The applications and adoption of data science across industries have been gaining momentum over the past decade. With the constant increase, A 2018 report of Deloitte Access Economics shows that 76% of businesses plan to raise their spending on data analytics and data science capabilities within the next two years.
In another study, research and consulting firm Markets and Markets predicts that by the end of 2024, the data science market size will grow to $140.9 billion from $37.9 billion in 2019, at a CAGR (Compound Annual Growth Rate) of 30.0%.
Key factors driving the growth of the data science market include the increasing adoption of data-centric business strategies, the growing need for actionable insights, and the dramatic emergence of innovative technologies such as Wi-Fi connectivity, sensors, and IoT (Internet of Things), which generate massive amounts of data every second.
The world today produces 2.5 quintillion bytes of data, thanks to 306.4 billion emails, over 5 million Tweets, and 95 million videos and photos that people share on Instagram every day. According to recent estimates, by 2020, our digital ecosystem will be approximately 44 zettabytes, and by 2025, people will be generating about 463 exabytes of data per day.
The dramatic influx and accelerated production of large-scale data, or Big Data, opens up numerous opportunities for modern organizations looking to use data to improve productivity, reduce costs, and increase profitability through business intelligence gained by processing the raw data they collect on a day-to-day basis.
A majority of companies around the world, however, are facing severe talent shortages and are struggling to fill data scientist vacancies as the supply of professionals with skill-sets needed for data science roles is far below industry demand.
Global management consulting firm McKinsey & Company forecasts a 50 percent supply gap in the coming years compared to the demand for data scientist professionals.
