Is Data Science a Good Career Option in 2023?

Is Data Science a Good Career Option in 2023?

According to a Harvard Business Review forecast from 2012, "Data Science" will be the most promising career in the twenty-first century. Many others took this as a hint, upskilled, and were subsequently employed as data scientists or data science analysts by some of the world's most prominent worldwide corporations. Starting in 2016, "Data Scientist" consistently rated #1 in the US job market until it recently lost its shine in 2020. Nonetheless, it ranks third on the list of the most sought-after occupations in the United States today. It highlights how, despite the Covid-19 slowdown, there is still a large need for data scientists.

According to a Harvard Business Review forecast from 2012, "Data Science" will be the most promising career in the twenty-first century. Many others took this as a hint, upskilled, and were subsequently employed as data scientists or data science analysts by some of the world's most prominent worldwide corporations. Starting in 2016, "Data Scientist" consistently rated #1 in the US job market until it recently lost its shine in 2020. Nonetheless, it ranks third on the list of the most sought-after occupations in the United States today. It highlights how, despite the Covid-19 slowdown, there is still a large need for data scientists.

Many argue that front-end engineers and Java developers have surpassed data scientists, proving that data science is no longer the profitable industry it once was. Is data science still a promising career path in the near future? That is the subject of this blog.

What is Data Science?

Data science, as defined, is the study and use of data to aid in the development of new goods and services, as well as business choices. The procedure is carried out by data scientists and data science analysts.

What Are the Responsibilities of Data Scientists and Analysts?

Data scientists and data science analysts are responsible of researching previous user data, anticipating future user behaviour, and communicating these insights to management in order to assist management in making sound business decisions. Typical parts of the job include developing statistical and economic models and utilising cutting-edge machine learning technology to summarise and visualize data.

Job Demand

Today, whether perishable or not, data is without a doubt the most precious commodity. Leading companies, such as Google, Amazon, and Meta, use data to improve customer experiences, increase profitability, and achieve strategic goals. The problem is that data is dispersed across multiple sites in both organized and unstructured forms. Firms require and will always require data science and people to collect data, structure and analyse it, draw usable insights, and present it for informed corporate decision-making.

Data science jobs have grown by an amazing 650% since 2012. In 2016, 1,700 jobs with data science as the primary role were offered on Glassdoor. The numbers were 4,500 in 2018 and 6,500 in 2020. With a 60% growth in job opportunities in the United States alone, LinkedIn rated data science the most promising job for 2019. Even the Covid-19 issue had no influence on the need for data scientists, with 42% of these companies reporting no change and only 8% expanding.

Limited Supply

Because there was minimal material on the internet and no advanced programming languages in 2012, people began training themselves for careers in data science mostly through books. Furthermore, the traditional school system did not provide degrees in data science or specialised courses for people interested in pursuing a career in the subject. Data science is still a very new and underdeveloped discipline. There is a global shortage of between 150,000 and 200,000 devoted data science workers, according to reports. As a result, if there was ever a time to pursue a career in data science, it is now.

Access to Data Science Programs

Data science professionals must have extensive subject knowledge because their job description is always evolving. Many professional groups are aware of this and want to impose certification and licencing requirements on data scientists.

Prospects for Future Growth

Opportunities abound in data science, where demand frequently outstrips supply. According to a US Bureau of Labor Statistics report, there will be about 11.5 million extra jobs in the field of data science by 2026, representing a 28% growth. According to the World Economic Forum's Future of Work Report 2020, data scientists will have the highest growth and demand by 2025.

Salary Packages

Even after evaluating prospects for progress, the financial viability of a vocation is an important factor in deciding whether to pursue it. Furthermore, positions in data science pay highly. According to Glassdoor, the median income in the United States is $49,800, but the median wage for data science specialists is $1,08,000, which is more than double the national average. According to the 2021 India Talent Trends research produced by recruitment agency Michael Page, data science specialists with 3 to 10 years of experience may expect to earn between 25 and 65 lakhs per year. Experienced workers are paid more than one crore rupees.

Last Words

Because of developing technologies such as quantum and cloud computing, blockchain, artificial intelligence, and machine learning, the global workforce, including data science experts, has changed. Data science professionals are unlikely to go away anytime soon, as seen by the exponential growth in demand, the area's future promise, and the increase in the number of universities offering specific data science degrees.