Over a decade ago, the Harvard Business Review called data scientist the sexiest job of the 21st century, and today it’s clear they hit the nail on the head.
Data is one of our most valuable modern currencies. While AI and IoT technologies continue to generate vast quantities of data, the reality is there’s a shortage of the number of people who are effectively able to analyse and actually make use of that data.
A Deloitte study found that in 2020, for the second time in four years, the number of jobs posted by tech companies for analysis skills—including machine learning (ML), data science, data engineering, and visualisation—surpassed traditional skills such as engineering, customer support, marketing and PR, and administration.
As such, companies are offering some pretty hefty pay rises to retain professionals like data scientists and data analysts. Meanwhile, employees with the right skills who are prepared to change companies can earn a pay increase of 20 per cent, as business’s attempt to entice talent to their companies.
And it’s not just experienced professionals who are earning a significant pay increase – businesses are also coughing up the big bucks for entry-level positions too. For example, the salary for entry-level cybersecurity professionals increased 8 per cent in 2021, Mercer’s 2021 Australia Total Remuneration Survey found.
Tech conglomerates have tried to attract employees with advanced analytics skills for some time now, particularly those with maths and statistical skills that will aid them in analysing data to solve real-world business problems. We’ve all taken note of what Netflix has accomplished using data science – building a programming behemoth based on machine learning algorithms. Meanwhile, the likes of Amazon and Google continuously use data science to drive engagement. And now, other industries are taking note.
A Peak that Keeps on Climbing
The demand for data analysts hit a peak in 2016, as companies ramped up their workforce to focus on advanced analytical skills. Today, tech companies continue to seek professionals with data analysis skills, yet with businesses across a number of industries furiously trying to employ AI talent and increase their own data-driven decision-making, it’s likely demand for data analysts will outrun the amount of talent available for some time.
And this is one of the reasons data professionals will continue making the big bucks this year, next year, and for years to come. In fact, Digital Trends name Data Scientists as the number one hottest tech job, with the average salary hovering around $US113,000 ($AU150,000). In Australia, the median data scientist salary is $138,000 per year, with 75 per cent of all data scientists earning above $96,900.
Big Data Continues to Drive Demand
A 2018 Deloitte report titled The Future of Work: Occupational and Education Trends in Data Science in Australia found businesses were increasingly demanding technical specialists skilled in business translation to help drive organisational growth.
And now, in 2022, data professionals continue to be a vital tool in every company’s arsenal. Why are data professionals like data analysts and data scientists so in-demand? Well, Over 60 per cent of the world is now online, with data showing the world internet population has grown by 1.5 billion in the last six years.
Did you know that 1.7MB of data will soon be created every second for every person on the planet? The everyday internet user and consumer create this data, but how much of it effectively gets analysed? Creating and collecting data is a fraction of the equation – analysing the data and making use of it is a vital factor. It doesn’t matter what industry you’re in – to run a successful enterprise in 2022 and beyond, you need to be able to make use of the large quantities of data available – and this is where data analysts shine.
The Future of Data Science
Statistics from the Bureau of Labor predict that data science positions will continue to grow, increasing by 11 per cent by 2024.
This is positive news for current data analysts or those looking to study data analytics. The demand for data science occupations continues to be supported by the rapidly growing digital economy and the increasing use of data across diverse industries. As such, the current and future world will see more data scientists, data engineers, data strategists and chief data officers in greater demand than ever before.
Looking to Further Your Data Science Knowledge?
Job opportunities are booming for data scientists. And for those pursuing a career in the industry, there is a wide range of areas to specialise in, and no shortage of big-paying jobs. If you’re looking to enhance your skills in data, a Master of Analytics is the next step to catapulting your career and earning the big bucks.
