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Data science emerged as an in-demand, lucrative career path several years ago, and it remains as such for several reasons. For starters, companies collect a higher volume and more types of information than before, and representatives want insights from it.
Another reason is that people realize that effective uses of data can increase competitiveness, even in a challenging marketplace. Here are six industries hiring data scientists now that will likely continue doing so for the foreseeable future.
A study of the top big data sectors showed telecommunications and IT in the top spot. Additionally, predictions anticipated the industry’s worth to reach $105.2 billion in 2023, up from $59 billion in 2019. In one example, the South African brand Telkom creates opportunities for women to work at the company as data science experts.
Business leaders at telecom companies can utilize data scientists’ expertise to decide when and where to roll out 5G technology. They could also begin analyzing trends in customer service calls to detect and troubleshoot common problems.
Opportunities are ripe for the transportation sector to rely on data science expertise, too. Government officials in the United Kingdom recently announced intentions to unlock location data’s potential. The belief is that the information could support electric car charging infrastructure, reduce emissions impacts, and make traveling safer and more pleasant, among other things.
Another trend involves using riders’ mobile phone data to gauge how often people rely on public transit services. Authorities in Los Angeles have taken that approach. Data scientists can help decision-makers glean valuable details from the collected information.
3. Health Insurance
People in the health insurance sector are more interested in hiring data scientists, too. Doing that helps them stay on top of emerging trends, such as the growing interest in self-insurance plans. For example, statistics show that 29.2% of mid-sized employers chose self-insurance options. Data scientists can assess how that changes, as well as track other notable patterns.
Health insurance company leaders want details about which factors make policyholders more or less likely to file claims or which areas of the country have the most customers. Data science can answer those questions and others.
Leaders in the banking industry realize it’s worthwhile to hire data scientists, too. In one example, Bank of America analyzed more than 41,000 social media comments and found thousands of false rumors about purchase limits. Representatives could then give clarification to prevent reputational damage.
Banks also analyze data to flag suspicious transactions or spending patterns. They do the same when deciding whether to extend loan offers to customers. Some banking customers also benefit from data analytics, such as if app features tell them they’ll likely spend more than usual in a given month.
Retail brands hire data scientists after executives realize that a clearer understanding of the available information could help cater to customers’ needs. For example, one holiday shopping study showed people searched for the term “gift box” 1.85 times more often during a two-year span than at other times. Those results help retailers tweak what they offer.
Efforts to recover from COVID-19-related hardships will also likely drive data scientist hiring campaigns in retail. The pandemic changed how people shop and what they prefer to buy. Data experts will be crucial in finding these new trends and giving retail executives the statistics they need to act and increase profits.
6. Life Sciences/Pharmaceuticals
Data scientists will find jobs in the life sciences and pharmaceutical sectors, too. Elaine O’Dwyer works with Accenture as a data scientist in life science. “Projects generally focus on applying advanced analytics across the life sciences industry, often coupled with data and analytics strategy design. Most work done by our Ireland-based team relates to the manufacturing and supply of commercial pharmaceutical products, for example, scheduling optimization to drive greater productivity and efficiency in the quality control lab,” she said.
Since COVID-19 remains a severe threat to much of the globe, leaders in these sectors will likely realize that data is crucial for dealing with the additional pressure that a global pandemic brings. Data will also aid these companies in developing new drugs, reducing errors, and minimizing recalls, whether for COVID-19 treatments or otherwise.
The Drive to Hire Data Science Professionals Continues
These are only some of the many industries where data scientists can find work this year and beyond. Today’s executives want to move away from their former practices of primarily relying on gut instinct and experience when making decisions. Data scientists have the knowledge and skills to reveal insights that may otherwise get overlooked, making them valuable to virtually any industry.
Bio: Devin Partida is a big data and technology writer, as well as the Editor-in-Chief of ReHack.com