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Growth of data science roles in industry

One of the most visible changes in hiring pattern is increased number of requirements for roles like data scientist and data analyst. With growth in internet technologies and with cheaper and faster technologies, millions and billions of data are now recorded in companies’ databases. Things that would have been predicted manually and based on human intuition now are required to be supported by data, and there are 100s of predictive algorithms which will help in decision making for companies.

Some of the areas where companies are requiring help from data

  1. Predicting sales volumes and demand , and thus adjusting procurement pattern and storage cost
  2. Predicting customer states, and thus knowing when he is going to quit or make new purchases, thus adjusting support channels
  3. Predicting marketing campaign performance, and thus properly spending marketing budget and lower the cost of user acquisition
  4. Personal assistants – Auto updating knowledge based on user interaction, and thus make better choices
  5. Industrial robots – Decreasing errors and increase processing time, and thus increasing industrial efficiency

These are few use cases, and usage of data science is enormous at each department.

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Appendix

Figure 1: Trend in data science keyword. It highlights the increasing pattern of searches for this keyword.

Figure 2: Trends of job posting by each functional role. Data related roles are labeled in fast growing trends

Figure 3: Usage of data science in different industries

Figure 4: Trend in data science job posting on Indeed

data-science-keywords-trends-1

Figure 1: Google Trends show growth in “data science” keyword worldwide.

data-science-opportunities-growth

Figure 2: This PWC data show no of postings and growth of postings for different roles.

data-science-functional-usage

Figure: This PWC analysis show the usage of data science in different industry.

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data-science-job-posting-trend

Figure 4: This indeed data shows the percent increase in data scientist jobs.

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