Modern technology is buzzing with innovation and strategies thanks to the data-driven decision-making abilities of data scientists. This also represents a big step towards machine learning and AI. With the buzz about better business optimization and efficiency, data scientists around the world are witnessing high demand. In a recent study published by McKinsey Global Institute (MGI), the shortage of data scientists is quite visible due to the increasing demand for skilled data scientists in businesses to share data-driven strategies and analyze large data sets. The study also shows that by 2026, there will be around 11.5 million new job opportunities in data science (McKinsey Global Institute). Now, let us discuss the future of data science:
Concept of Data Science
In simple terms, data science is the process of collecting, segregating, and storing, therefore analyzing data collected either from a primary or a secondary source. The techniques implemented in data science are often implemented by computing experts. In this competitive world, data is everywhere—social media, banking, schools/universities—you will find the availability of people’s data very easily. Speaking from the business perspective, these data help leaders identify customer demand and provide effective solutions. For example, if you analyze the Facebook or Instagram feed, you will find reels, ads, or posts related to your Google search. Similar with Netflix recommendations and Amazon or other e-commerce purchases.
A Case Study:
Instagram/Facebook collects data about an individual from its activity, such as likes, shares, and comments on any certain post, or it even depends on the individual’s interest in certain things by analyzing time spent on content. Sometimes, they also collect personal information related to demographics and browsing habits. After collecting these data, engineers personalize your feed by showing posts that you have an interest in. Not only this, but advertisers also benefit in the process as it helps them to track down the target customer, resulting in high conversion rates.
Importance of Data Science
Data science experts perform many breakthrough tech concepts such as the Internet of Things, artificial intelligence, natural language processing, deep learning, and many more. By implementing these concepts in business, they can track business developments and progress in real time. As technology is advancing, the impact of data science is gradually increasing. This is mainly because the importance of gathering and storing data is becoming more necessary as businesses are more concerned about enhanced customer satisfaction. With the help of data, they can study customers’ purchasing habits, thereby providing them with customized solutions and achieving their business goals.
The Future of Data Science
To understand the future of the data science career, let us look at these points, identifying why it is necessary for current businesses in all sectors.
1.Difficulties in managing large data sets
Nowadays, data has become crucial for effective decision-making; hence, it is regularly collected and organized by businesses through websites or social media interactions. However, there is a key challenge which is categorizing the data accordingly. Here comes the role of a data scientist, who not only categorizes data but also analyzes it properly to guide data-driven decision-making.
2. Evolution of Data Science
A career in data science is no longer a dream! With the right guidance, you can easily pursue a successful career in data science. If you are starting your career or looking for a switch, then it is recommended to opt for a data science course from an accredited institute, which will reduce a lot of hassle. As the demand for data-driven decision-making is increasing, it is necessary to upskill in the trending tools or techniques to gain a competitive edge in this cutthroat job market. Going by the recent statistics shared by the World Data Science Initiative, by 2025 there will be new job openings in the field of data science because the market will reach up to USD 123.2 billion.
3. Stringent regulations on Data Privacy
Even though data is crucial for a business, governments in the US and other European countries have passed certain regulations to promote effective data management and bridge the security gap. For example, Transatlantic Data Transfers (EU-US Data Privacy Framework) is adopted by the US government to transfer sensitive data between the EU and the US. Nowadays, people are extremely cautious and sincere with their data due to the rise in malicious activities. An aware data scientist plays an important role in minimizing the potential risks during data transfer by implementing necessary techniques and following the government-approved framework.
4. Blockchain and Data Science
Blockchain is an interesting concept of data science where you will get to work with cryptocurrencies such as Bitcoin, also known as blockchain. Individuals who are interested in a data science job can work in blockchains; they will track and manage each transaction happening through bitcoin on any part of the world. To some extent, data scientists will also be responsible for working with edge computing for handling complex data issues and resolving them.
Data Science Careers
As you can see, the demand for data scientists is quite high all over the world. Not just that, data scientists also receive good monetary benefits such as competitive salaries, bonuses, and other perks. However, to build a strong portfolio and achieve your dream career, it is important to have the required skill set. Hence, it is recommended to opt for a good data science course from an accredited university where you will receive good guidance both education- and career-wise as well.