectors, driving many talents yearly for data science roles. According to a report by Nasscom, the big data sector is predicted to grow 16 billion by 2025, from as low as 2 billion currently. 

The demand for data science is attributed to the exponential growth in data production and the increasing need for data-driven decision-making across industries. Data has emerged as one of the top assets any business - small business to large enterprises - can own. Businesses or companies offer personalized experiences to customers by leveraging the advantages of machine learning or making big business decisions using data analysis; all credit goes to data and data science.

Any business that collects data understands the importance of data science and its potential to shape future business decisions. This demand in data science also leads to a rise in demand for skilled data scientists and a myriad of career opportunities in the field of data science.

The future in Data Science is positive. According to recent reports, this market is projected to grow 46% in employment opportunities for data scientists by 2026. 

Some of the top industries that heavily rely on data and benefit from data and analytics include

• Banking and Finance: From fraud detection to customer data analysis, the banking and finance industry is one of the top industries to leverage the benefits of data science. Some banking institutes are also using AI-powered chatbots and virtual assistants - one of the examples is a virtual assistant, Erica, used by the Bank of America.
   
• Healthcare: Wearable trackers are one of the best examples of how the healthcare industry is using the benefits of data science. These trackers can help patients with their medications and the physical fitness of an individual.
   
• Media and Entertainment: Entertainment platforms are big on offering personalized experiences to their users, and data science is the most important aspect in this case. Whether it is recommending new music or media that a user will like, data science is at the forefront of it.

As industries continue to understand the importance of data and undergo digital transformation, the demand for data-driven insights and decisions is also growing. With this demand, data scientists are more important than ever because they are helping with actionable insights and shaping the future of organizations across different industries.

Data Science is a rewarding career option for many individuals looking for a future-proof career, irrespective of their educational background. You can also start learning for a data science career right after your 12th. 

Here are some factors that indicate the rising demand for data scientists and why there will be a continuous demand for data scientists.

• Exponential Surge in Data Generation: More and more people are using the internet, and the data landscape is witnessing exponential growth with data that are both valuable and invaluable. Data generation is expected to grow with time, possibly leading to the expansion of the global data reservoir. Businesses worldwide will look to harness these available data for their business decisions, and Data Science job roles will be highly important in providing expertise.
   
• Challenges Faced by Companies in Data Management: Almost every company with some online presence collects data on a day-to-day basis. But not only are they clueless about what to do with the data, but they also don’t know much about categorizing and storing or data management in general. In this case, a Data Scientist makes sense and is crucial if a company is looking forward to using the collected data in its favor.
   
• Evolution of Data Science: It is often seen that many industries that lack growth opportunities have the threat of becoming stagnant. But the data science industry is different in this matter. This industry is continuously undergoing transformations, which ensures a promising future. The continuous trend indicates that more roles and jobs in data science, which will let individuals choose more preferable opportunities.
   
• Evolution of Data Privacy Laws: Many countries and states today have laws on how businesses or organizations can store consumers' data, which demands responsible data storage across the internet. There has been a lot of awareness about data breaches and their consequences for individuals and organizations. This calls for professional data management and expertise, hence the need for data scientists.

The field of data science opens the door for many career opportunities that are not limited to the role of Data Scientist, Data Analyst, and Data Architect. Take a look at these top 5 data science jobs in data science which you can pursue in 2023.

• Data Scientist 
  A Data Scientist devises strategies and creates predictive models and algorithms to predict outcomes or potential results, which can be used in decision-making and strategic planning. Data Scientists also contribute to big data handling and predictive and prescriptive analysis.
  
  On average, a Data Scientist in India yearly earns ₹4,223,618, whereas, in the US, it is $50,734. 
   
• Data Analyst
  A Data Analyst compiles, assesses and interprets data using statistical computations to gather meaningful information and insights. The responsibilities of a Data Analyst include helping clients solve problems and contribute to the decision-making process. They also contribute to data exploration and data visualization.
  
