More and more businesses are moving towards digitization. This means they are willing to adopt a data-culture into their organizational setup. More data means more need for processing and this will subsequently lead to high scale hiring of data scientists to get hold onto valuable data and extract meaningful insights from it. With the lowest global skill gap (58%) among other new-age technologies, the big data industry is expected to see 4,165,519 total open jobs by 2023, up from 2,348,620 in 2019.
Looking more closely we observe that the sectors that are alluring more and more data scientists are Telecommunication, BFSI, Manufacturing, and Healthcare.
Analytics Insight evaluating big data industry’s sector-wise growth reveals that Telecommunications and IT with a share of 33% is the largest sector in the Big Data market. The industry is predicted to grow from US$59.0 billion in 2019 to US$105.2 billion in 2023. With a share of 14%, the BFSI industry stands at second place, rising from US$25.4 billion in 2019 to US$51.7 billion in 2023. The manufacturing industry market is expected to grow from US$16.5 billion to US$26.8 billion, at a CAGR of 10.2%. Healthcare and Lifesciences are predicted to grow at CAGR of 9.6%, where the industry is anticipated to accelerate from US$14.8 billion to US$23.4 billion.
With the growing market in each of the aforementioned sectors, the demand for data scientists is also rising. Therefore, taking wise steps ahead, they must target and prepare themselves for these sectors in order to grab a bright job opportunity.
Ashish Malhotra, director at bitgrit Japan – a global data science community told Business Insider, “In healthcare and pharmaceuticals data science can supply solutions for problems where there is the scope of manual error. For instance, it can assist the procedure of diagnosis and depicting cancer, neurotechnology, and biosciences.”
According to him, banks and financial enterprises too are ramping up their data scientists team. He said, “Data needs statistical evaluation. Treasury, depicting the credit default rate of a country or a city is important to banking systems.”
Moreover, as we can see from data, the telecom industry is going to experience the highest growth among others, data scientists are more likely to get more job opportunities in this sector. Using large data sets telecom companies are proliferating their 5G operations and are able to conduct fraud detection analyzing call patterns.
According to Ashish, “If we predict the behavior of the people using the internet in the last six months using data analytics, we can specifically switch of those internet systems that are creating a nuisance in the system.”
Following these rising sectors, data science is expected to grow across significant other sectors. The Big Data market for the Government and Defense sector has been observed at US$12.2 billion in 2019 and is expected to reach US$20.0 billion in 2023, growing at a CAGR of 10.4%. While the Retail industry market is expected to grow at a CAGR of 8.1% from US$10.7 billion on 2019 to US$15.8 billion 2023, the Big Data market for Media and Entertainment is expected to reach US$8.4 billion in 2023 up from US$6.8 billion in 2019, growing at a CAGR of 4.3% with 4% market share.
Furthermore, the market for other industries is anticipated to surge at a CAGR of 7.0% from US$19.9 billion in 2019 to US$28.0 billion in 2023.
Therefore, the budding data scientists must take note of these growing fields and prepare themselves to lead their way through the aforementioned arena.