The world is changing. There's a new buzzword in town and it's not "blockchain" or "artificial intelligence." It's data science and analytics. We've been hearing about this industry for years, but now it's time to get up to speed. The demand for professionals in these fields is only going up as more companies realize that they need someone on staff who understands how to process information into something useful. If you want to be part of the next big thing in tech careers, here are some reasons why getting started with data science/analytical training might be your best bet.
Demand for analytics professionals on the rise
Demand for data scientists and analytics professionals is on the rise. Companies are trying to keep up with the pace of technological change, and they're looking for professionals who know how to manage data effectively. Data scientists are in high demand, but so are other professionals who can help companies utilize their data more efficiently — including analysts, statisticians and researchers.
If you're interested in becoming a member of this growing field (and making some serious cash), here's what you need to know about getting started as a data scientist or analyst:
Big data everywhere
Big data is also growing rapidly. An estimated 2.5 exabytes of new data are created every day – and this number is expected to double every two years until 2020. This means that if you wanted to store all the information on Earth today in just one place – in one room – it would require about 300 PB of storage space -- that's more than three times more than all of Google's servers!
Extremely high-paying careers
Data science is a high-paying career. The average salary of data scientists is $120,000 and top companies pay well over $100,000 per year. While not as high as their data scientist counterparts, the average salary for a data analyst is still quite healthy at over $84,000 per year.
The earning potential for these positions has grown considerably in recent years as well—the BLS reports that the median annual wage for all occupations was roughly $35,390 in 2016—and it's expected to continue growing at an average rate of 8% through 2024 (which would mean another nearly 20% increase).
Opportunity for growth and promotions
- Growth. There is a lot of room for growth in this field, as companies and organizations are only beginning to understand the potential value of data science and analytics. The demand for skillsets such as yours will only increase over time, so you'll find yourself in a position where your experience gives you more options than many others who aren't equipped with these skills.
- Promotion opportunities. As mentioned above, there is a lot of space for growth in terms of salary, but it's also true that if you're really good at what you do then opportunities may come up that lead to promotions—which means even more money! You could find yourself working with cutting-edge technology or leading projects at the forefront of technological advancement—that kind of thing doesn't happen every day! If there's one thing we know about technology today: it changes all the time (well actually two things: every day).
Evolving job roles
Data science and analytics professionals are in high demand, but the job roles are evolving. The emergence of new job titles, such as data scientist, data analyst and statistical programmer, has led to changes in how some companies approach their analytics teams.
New roles like chief data officer (CDO) and chief information security officer (CISO), for example, have emerged over the past few years to help companies manage big data projects effectively. As a result of these changes, there are now several different types of roles that fall under this umbrella term - including statisticians who specialize in machine learning techniques; developers who use programming languages such as Java/Python/R; scientists who work with large datasets that require parallel computing models; or project managers who oversee all aspects of implementing an analytics strategy at scale within an organization
Top companies hiring data scientists/analytics professionals
Some companies are hiring data scientists and analytics professionals to help them improve their business. Here are some of the top companies that hire these roles:
- Apple Inc.
- Amazon.com Inc. (AMZN)
- Alphabet Inc. (GOOGL)
- Facebook Inc.(FB)
If you want to build a solid career of the future, now's your chance.
What exactly is data science and analytics?
Data science and analytics are two related disciplines that use the power of numbers and data processing in order to solve problems, make predictions and create models. Data scientists are experts in finding insights within large amounts of information by using statistical methods. They have a wide range of skills, including computer programming, machine learning and data visualization.
Analytics professionals take what they learn from analyzing the data collected by their companies or organizations to come up with strategies for achieving their goals. They use analytical methods like statistics and business intelligence software to find connections between different pieces of information in order to make better decisions about how to reach their objectives
Conclusion
With the rise of data science and analytics, there has never been a better time to get into this field. With the growth in demand for experts who can mine insights from vast amounts of big data, companies are looking for qualified professionals who have an understanding of how to use these skills effectively. The average salary for these roles is around $150,000 per year and rising fast—and that doesn't even take into account the potential for bonuses or stock options depending on what company you work with!
IT Academy STEP in Cambodia is proud to offer the first professional program in Data Science and Analytics that will provide skills-focused training in Data Science and Analytics in just 2.5 years. Contact us now for more information!
