Data is said to be the modern-day currency. If you look around, all the technology you see works based on data. For example, the artificial intelligence (AI) we see today in phones or cars is all guided by data. Furthermore, every successful business recognizes the importance of data, and the need to analyze and apply it.
A few decades ago, people were not really aware of data and its importance. Now, millions of dollars worth of lawsuits are launched over data breaches or unethical use of data, and consumers and corporations alike understand the value of data and data analysis.
As data usage has increased, the demand for Data Scientists has also grown, with new job roles and sectors springing up across almost every industry. For example, Data Scientist ranks third out of a recent poll of the 50 best jobs in the US.
Considering the high demand for Data Scientists, universities have now started offering Online Master's in Data Science, and it’s an increasingly popular choice for individuals looking to start a career in the field.
Let's find out the reasons behind the unprecedented increase in data-based jobs.
Continuous data generation
As technology advances around the world, the use of the internet and internet-connected devices — such as laptops, phones, televisions, and home appliances — is constantly increasing. All these devices are continuously generating data, which is then analyzed and applied.
As data generation increases, so does the need to sort and interpret it to improve user experience.
Get to know customers’ needs
Big companies want to discover their customers’ needs and target them. They hire Data Engineers, who practice the art of gathering information by collecting data and drawing conclusions (or ‘insights’) from it.
Predictions through data
Humans have always wanted to know what the future holds so we can prepare for it. Collecting historical data to analyze trends can help predict the future.
Governments and businesses hire Data Scientists to collect data, and — based on previous trends —forecast future trends on which these organizations base their policies and strategy.
Data is continuously being generated, and we need people to manage it. As data usage and requirements have increased over the years, so has the demand for Data Scientists and Data Engineers, who are responsible for managing and interpreting data to make valuable conclusions.
Due to this demand, data-based jobs are highly paid and are considered a very good career option.
Governments and other organizations can use Data Scientists' help to identify and combat the health and social issues .
The business sector also requires Data Scientists’ expertise to update companies about consumer preferences based on data.