The future of data science

In 2022, data sciences are among the five most in-demand and highest paid Jobs in Australia[1]. The average annual growth rate is forecast at 2.4 percent, according to Deloitte[2], a full percentage point higher than average job growth. According to Indeed[3], the average base salary for data science professionals is also extremely generous at around AUD$112,000.

The demand for data science is skyrocketing and the possibilities are diverse. Below you will find an overview of the development of this field and the exciting path it will take in the future.

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History of data science

To understand the future of data science, you first need to know its history - and if you think data science is a relatively new invention, you're wrong. Data science has its roots in the field of data analysis, which was first introduced by scientist John Tukey in 1985.

As early as 1998, some scientists were calling for data science to become its own discipline. New terms also emerged to describe the handling of data. The now familiar term “data mining” was introduced at this time.

By 2002, data science had officially become a discipline and the Committee on Data for Science and Technology officially launched the Data Science Journal. Around 2008, data science evolved from a predominantly academic pursuit into a mainstream profession, and data scientist positions began to be created and have grown exponentially since then.

Overview of the job market

Nearly a decade after the Harvard Business Review famously declared that being a data scientist is "the sexiest job of the 21st century," the field continues to offer enticing opportunities[4], according to James Milligan, global head of technology at international recruiting firm Hays :

"Data is the new currency of businesses as advancing digitalization touches every horizontal and vertical market around the world. The impact on the data science sector is far-reaching, and as a result a range of new roles and skills are in demand.

According to a report by the world's leading networking website LinkedIn[5], data science is among the 15 emerging careers of 2020. The popularity of this career can be easily seen from the sheer number of jobs available in this field. A single job board, Seek.com.au, has nearly 5,000 data science jobs available as of March 2022[6]. There are also numerous graduate positions (jobs for students who have just graduated and have no formal experience), which typically indicates a healthy industry in growth mode.

Career overview and trends

A career in data science can take numerous paths, from becoming a data specialist to specializing in products or technology.

The following discussion of industry trends may help you on your data science career path.

Trend 1: Specialization

Specialization can make a data scientist even more indispensable in the workplace. Specialization can relate to a specific industry, e.g. B. financial services or manufacturing, or to a specific data competency. Data analysis, architecture, visualization and database management are all core skills in demand in a growing number of industries.

Trend 2: Bring BI capabilities to the table

Data science is often viewed as the big brother of business intelligence (BI). But that doesn't mean you should neglect your BI skills - they can make all the difference in getting the data scientist job you really want.

A soft skill like Communication is crucial for explaining findings to others who do not have the same understanding of data. Without clear visualization and identification of trends and opportunities, key insights gained through data analysis may not be understood by your audience.

Trend 3: Combine practical learning with formal qualifications

In a rapidly changing sector, Data Scientist constantly further. To grow from a seasoned professional to a sought-after expert, you need to stay informed.

With a postgraduate degree in data science, you will gain a broad range of skills and be able to demonstrate your expertise to potential employers. As your career progresses, make sure you stay up to date with different programming languages ​​and tools. Smart data scientists are constantly learning and know that learning just one technology or platform is not enough to pursue a career - you need to be proficient in multiple and emerging modeling programs, database technologies, and data management.

Future industry trends

Given that global data storage will increase from 45 zettabytes to 175 zettabytes in 2025[7], companies will need more data scientists with the expertise to handle the sheer volume and complexity of the data they work with , to manage something.

Here are three influential industry trends:

Trend 1: Python usage will increase

Data scientists need to know many programming languages, but one is likely to become more popular than all the others: Python .

It was in March 2020 Python is already the most popular search language in the world[8], and its popularity will continue to grow due to the multitude of free data science libraries. Python can also be used to develop a range of blockchain applications and is relatively beginner-friendly.

Trend 2: End-to-end AI solutions are becoming increasingly popular

Companies are increasingly favoring artificial intelligence (AI) solutions that offer their customers multiple services, essentially everything from a single source. For this reason, end-to-end AI solutions are likely to continue to grow in popularity. AI startups help their customers clean large data sets and build data learning models, as well as automate other data management tasks.

Because this technology and the startups driving it are so popular, there are likely to be numerous opportunities for data scientists at these companies.

Trend 3: More possibilities are opening up in data analysis

The data scientist profession has a bright future. One area in particular could experience stratospheric growth: data analysis. Data analytics experts are likely to be in high demand in companies that need professionals to handle massive amounts of data and lead digital transformation.

Data science: still a sexy job

It's been a decade since the Harvard Business Review Data science the most attractive job of the 21st century. century has proclaimed. Since then, this area is still growing strongly, and it looks like it offers more opportunities than ever.

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Sources

^{[1] SimpliLearn: The Most In-Demand and Highest Paying Jobs in Australia 2022}

^{[2] Deloitte: The Future of Work: Occupational and education trends in data science in Australia}

^{[3] Indeed: Data Scientist Salad in Australia}

^{[4] LinkedIn: Is Data Scientist still the sexiest job of the 21st Century?}

^{[5] LinkedIn: 2020 Emerging Jobs Report Australia}

^{[6] Seek: Data Science Jobs Australia}

^{[7] Data Age 2025: The Evolution of Data to Life-Critical}

^{[8] Future Learn: Python Insights: Job and market growth stats}