Data science is a multidisciplinary field that integrates the expertise from statistics, mathematics and programming skills to obtain useful information from data. Currently, there is an increase in demand for data science or data scientists. The figures that substantiate this fact are that since 2012 the data scientist roles have increased by 650%. Also, data scientist is one of the growing occupations in the United States, and 11.5 million new jobs will be created in the data science field by 2026. What is contributing to this boom and the future trends in data science are discussed in this article.
Data science boom
One of the factors contributing to the rising significance of Data Science is organisations. Organisations are increasingly making informed decisions and developing data-driven strategies, and data helps them set the direction for growth, stay relevant and remain competitive. Thus, data plays a critical role across industries, thereby driving the data science growth.
Owing to the demand from the employer side for data scientists, data analysts and other data science-related jobs, the younger generation is showing keen interest in the field of data science. These young adults realise the significance of data and are keen on pursuing a career in data science. This is also driving the preference given to the field of data science.
Another factor that contributes to the growth of the data science field is the pandemic. This led people to spend most of their time online, leading to increased data availability.
Data is considered a backbone for businesses, and its significance is growing. Despite the growing demand for data scientists, there is expected to be a demand-supply gap in this quickly expanding field.
It is estimated that by the year 2024, 14.9 zettabytes of data will have been produced, captured and used by businesses. This statistic gives a glimpse of the growth of the data science field.
Technology has played a key role in driving data science, which will also impact the field in the future. For instance, the usage of Python programming language is expected to increase. This language is mostly used in data analytics and is predicted to be a top programming language in the next 3 years. Another trend expected is the rise in demand for data analysts. As a result, of the increase in demand, it is estimated that the number of applicants in data science to increase.
Increased use of data, in particular, customer data, invokes data security and privacy concerns. After the Cambridge Analytica scandal, where customer data was misused, awareness about data privacy among customers increased. Hence, data privacy and security is expected to be interlinked with data science.
Data science has evolved over the years, and technology is contributing to its growth. As the demand for this field grows, it attracts young adults. The younger generation should capitalise on the opportunity and shape their career. Educational institutions should try to bridge the gap between the demand and supply in data science.