  On average, a Data Analyst in India yearly earns ₹4,642,353 whereas, in the US, they earn $55,764.
   
• Data Engineer 
  A Data Engineer builds various systems or models that collect, store and manage data and analyze the same for data scientists and analysts. Data Engineer's work also highly contributes to the decision-making within an organization.
  
  On average, a Data Engineer in India yearly earns ₹752,932, whereas in the US, it is $9044.
   
• Data Architect 
  A Data Architect creates plans for a data system to manage or organize data. Data Architects plan maps to solve particular issues a company faces and construct a system for the same. They are also responsible for database management and data quality.
  
  On average, a Data Architect in India yearly earns ₹8,759,149, whereas in the US, it is $105,215. 
   
• Machine Learning Engineer
  A Machine Learning Engineer is one of the highest-paid professionals in the Data Science field. As a Machine Learning Engineer, your responsibilities include designing the architecture for artificial intelligence programs so that they can interact with massive volumes of data.
  
  On average, a Machine Learning Engineer in India yearly earns ₹7,767,558, whereas in the US, the salary is $93,304.

Here are the top 4 companies that continuously hire Data Science professionals:

• Accenture: Accenture is a Fortune Global 500 company offering professional services and specializing in Information Technology services and consulting. The average salary of a Data Scientist in Accenture in India is ₹10,50,200, £49,500 and $1,03,300 in the UK and the US, respectively.
   
• Deloitte: Deloitte, a British multinational company, is the largest professional services network with over 178 years of history, which provides services like audit and assurance, tax and legal, consulting, financial advisory, etc. The average annual Data scientist's salary at Deloitte is ₹12,14,000 in India, £45,800 in the UK and $1,13,889 in the US.
   
• SynergisticIT: SynergisticIT, as its name suggests, helps candidates with skill development in technology and helps clients find the best talents across the US. In India, the average annual Data Scientist's salary at SynergisticIT is ₹21,00,00.
   
• Pacific Northwest National Laboratory: Data Scientists are common in Pacific Northwest National Laboratory, which offers its research work to find solutions across various US departments and agencies like the National Nuclear Security Administration, the U.S. Department of Homeland Security, etc. The average annual Data Scientist's salary at Pacific Northwest National Laboratory is $1,07,779 in the US.

The Data Scientist’s salary is often dependent on a few common factors. Take a look at these factors, which you can consider if you want to make the most out of this career.

• Experience: A Senior-Level Data Scientist will earn more than an entry-level Data Scientist in most cases, as they bring more valuable expertise to the table and help in business decisions that directly translate into business growth.
   
• Industry: Some industries have more requirements for data science than others - for example, while data science is used in finance and transportation, the finance sector might offer higher salaries. Also, technology is one of the top industries that offer high salaries to Data Scientists.
   
• Companies: Some companies heavily rely on data which will offer higher salaries to Data Scientists than companies who benefit from data.
   
• Skills: There is a wide range of data science skills you can build and develop to expect higher salaries. Some skills, like Hadoop and Spark, always command a higher salary than other skills. In the everchanging job landscape, certain data science skills are considered recession-proof, which empowers you to navigate career challenges and secure better-paying job opportunities in data science.

In a world where the generation of data doesn’t seem to stop, and data increasingly drive businesses, the expansion and advancement in the field of Data Science are indicative of a positive job outlook. Data science today is important for businesses and helping businesses thrive in a recession, and many modern enterprises’ success is built upon data science insights.

Various trends in data science indicate that the future of Data Science is incredibly bright. As the world and businesses rely more on data and understanding its importance, the demand for Data Scientists is only rising. Various industries, including major industries like healthcare, banking, transportation, etc., are embracing AI and data science to make better decisions and offer better services. And it is safe to say that data is the future, and it is better to stay prepared with the essential Data Scientist skills and expertise.