A lot has been happening in the data science market lately and data-driven companies like Amazon, Spotify, and BuzzFeed are leading examples of why companies must pay attention to data science.

Today, businesses in competitive industries cannot afford to miss out on data science. Data-driven decisions are changing the fortunes of many of these companies.

Such decisions enable companies to respond accurately to consumer trends, leverage business growth opportunities on time, and tackle challenges brought about by the disruptive nature of today’s economies.

Understanding the trends disrupting the data science market not only reveals prospects for data scientists but also positions any company for success.

Trends Disrupting the Data Science Market  2022

Understanding the need to study data is critical otherwise data would just be a set of rows and columns that are overwhelming and chaotic.

Below are some of the trends disrupting the data science market that data science experts and students need to understand to leverage opportunities.

Organization resolving to data science as a core business function

Data is priceless and more organizations are starting to see it as such. Consequently, more businesses are going to invest more in AI and ML technologies to capture, analyze and capitalize on more data.

Also, more data scientists are being recruited today to harness the precious insights hidden in the data.

According to jcu.edu, 76% of businesses are likely to increase their expenditure on data analytics capabilities in 1-2 years. Sadly, nearly 60% of the data captured by enterprises goes unused analytics.

As more organizations realize the possibilities of big data, more organizations are running to hire Chief Data Officers (CDOs) to help deliver holistic data strategies that will deliver the best insights to navigate the era of disruptive economies.

Data Scientists and Chief Data Officers are increasingly on-demand

If you are a data scientist or an aspiring CDO, you should be excited. It’s reported that data scientist jobs are going to grow by at least 27% by 2030.

Also, as per Glassdoor, data scientist jobs are ranking second in the list of 50 best jobs in America in 2021. The average salary quoted for these jobs is $113, 736 per year.

For data scientists and those looking to join the profession, the skills that most employers are looking for include IoT, ML, and AI. As a data scientist, you are expected to be able to analyze vast data and double up as coders.

Employers putting more emphasis on skills than just data scientist title

To be able to use big data successfully, you need a curious mind able to predict and derive useful, actionable insights from data, analyze data patterns.

Employers today are looking for data science experts who double up as technical specialists with the ability to communicate business strategy the different functions within an enterprise.

Being agile to changing business needs and environments is the gamechanger to aspiring data scientists, despite the quoted data science degrees.

As a data scientist, you need to engage in continuous learning to keep up with trending digital transformation, the different types, complexity, and volumes of data that emerge daily.

To be ready for the senior roles within organizations of today, you need data scientists who continually upskill and reskill their abilities.

CDOs to spearhead data-driven cultures across the enterprises.

The role of the CDO is increasingly being appreciated across different boards of directors. In fact, the 2021 Gartner BOD survey reported up to 69% adoption of digital business initiatives to counter the COVID-19 pandemic among boards of directors.

Up to 78% of those surveyed in different boards of directors believe data analytics is the one-way ticket to success in the post-pandemic business space.

More businesses are deploying new technology and tools, with employees the center of attention in making these new initiatives come to life.

As over 57% of CDOs appointments were confirmed in 2020 by Fortune 1000 companies, chief data officers have a huge task ahead. This includes upskilling the existing workforce to promote the adoption of new technologies and data platforms.

Furthermore, CDOs must effectively communicate business strategy, develop data-driven organizations and foster smooth data governance within their organizations.

Data-driven technologies to improve customer experience

Now more than ever, customers are comfortable with digital interactions and are forthcoming with data. Customers are expecting businesses to create personalized services and experiences for them. Whether it’s chatting with the AI chatbots to customer support calls to the team, one-touch access to all customer data and buying patterns is crucial to the business.

Customer is the key to success in the 21^st-century business space. And because more customers today are extremely comfortable with digital interactions, data is nearly there.

Creating personalized experiences and services is the key to making sure your customers stay loyal. Better chatbots, support systems, etc. are some of the ways of improving customer experience.

Going forward, businesses need to streamline various channels of customer communication into a holistic, clean data point. This is possible thanks to emerging technologies such as Datafabric that facilitate the centralization of big data sources.

Such centralization of data from different sources allows business visibility into customer insights that can then be translated department-wise into great customer experiences.

The shift in the role of data scientists is slowly being embraced across different industries.

Data scientists are now tasked with delivering strategies to bring about customized customer experiences. Such experiences create loyal customers. This is only possible through harnessing data insights.

Data scientists will have to liaise with different departments to enforce strategies to better customer experiences, advise on new product features based on insights from customer data and guide the creation of enhanced UI/UX on digital platforms.

Wrap up

It’s no secret really that every industry today needs data science and analytics. Whether it’s all about leveraging data at a macro level to facilitate bottom-line growth, data science and analytics is the solution to future challenges and must not be ignored by any company.

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