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 analytical skills.

The following statistics shall indicate the significant and rising demand for the data professionals: 

• Over 3500 existing job opportunities.
• The  most highly sought-after talents in the US market by 2018
• The base salary, on average, can go to the extent of USD 105, 395 PA.
• Globally, data professionals will turn to be one of the highest paid professionals by 2019.

Data turning explosive

Data is turning increasingly ubiquitous and inexpensive. Organizations are digitizing the analog contents that were created long back. Companies are collating new types and categories of data from sources like web, mobile, instruments, sensors, as well as from digital transactions. IMB foresees that more than 90% of the total data, used in these days, were created within a span of last 2 years.

Likewise, cutting-edge technologies are constantly coming up the lines to support this gigantic pool of data. Now, it is possible to identify the regularities and patterns in data that enable the users to use data more efficiently. The evolution of Big Data holds the potential to provide a deep understanding of the varied topics, ranging between human biological systems to economic behavior.

A challenge that deserves your attention

All sectors in the economy now enjoy access to a higher volume of data, virtually. This is several times the volume that you could have even thought of, a few years back. These days, organizations are collecting new data and at a rate that crosses their capacity for extracting the value form it. The challenge that all the organizations are facing is that they are finding it tough to utilize the data, productively. This applies not only to the set of their captive data, but, to the entire set of relevant data. This is a challenge that demands an immediate solution if the technology has to advance further.

Experts are of the opinion that the domain, revolving around data will advance further at a drastic pace in the forthcoming times. Thus, data professionals can expect to get wonderful career prospects in the days to come.

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