Compared to the average of all jobs, data scientists’ jobs are expected to grow by 35% from 2022 to 2032, reported U.S. Bureau of Labor Statistics. Industry geniuses forecast that with increasing growth in the demand for skilled data science specialists, the year 2024 will experience a higher increase in the competent pool of experts in data science. The average base salary for data scientists in the US is $117,212 annually, according to Glassdoor.
There will be a huge demand for data scientists in the following industries in 2024.
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Cybersecurity
According to Cybersecurity Ventures, global cybercrime costs are expected to reach US $10.5 trillion by 2025. Hackers use deep learning and AI techniques to carry out cyber-attacks. To effectively deal with cybercriminals, companies in the cybersecurity field are hiring more data scientists.
There is a huge demand for data scientists in this sector to create models to understand various attack patterns and sources of malicious activities. They use machine learning and AI techniques to combat the rising use of algorithms to do malicious activities.
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Healthcare
Data is crucial in all medical fields. The healthcare sector accounts for around 30% of the data volume of the world (source: RBC Capital Market). The compound yearly growth rate of data is estimated to reach 36% by 2025, much faster than other industries. So, this is among the best industries for data science, requiring its applications in wearable creation, predictive testing, hospital operations, and anomaly detection.
Data science has helped in designing and examining healthcare strategies that enhance equity and health service quality. The big data analytics market in healthcare will be approximately $67.82 billion by 2025, according to the BCG-WEF project report. Data specialists need to have statistics and programming language expertise along with some softer skills.
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Telecommunication
The telecom sector produces a huge number of different types of data each minute like call details, customer data, and network details. Several data sources like past purchases, customer demographics, website visits, and search patterns have proved important for telecom providers.
Data science allows telecom companies to better allocate network resources, make customized offers to users, and ensure innovation. Data scientists allow telecom companies to better serve their customers by creating targeted campaigns, ordering predictive maintenance, and contextualizing location-based promotions.
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BFSI (Banking, Financial Services, and Insurance)
The increasing use cases in the BFSI field have resulted in a higher increase in data analysis and to act upon data. Data science and AI allow financial institutions to provide great services more efficiently to their clients. It includes risk modeling, fraud detection, lifetime value prediction, managing lending and loan appraisal, credit scoring, customer data management, and algorithmic trading.
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Automotive
Automotive is arguably among the top data science industries that remain competitive by enhancing all the crucial aspects. The deployment of advanced analytics has resulted in the innovation of autonomous automotive systems. For example, sensors, GNSS (global navigation satellite system), LiDAR (light detection and ranging), cameras, radar, and more.
Data specialists have helped this sector by improving all the crucial tasks right from research and design manufacturing to effective marketing processes. Data science plays a pivotal role in the automotive sector for monitoring wear and tear and reporting on mileage, routes, and fuel efficiency.
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Media and Entertainment
Hotstar, YouTube, and many more media and entertainment industry players are leveraging data science in their sector to understand customer preferences and serve them with personalized recommendations. Not only leading players but regular gossip newsfeeds and entertainment channels are dependent on user data.
The OTT market will reach an annual growth rate of 7.30% by 2028, reported PwC. The market volume is estimated to reach US $420.10 billion by 2028. In the media and entertainment sector, data scientists gather, process, evaluate, store, and offer useful recommendations. They make a significant contribution to business by helping them in numerous ways. For example, customer sentiment analysis, real-time analytics, hyper-targeted advertising, programmatic ad buying, customized content experiences, and more ways.
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Oil and Gas
Just like other industries, data science is benefiting the oil and gas sector with process automation. Oil and gas are the perfect industry for data science specialists as it is noticing an incredible profit of approximately $3 billion per day. Data scientists gain valuable insights from big data to help companies better optimize their business operations, eliminate human errors, and reduce maintenance costs.
Data science in the oil and gas sector is used in exploration, production activities, industrial transformation, and distribution. To become a clued-up and talented data specialist in this sector, you will need a strong knowledge of the basic operations in the oil and gas sector, some technical skills, and know-how to do experiments and simulations.
Conclusion
Data specialist is one of the most demanding employments in 2024. Several leading companies are looking for and hiring skilled data science engineers, data scientists, and other professionals in data science.
The rise in the demand for capable professionals who can obtain meaningful data using multiple advanced tools and technologies has constantly increased the demand for trained data scientists in recent years. Now that you know the scope of data science in different industries, develop the required skills to get a high-paying job.