Data scientist: Will there be enough of them?

Data is the new oil and therefore, as a consequence data scientist is the most in-demand career in the market right now. The demand for data science abilities will rise as the sector matures with new-age technology and solutions. Businesses of all sizes are eager to use data to improve efficiencies, and as a result, they are always looking to hire someone who can collect, evaluate, and analyse data.

Nevertheless, the supply does not meet the industry’s needs. The rise in demand can be attributed to the introduction of big data and the way data is generated and used by businesses today. Businesses will need data science personnel with specialised abilities to collect and analyse this massive amount of data. At the same time, organisations are constantly looking for ways to improve their customer experience through predictive analytics, and data scientists can help businesses understand their data and utilise it to forecast customer behaviour.

However, there are certain unique reasons why data science professionals are in such short supply.

Data Science- Scope:

The discipline of data science is growing at an unprecedented rate, producing a great demand for talent in a variety of fields.

Apart from the rapid growth of startups, many large firms and businesses have begun to incorporate data science into their heritage ecosystems in order to increase efficiency and revenues.

There is a huge demand for skilled data scientists all around the world, especially in countries like India, which is quickly developing. In India, there is a vast array of data-related enterprises.

Data science, data analytics, big data engineers, big data managers, and data architects are the most common employment options.

To address these gaps, personnel must be well-versed in a variety of data-related technologies. While a one-month crash course in data science can be a wonderful place to start, if you want to pursue a career in the field, you must have a thorough understanding of the subject.

Lack of Skill

The learning curve for data science is quite steep. You need to master the underlying math, statistics, and computer science to be a full-fledged data scientist, not simply the Tensorflow or Keras syntax.

Despite the fact that there is an influx of data scientists every year, there are very few people who have the necessary knowledge in the field. Most data scientists have formal degrees in computer science, statistics, or mathematics, which is unusual in a world of self-taught coders.

In terms of institutions and boot camps offering degrees in data science, India is still lagging behind the United States. As a result, just a few people are informed about data science.

More businesses are utilising data

Because all firms nowadays are utilising the value of big data in order to make informed business decisions, one of the key reasons for the lack of data scientists in the industry is that all companies are exploiting the value of big data. The growing demand for analytics in businesses has resulted in a severe shortage of data scientists. Despite the fact that many people want to work in data science, there isn’t enough trained labour to fill the positions.

The quantity of STEM graduates each year does not keep pace with the industry’s demand for data scientists.

Small firms can get by with one software engineer and an analyst who can analyse data, but a large corporation will need a team of data professionals that includes not just programmers and engineers, but also data visualisation specialists and project coordinators. As a result the company’s existing data scientists are under increasing pressure to complete more projects and solve more business challenges. It is therefore critical for data science aficionados to enrol in data science boot camps, complete projects, and seek out additional resources in order to get the essential expertise to close the skill gap.

The author is Tanisha Gupta.