Data-driven decision-making has become the
primary need of an hour for almost every business. According to the BRITE
conference report of Columbia Business School, 39% of marketers stated that
their data is infrequent and incorrect for real-time decision-making. This
results in a rise in data science job as data scientists help with
precise and quick analysis of structured and unstructured data.
47% of McKinsey survey respondents said that
they get a competitive edge by leveraging data science. The data science market
size is estimated to grow at a 27.7% CAGR by 2026 with a value of USD 322.9
billion, according to Markets & Markets' growth forecast study report.
In the coming time, the salary of a data
scientist will range from $65k to $153k per annum (source: PayScale). However, the
Burtch Works Salary Report of 2023 stated that the salary of data scientists is
likely to increase based on data science education and experience.
Data science is expected to bring several
opportunities for different industries. Here are the top 5 data science industries
that are worth exploring for data scientists in 2024 and beyond.
1.
Healthcare
Innovative technologies like data visualization
tools, quantum, and edge computing have significantly changed the way
healthcare data is handled, evaluated, and used. It has improved patient
outcomes and care quality, ensuring resource optimization and cost reduction.
Moreover, it allows effective disease prevention and early detection through
predictive modeling. Advanced analytics allows real-time monitoring of clinical
trial data to help with the instant identification of contrary events or
positive results.
Furthermore, data science enhances patient
engagement and experience by allowing them to actively participate in their
medical care and create personalized health interventions and recommendations. The
development of feedback loops allows constant quality improvement.
2.
Media and Marketing
Leading companies in the media and marketing sector
are leveraging data science to better understand their audience. Real-time insight
helps in providing them with customized recommendations. Big data may be used
for various purposes like boosting profits and improving engagement in the form
of comments and views.
Implementing data science methods like AI
(artificial intelligence) and machine learning (ML) helps businesses with hyper-targeted
marketing. Other data science applications in media and marketing include
customer sentiment analysis, customized content experiences, and intelligent
suggestions.
3.
Finance
BFSI (banking, financial services, and
insurance) is another industry you can consider for a data science job career.
For example, risk modeling, fraud detection, customer segmentation, lifetime
value prediction, loan appraisal management, credit scoring, and customer data
management.
4.
Retail
Data scientists play a pivotal role in the
retail sector as companies need retail data analytics to meet their clients’
needs. Suppliers effectively further improve their business tactics by producing
significant insights from raw information through retail data analytics. Besides,
analysis of data transactions from a data-driven approach offers useful
information and insights into potential customer requirements and expectations.
The retail industry is constantly demanding and
hiring skilled data scientists who can better perform their data science job.
The reason is that data scientists are equipped with business intelligence, data
experience, statistical understanding, and technical skills.
Additionally, data science helps in creating a personalization
system, analyzing market details and customer behavior, and improving customer
experience using predictive analytics. A deep understanding of data science
helps with discovering new uses for data, saving costs, and maximizing profit
margins.
5.
Telecommunications
Data science applications in the telecommunication
sector are used to streamline operations, develop effective business and
marketing strategies, increase profit margins, and many other cases. Data
science benefits telecom companies in numerous ways as they have troves of
data.
With visualization skills and fraud detection
systems, data scientists can proactively avoid fraud and easily differentiate between
usual and odd traffic patterns. Data scientists provide a 360-degree view of data
for location, customer profiles, usage, traffic, and network along with
real-time streaming analytics.
Moreover, they help telecom companies make
customized offers to customers, targeted campaigns, optimized pricing, CDR
(call detail record) analysis, order predictive maintenance, and smarter
network deployments.
Upskill to ace a career in Data Science
As mentioned above, the data science industry
is growing at an unprecedented rate. So, there is going to be a huge job
opportunity in the field of data science. Not only in the top industries as we
discussed above, every small or large industry will open its door for data
science professionals. Thus, the importance of data science education is
highly important now.
We also recommend getting certified with the
best data science certification so that you can validate your data science
skills and knowledge and demonstrate your expertise in front of the employers.
With continuous upskilling, proper credential and right certification, you can
easily ace the data science career in 2024 and years to come.
Conclusion
Data scientists have a bright and rewarding future. In addition, it is expected to last many decades. A US Bureau of Labor Statistics (BLS) report predicts that 11.5 million data scientist jobs will be created by 2026. If you want to leapfrog your data science career, consider earning a recognized certification, providing essential technical and non-technical skills for data-driven and strategic decision-making in organizations.
