Data Science – Emergence of a new field
The demand for the data-savvy professionals in the industry are rising at a drastic pace. The availability of professionals, capable to work on data efficiently, is restricted to some extent. This is reflected by the margin of rise in the compensation packages, offered to Data scientists, data analyst, statistician, as well as data engineers. A recently conducted research by McKinsey Global Institute narrates that the limited availability of managerial and analytical talent needed for making the optimal use of Big Data is a key challenge. As per this report, by 2018, the job market in the US alone will have the need for 4 to 5 million data specialist. The major count of these positions will be staffed through retention existing employees as well as through training. The author states that the market is likely to feel the need of more than 1.5 analysts and managers within a span of a few years. Companies shall expect these professionals to have superlative technical and an