As long as data is being generated on the Internet and our local electronic devices, the need for a Data Scientist will exist.
Huge volumes of data are being transferred on the Internet, and tech giants are making the most out of it by hiring Data Scientists who give valuable insights from the data and help in building the economy.
We are nowhere near the day when the Internet will no longer exist. The rise of the Internet era has just begun and it is growing manifolds every second, even when you are reading this. The demand for Data Scientists and Analysts is growing a hundred folds largely because of one factor: the rise in the amount of data.
Companies, organizations, and the Government have started to realize what good data insights can do for them to build a bigger brand. According to a study conducted in 2021, almost 20 percent of the total technology budget is being spent on data analytics by 73 percent of companies and The Open Graph API from Facebook aggregates 1 billion content pieces per day!
IBM predicted that the demand for data scientists would increase by a whopping 28% in 2020.
Such a huge volume of data is not resting in one place without being noticed by companies. A McKinsey Global Institute study states that the US faced a shortage of about 190,000 data scientists and 1.5 million managers and analysts who can understand and make decisions using Big Data in 2018.
Shortage of skilled Data Scientists
The demand is extremely high in a country like India, where there are ample tools and technologies but there is a shortage of people who have the right skills.
After 2020, Data Scientists are three times more in demand than in 2019, solely because of the covid-19 virus when the people of the world did not step out and were glued to the Internet all day long! The Bureau of Labor Statistics considers data science in the top 20 fastest-growing occupations and has projected 31% growth over the next 10 years.
Although a lot of businesses were shut down or temporarily closed, Data scientists kept helping businesses improve the efficiency of the workforce and business models using big data, machine learning, and Artificial Intelligence (AI) applications.
What if Data Science loses its trend
Let us say, somehow there is no longer a need for Data Scientists because of multiple reasons. What happens then?
It’s simple, Data Scientists will shift their job to Machine Learning/ Artificial Intelligence / Cloud Computing / Big Data. Data Science is an amalgamation of many different subjects, and with experience, a Data Scientist has enough knowledge to transition into any of these fields. They know the most in-demand languages and tools like Python, R, Tableau, SQL and have a strong foundation in Mathematics and Statistics.
With the help of such diverse knowledge, one can easily move onto other roles because ultimately AI/ML also uses Math concepts that remain the same across any field you choose.
Data Scientists usually get into managerial roles after a few years of experience or build their own companies that solve challenging problems and manage to sustain them for a long time.
In short, if you have strong fundamentals in Data Science, you will hardly find it difficult to land a job, start your company, or freelance for clients because being a Data Scientist imbibes skills in you that help you improve the lives of people, build the economy, and make better decisions based on data