Is There A Demand for Data Scientists in 2022?
It is no secret that big data is driving massive change in many industries, including business, finance, healthcare, manufacturing, and marketing. As a result, organizations realize that they are sitting on a goldmine of data that can and should be analyzed to solve business problems and generate ROI.
Companies need data scientists to understand complex business challenges and extract value to provide the best solutions from data. Then, they explore and analyze these data points to perform predictive analysis and build models that drive profit for the business or organization.
Current Needs and Challenges Companies Are Facing With Data
Where does the demand for data science come from? In a nutshell, it comes from the concept and value of data-driven decision-making for organizations of all sizes.
Throughout the digital revolution since the 1990s and 2000s, most organizations were entirely focused on moving their business to the online world using automated computer systems.
Over the last 20 years, there has been a consistent stream of content creation, data collection, and data logs. Nevertheless, armed with this data, many companies have not fully understood the immense value of extrapolating the information into meaningful strategies for business solutions and ultimately profits until recently.
The Data Science Boom
The most prominent organizations in the global economy are fueled by data science. For example, when we look at Amazon, Google, and Facebook, these three tech giants use data science for algorithms that improve the customer experience and maximize profits.
The main driver behind why the demand is so fierce is that if businesses rely on data for decision-making while others do not, the latter companies will lose market share and ultimately business and revenue.
“Companies in the top third of their industry in the use of data-driven decision-making were, on average, 5 percent more productive and 6 percent more profitable than their competitors, “According to Business Harvard Review.
It is now proven that data science is no longer just limited to tech giants. Since so many industries can benefit from data science, this has created an extremely high demand and open jobs in the market. However, despite rising popularity, there is still a shortage of data scientists to fulfill the need.
A McKinsey report from 2011 predicted that the United States will face a shortage of about 190,000 data scientists and 1.5 million managers and analysts will understand and make decisions using big data.
Another reason for the ongoing shortage is that data scientists must have a high range of technical and non-technical skills, as well as a Ph.D. or Master’s degree. However, the low supply has forced the market to shift, allowing more candidates with bachelor’s degrees to apply to these roles. This is coupled with the fact that historically, education in data science has not been widely available.
The U.S. Bureau of Labor Statistics predicts strong growth in the field of data science, with the number of jobs increasing by about 28 percent through 2026. That is roughly 11.5 million new jobs!
The demand for data science isn’t just in the United States. Derek Distenfield of GSD Venture Studios works with global startups that want to scale internationally. They are seeing a data science boom in countries such as Africa, specifically South Africa. Big data is a growing force that has touched many sectors, most notably healthcare across the continent.
Which Data Science Jobs Are in Demand In 2022?
Glassdoor recently released a report highlighting the best 50 jobs in America, and not surprisingly, data scientists ranked third for 2022. So let us look at three of the top roles in high demand this year and beyond.
Data analysts take on various tasks, including data visualization, processing, and munging. They must also run queries on the databases. Optimization is one of the most essential skills of a data analyst. They use automated tools to extract data from primary and secondary sources. Other tasks involve database management, data analysis, improving data collection, and forecasting trends.
Data engineers go hand-in-hand with data scientists. Data engineers build big data ecosystems and test them for a business’ stability and optimization so that scientists can run algorithms. Other tasks involve designing and maintaining data management systems, data collection, conducting research, finding hidden patterns, and forecasting trends.
The job description of a database administrator is pretty much self-explanatory. They are responsible for the functioning of all the databases. They can grant or revoke its services to the employees of a company based on requirements. They are also responsible for database backups and recoveries.
With the plethora of opportunities and competitive salaries, many people are even considering a career change. With the rising demand and the shortage of skilled applicants, there has never been a more exciting time to break into the field of data science.
About GSD Venture Studios
GSD Venture Studios travels to every corner of the globe inviting resilient teams to establish partnerships that ensure organizations grow the right way, without games or gimmicks. Unlike traditional investors, they take senior operational (often co-founder) roles in these companies, capitalizing on their trusted reputation, experiences, and network to drive explosive growth.