The demand and the need for Data Scientists is so great that the utilization list is almost all inclusive of every industry, every sector and every function that one could think of. Instead of a top ten list, here are some interesting facts and a summary of how the largest industries are utilizing the Data Scientist skill set. It is definitely an exciting and a profitable time to be a Data Scientist.
The Technology Sector
Medium.com reports that the technology sector has 41% of all Data Scientists. IT is the foundation for the Data Scientist skill set. Many firms still include Data Engineers/Software Engineers in their definition of a Data Scientist. Yes, coding skills in SQL, R, Python and Hadoop are necessary for Data Scientist roles but the advanced statistical skills also needed bring the true Data Scientist out of the IT department.
The Internet Industry
The Internet Industry almost seems too general an industry definition with the internet touching almost everything we do. Along with the technology sector it isn’t surprising that these are the two largest users of Data Scientists. Springpeople.com reports there were 3.8 billion internet users in 2017, 840 new users joining social media every minute, 46,740 pictures added every minute to Instagram and 3,607,080 google searches conducted worldwide every minute.
This industry is high on almost every list for need for and effective use of Data Scientists. Mind Commerce expects that Data Science and Big Data will drive the telecom analytics market to grow at a compound annual growth rate of nearly 50% between 2014 and 2019. By the end of 2019 this market will account for $5.4 billion in annual revenue.
The pervasiveness of this industry in everyone’s lives also puts them high on most lists of Data Scientist opportunities. There are the obvious uses of cutting costs, saving money on better drilling and exploration targeting, avoidance of power outages and increasing efficiency and productivity through analysis and prediction of consumption patterns. There is real excitement in this industry for the Data Scientist’s contribution in developing new resources of energy and finding new ways of exploiting clean energy.
Whenever there is clarity about the positive return on investment from the work of Data Scientists, firms will be very motivated to hire. The Financial Services Industry were early entrants into the utilization of Data Scientists as ROI from better trading and better lending algorithms had a clear and significant impact. Medium.com reports that 10% of all Data Scientists are in the Finance Industry.
Quality control, inventory yield, supply chain analysis and equipment effectiveness all have terrific analytic payback. As a result, the Manufacturing Industry employs 18% of all Data Scientists. But there is an increasing urgency to get corporate-level insights from manufacturing data. Metrics like cross plant KPIs to identify best practices and comparing the performance of contract manufacturers are still development opportunities in this industry.
Healthcare and the Pharmaceutical Industry
While Medium.com reports these industries only hire 7% of all Data Scientists, internet buzz is the greatest on the impact Data Science can still have here. Being on the brink of decoding the human genome and unlocking the secrets of the human body are exciting topics for the research-oriented Data Scientist.
Other industries that employ Data Scientists include Automotive, Travel, Insurance, Agriculture, Media, Mining, Education and Retail. The list goes on and on! Excited about your career opportunities as a Data Scientist? Contact Smith Hanley Associates‘ Data Science and Analytics Recruiter, Paul Chatlos, at [email protected]smithhanley.com or 203.319-4304.