FACTSHEET
DATA SCIENCE
CAREERS IN 2024 © Copyright 2023. United States Data Science Institute. All Rights Reserved
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“In 2024, 60% of data for AI will be synthetic to simulate reality, future scenarios, and derisk AI” - Gartner
The world is rapidly evolving and one of the most influencing driving forces behind this transformation is Data Science. Data Science, in brief, refers to the field of study that deals with drawing meaningful insights from raw data. Though data science has existed in this world for quite some time now, it is still in its growing phase. New tools and trends are coming up regularly, and data science technology is continuously evolving giving way to several job opportunities and innovation furthermore.
“Data Science Skills will drive a 27.9% surge in employment in the field through 2026” - US Bureau of Labor Statistics
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Data Science 2023 Brief
Precedence Research- Data Science currently is at its peak with a market size of $129.72 billion Indeed- The median salary of data scientists as stated in the United States is $125,242 New Vantage Partner- 91.9% of organizations achieved measurable success using data and analytics investment. Forbes Business Insight- 3 in 5 organizations use data analytics, in one way or another to drive business innovation Atlan- 56% of data leaders plan to increase their data science budget in 2023 LinkedIn- Machine learning, Python, SQL, and cloud computing are the most in-demand data science skills CrowdFlower- 91% of data used in data science consists of text data, making unstructured data increasingly important International Data Corporation- By the end of 2023, 149 Zettabytes of data will have been used in data science
Data Science in 2024 502
Data Science Platform Market Size,
451.8
2022 to 2032 (USD Billion)
$ 501.03 $ 429.70
401.6 $ 429.70 351.4 $ 272.46
251
$ 201.96
200.8 150.6
$ 234.48
$ 174.10 $ 112.12
$ 129.72
2022
2023
$ 150.22
100.4 50.2 0
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2024
2025
2026
2027
2028
2029
2030
2031
2032
The Precedence Research stated the global data science platforms market size will reach a market size of $150 billion in 2024 depicting a CAGR of 16.2%.
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This period will also witness an increased demand for data science professionals. According to the US Bureau of Labor Statistics, employment in data science will grow 36% by 2031.
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Another report from McKinsey Global Institute states that Data Science is expected to add a value of around $13 trillion to the global economy by 2030.
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Source: Precedenceresearch.com
$ 368.84
301.2
Ÿ
Expected growth rate at CAGR of 16.3%
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Global Data Science Platform Market to reach the value of USD 132746.18 million during the forecast period
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Global market covered by on-premises and on-demand types
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Industries include BFSI, Retail, Healthcare, IT, Transportation, Energy and utilities, Government and Defense
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Top regional players include North America, Europe, Asia-Pacific, South America, Middle East and Africa, and the Rest of the world
Top 7 Data Science Roles to Explore in 2024 The data science industry has given rise to several job profiles from renowned data scientists to highly popular data analysts. Each of these roles performs specific data science jobs catering to different needs of the organizations.
MACHINE LEARNING ENGINEER
Develops and deploys machine-learning models and transforms machine-learning algorithms into practical applications
DATA SCIENTIST
Looks after data science projects; builds machine learning models; and creates data-driven solutions
BUSINESS INTELLIGENCE ANALYST
Fosters organizations to make strategic business decisions using data
DATA ANALYST
Analyzes data and provides valuable insights to support decision-making.
DATA ENGINEER
Designs and maintains the data pipelines by developing proper infrastructure to facilitate data collection, storage, and preparation of data for analysis.
CLINICAL DATA MANAGERS
Gathers data from a variety of medical research projects and unites healthcare training with math, programming, and computer science.
DATA ETHICS SPECIALISTS
Checks all data are used in a responsible and ethical manner
“The US will face a shortage of close to 190,000 Data Scientists and 1.5 million managers and analysts”. McKinsey Global Institute
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Source: LinkedIn
Data Science Platform Market Report, Forecast Period 2023-2030
TOP 5 INDUSTRIES DESPARATE TO HIRE DATA SCIENCE PROFESSIONALS IN 2024 (BASED ON US BUREAU OF LABOR STATISTICS RECORD)
COMPUTER AND PERIPHERAL EQUIPMENT MANUFACTURING
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USD 144,090 PA
SECURITY AND FINANCIAL INVESTMENTS
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USD 143,490 PA
MERCHANT WHOLESALERS, AND DURABLE GOODS
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USD 142,300 PA
EDUCATION
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USD 139,120 PA
MONETARY AUTHORITIES
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USD 126,590 PA
3 Popular Data Science Leadership Roles 1. Chief Data Officer: Top-most senior data science leadership role responsible for developing and implementing the organization’s data strategy. Expected Annual Average Salary: $641,570 (salary.com)
2. Chief Data Scientist: Works with C-suite executives to solve the most pressing data challenges. Expected Annual Average Salary: $270,000 (salary.com)
3. Director of Data Science: Leads a team of data scientists and is responsible for setting goals, delegating tasks, and analyzing reports. Expected Annual Average Salary: $197,081 (salary.com)
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DATA SCIENCE ROADMAP Data Science professionals belong to highly technical profiles with knowledge of their industry and business. So, having a graduate or post-graduate degree in the following field is recommended:
or Mathematics
Computer Science
Statistics
Engineering
EDUCATIONAL REQUISITES IN THE UNITED STATES 24%
BACHELOR’S DEGREE
MASTER’S DEGREE
05%
DOCTORAL DEGREE
Source: Indeed
71%
Top 10 Skills for a Data Scientist TECHNICAL SKILLS
Statistics
Programming Knowledge
Machine Learning
Linear Algebra and Calculus
Data Wrangling
Data Visualization
Big Data
Data Intuition
Story-telling Skills
Collaboration
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NON-TECHNICAL SKILLS
Critical Thinking
Good Communication
A Good Team Player
Problem-Solving Skill
Leadership Skills
Job Market and Salary Trends for 2024 The data science job market is currently seeing a boom. Based on a Glassdoor Report 2023, in 2024, data scientists in the US earn will an annual average salary package of $143,835. And this number will be growing at an astounding rate.
