Is Data Science a Viable Profession Choice in 2023?

The Harvard Business Review predicted in 2012 that the field of "Data Science" would be the most lucrative in the 21st century. Others followed suit, improved their qualifications, and are now employed as data scientists or analysts at some of the world's leading corporations.

Starting in 2016, "Data Scientist" consistently topped the US job market until it lost its shine in 2020. Despite this, it is the third-most popular work in the United States right now. It's proof that, despite the COVID-19 slump, there's an urgent demand for data scientists.

Data science may not be as lucrative as it once was, as many argue front-end engineers and Java developers have surpassed them. Is it possible to make money in a data science career in the foreseeable future? That's what we'll be discussing here on the blog.

The Meaning of "Data Science"

Data is the raw diamond in today's technology-driven society, and data science is the extraction infrastructure set-up that polishes the diamond so it can be used to change the world. Self-regulating algorithms cannot be developed in the absence of massive amounts of data. As a result, analyzing massive datasets for businesses will be the primary focus of data science in 2023.

Data science, in its simplest definition, is the research of business information gathered from a variety of sources. The analysis of the glider data via the Internet is a complex process involving a number of different variables.

2023 Predictions for Data Science

Data science is the foundation upon which AI and ML can be constructed. Because of this, it stands to reason that the foundation (data science) of automation (chatbots, robots, virtual assistants, etc.) will increase the marketability of qualified workers. Undoubtedly, one of the most in-demand skills is data science skills.

According to an IBM study, there will be a 30 percent increase in demand for data scientists. By 2023, it is predicted that the data science field will have 2,720,000 open positions. The US Bureau of Labor Statistics also predicts that by 2026, roughly 11 million more jobs will be available.

The ultimate goal of every business is to maximize profits. Since data is the lifeblood of data science, every sector now realizes it needs data scientists to manipulate data for maximum benefit. This is why careers in data science are in high demand.

In addition, in the modern online environment, several types of enterprises coexist. The companies in charge of these many categories manage zettabytes (one billion terabytes) of information. In the following years, this data will keep increasing in tremendous quantities, boosting the need for competent workers in data science.

This means that the fields of data science, data analysis, data engineering, and business analysis are flourishing in the current job market.

In addition, data scientists are finding new opportunities in both the public and commercial sectors as a result of the data being collected and analyzed.

Why Will Data Science Still Be a Good Profession Choice Through 2022 and Beyond?

Let's have a look at a few things that point to data science still being a promising career in the future:

Promising Career

Today, data, whether perishable or not, is, without a doubt, the most valuable commodity. Google, Amazon, and Meta are just a few examples of market leaders that use data to better serve customers, boost bottom lines, and advance organizational goals.

The problem is that data exists in both organized and unorganized formats and is dispersed over a wide variety of places. Companies have always needed, and will always need, data science and people in order to collect data, organize and analyze it, draw relevant insights, and present it for smart business decision-making.

Since 2012, data science jobs have surged by a staggering 650%. In 2016, there were over 1,700 data science-focused job postings on Glassdoor. There were no changes between the 2018 target of 4,500 and the 2020 target of 6,500.

LinkedIn predicts a 70% rise in data scientist positions in the United States alone by the end of 2023. With 42% of these companies showing no change and 8% showing growth, it's clear that the COVID-19 issue had no influence on the need for data scientists.

Scarce Resources

Due to a lack of resources and sophisticated programming languages, individuals started preparing for careers in data science in 2012, mostly via books. Furthermore, people who were interested in a career in data science had no access to either a degree in the subject or specialized certification programs because of the limitations of the traditional educational system.

It's no secret that the field of data science is one of the fastest-growing and most innovative in the world. There is allegedly a need for between 150,000 and 200,000 data scientists throughout the world. As a result, if there were ever a time to enter the field of data science, now would be it.

High Salaries

The financial viability of a profession is a major factor in deciding whether or not to pursue it, even after considering the potential for growth. A data science career also provides competitive salaries. Glassdoor reports that the national median income is $49,800, but the typical salary for data science specialists is $1,08,000, or more than twice as much.

Summing Up

Emerging technologies such as blockchain, quantum and cloud computing, artificial intelligence, and machine learning have changed the demographics of the global workforce, including data science specialists.

The exponential expansion in demand for data scientists, the promising future of the industry, and the increasing number of online platforms and universities providing specialized data science certifications and degrees suggest that the need for such professionals is unlikely to go away any time soon.

So, if you're wondering whether a data science career is a good career choice in 2023, the answer is a resounding "YES."