Why Data Science Is One of the Most In-Demand Careers of the Decade

Data science is one of the fastest-growing fields, with significant expansion anticipated in the years to come. Data analysis is king in the fast-paced world of modern business, and knowing how to leverage analytics can make you a valuable asset to companies of all sizes.¹

Learn more about what it takes to be a data scientist and why data science is one of the most secure and lucrative fields in today’s work landscape.

The Growing Demand for Data Science Professionals

With more companies prioritizing data-driven decision-making than ever before, the data science job outlook only gets brighter. A staggering 132 zettabytes of data were created in 2023,² resulting in significant demand for professionals with analytics skills. It’s estimated that approximately 23,400 new data science jobs will become available each year over the next decade.¹

It’s not just the tech sector hiring data scientists either, as data science is valuable in countless industries. Virtually every industry is investing in data-driven decision-making, including:³

• Healthcare
• Education 
• Finance and banking
• Telecommunications
• Retail and e-commerce
• Energy
• Media and entertainment
• Manufacturing
• Public services
• Agriculture and food technology

Skills Required for Data Science Careers

Data scientists have a robust and diverse skill set, including a mix of hard and soft skills.

Hard/technical skills include the following:

• Code writing
• Data analysis
• Algorithm development
• Data visualization development
• Statistical model development
• Data collection and organization
• Machine learning knowledge
• Programming
• Math

Soft skills include the following:

• Communication and data interpretation
• Problem-solving
• Critical thinking
• Simplifying complex information
• Observation

If you already have the soft skills, you can learn the hard skills through a degree or certification program. But you can also develop your soft skills through hands-on experience or courses.

Why Data Science Is Essential in Today’s Digital Economy

From retail product ratings to key patterns in public health, people, companies, and governments use data daily to make critical decisions. But someone needs to collect and evaluate the data to synthesize actionable insights; this is where data scientists come in.

Data sets are one of today’s most valuable commodities, helping brands optimize their products, services, and operations to meet people’s needs and set trends. A skilled data scientist can drive profits and help a company thrive.

With artificial intelligence (AI) and machine learning (ML) being implemented in more industries, there’s a high demand for data scientists who can develop, train, and optimize these systems. Many companies are investing millions in data collection and AI development, as doing so can help them understand consumers, make informed decisions, and enhance the customer experience to stand out from their competition.⁴

Job Opportunities and Career Growth

Why study data science? Given the strong demand for data scientists, the field features strong career growth opportunities and high earnings potential. According to Indeed, salaries can range from $80,000 to over $200,000, and the average base salary is just under $130,000.⁵ In 2024, the median salary was $112,000.²

Some of the highest-paying data science career paths include the following:⁶

• Data analyst
• Business intelligence analyst
• Statistician
• Business intelligence developer
• Data modeler
• Data architect
• Big data engineer
• Machine learning engineer

Many entry-level roles have salaries over $75,000 and plenty of room for advancement. Data science roles often begin with junior titles, with progression to senior, lead, principal, or managerial positions.

Data science skills are also highly transferable, allowing for horizontal career moves and versatility. If it turns out data architecture isn’t for you, for example, you could try moving into an analyst or engineer role. You won’t be stuck in one role with a degree in data science.

Challenges in Data Science

The evolving world of data science does come with its share of challenges, especially because AI and machine learning advancements have produced new ways of collecting and analyzing data.

Some common challenges in data science include the following:⁷

• Data Availability and Quality: Ensuring data sets are sufficiently large, relevant, and reliable can be time-consuming and resource-intensive
• Data Integration: Combining data sets from different sources, reflecting variable standards and formats, can necessitate extensive review and refinement
• Scalability: Scaling data-driven solutions using massive amounts of data requires effective algorithms and significant computational power
• Security and Privacy: The ethics concerning collecting, sharing, and using people’s personal data are complex, and ensuring high security and fair privacy requires rigorous oversight
• Model Interpretability: Sophisticated AI and ML models generate complex outputs, so deriving accurate insights is demanding and requires scrutiny 
• Adapting to New Technology: The continuous development of new AI and ML systems, as well as other new technological tools, means data scientists must constantly learn and adapt

Educational Paths in Data Science

If the many data science career growth opportunities excite you, you can start your journey with a relevant degree or certification. Below are common degrees and courses that can help you start a career in data science:⁸

• Bachelor’s degree in Engineering
• Bachelor’s degree in Computer Science
• Bachelor’s degree in Math/Statistics
• Bachelor’s degree in Data Science/Analysis
• Bachelor’s degree in Finance/Economics
• Master’s degree in Data Science
• Programming languages courses (Python, SQL, etc.)
• Machine learning and artificial intelligence courses
• Statistics and mathematics courses
• Professional certificate in data science

Whether you already have a degree or not, one of these can help launch your data science career.

Develop the Skills to Dominate the Data Science Industry

Data science is poised to be one of the largest and most enduring career paths in the coming years. New York Institute of Technology’s Online Data Science, M.S. can help you gain the key knowledge and skills needed for a successful data science career. Our program is taught by expert faculty and offers rigorous coursework delivered in a flexible online format. In our courses, you'll complete hands-on projects focused on real-world applications, preparing you to lead data science initiatives in the workplace.

Ready to learn more? Review our admissions process and schedule a call with an admissions outreach advisor today to discuss how our program can help you achieve your goals.