DATA ARCHITECT
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USD 178,605
MACHINE LEARNING ENGINEER
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USD 151,250
DATA SCIENTIST
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USD 143,835
DATA ENGINEER
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USD 117,865
BUSINESS INTELLIGENCE ANALYST
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USD 102,658
DATA VISUALIZATION SPECIALIST
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USD 84,878
DATA ANALYST
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USD 77,568
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Source: Based on Glassdoor 2023 Record
Annual average salaries of data science specialists in the USA
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Top 3 Industries Adopting Data Science in 2024
Industries
Global Data Science Market Size
Trending Stats
(in USD billion)
Healthcare
Finance
Retail
33.9
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90% use analytics in clinical areas
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85% use analytics in financial areas
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77.3% use analytics in operational areas (as per HIMSS Analytics Survey)
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83% of financial institutions are using data
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science to improve fraud detection. 76% of financial institutions are using data
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science to improve risk management. (as per SAS Report)
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62% of retailers used data science to improve customer targeting.
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59% used this technology to improve their inventory management (as per IBM)
16.2
11.7
This is just a teaser of the many ways that data science is being deployed in diversified industries. As data science continues to disrupt the global market, expect to witness an even greater impact on the global economy and society for the greater good.
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Data Science Outlook 2024 and Beyond Ÿ
The rise of artificial intelligence (AI) - AI is likely to play an even greater role in data science, as it becomes more powerful and sophisticated.
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The growth of the Internet of Things (IoT) - IoT devices generate a vast amount of data, which can be used by data scientists increasing even more opportunities.
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The increasing availability of data - The amount of data in the world is growing exponentially because of the growth of the internet, the rise of social media, and the increasing use of sensors. More data will allow data scientists to solve even more complex problems.
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Personalized medicine - Data science is used to develop personalized treatment plans for patients based on their individual medical data.
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Self-driving cars - Data scientists are developing algorithms that can process the vast amount of data generated by self-driving cars, such as sensor data and video footage, in order to make decisions about how to navigate the road safely.
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Fraud detection - Data scientists are developing algorithms that can identify patterns of fraudulent activity in financial transactions.
What’s the big deal about Upskilling in Data Science? What you learned a few years ago; might not be useful today! With ever-surging data comes the need for newer and mean techniques to counter and handle the numbers like a pro. This is why Upskilling is the key to a thriving career in data science; enabling you to stay relevant and making you indispensable. Furthermore, the advent and advancement in Artificial Intelligence technology has transformed the data science process as well.
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Top 5 Data Science Certifications 1. Applied Data Science with Python Specialization - University of Michigan Learn to use Python for data science tasks such as data cleaning, analysis, and visualization. 2. Graduate Certificate in Data Science – Stanford University A graduate-level certificate program that teaches students the skills and knowledge they need to become successful data scientists. 3. Certified Lead Data Scientist (CLDS™) – USDSI® The United States Data Science Institute offers this certification for data scientists with experience in leading and managing data science teams. 4. Certified Senior Data Scientist (CSDS™) – USDSI® This certification program is for data scientists with extensive experience in all aspects of data science, including data engineering, machine learning, and statistical analysis. 5. Professional Graduate Certificate in Data Science – Harvard University This professional graduate certificate empowers students and professionals with industry-relevant data science knowledge and expertise.
Top 5 Data Science Degree Courses 1. Bachelor of Science in Computational Data Science - Georgia Institute of Technology A program that combines computer science and data science to teach students how to develop and implement datadriven solutions to complex problems. 2. Bachelor of Science in Data Science and Engineering - University of Washington This course helps students about how to design, build, and deploy data science systems and applications. 3. Bachelors in Marketing Analytics - Moravian University Students learn to analyze data for enhanced decision-making for marketing professionals 4. Bachelor of Science in Data Science - Canisius University Students develop core technical skills in mathematics, statistics, computer science, and business intelligence 5. Bachelor of Science in Computer Science (Data Science Concentration) - Southeastern Louisiana University College of Science and Technology The course integrates computer science, maths, and information technology to assist students with data science concepts
The future is streamed to be fueled with the ever-exploding data.
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