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10 Stats that Show Bright Future of Data Science

Silicon Valley Associates Recruitment has noticed an increasing demand for data science specialists throughout the years. Different organizations in Singapore want SVA IT recruitment to find capable and skilled data experts to help their company in utilizing data. 

Tech recruitment and data science jobs show a direct correlation with an upward trend. Data science has become very powerful for companies to ignore. Big brands and industry experts in Singapore and throughout the world have been using data science for the past few years to make more strategic business moves. 

However, smaller companies are slower to adopt and harder to convince about the enormous benefits of data science. Sad to say, they will be left behind missing out on privileges and opportunities for their organization. 

These 10 statistics define the future of the data science industry, the bright future for data experts, and the reasons why data analysis should be given importance by organizations.

1. By 2028, the Global Big Data Analytics Market will be worth $638.66 Billion

According to the published latest research by The Insight Partners, the global big data market is worth 239.75 in 2021. It is estimated to grow at a Cumulative Annual Growth Rate (CAGR) of 15.3% to reach 638.66 Billion by 2028. (Source: The Insight Partners)

2. Data interactions went up by 5000% between 2010 and 2020

It is a significant increase in data usage that went from 1.2 trillion gigabytes to 59 trillion gigabytes of data created, captured, copied, and consumed worldwide. (Source: Forbes)

3. Big data in healthcare could be worth $71.6 billion by 2027

Big data in healthcare is expected to grow at a 14.1% CAGR between 2022 and 2027. Along with this are more data science jobs. (Source: Globe News Wire)

4. By 2025, 75.44 billion IoT devices will be installed worldwide

In 2022, a whopping 42.62 billion IoT devices, sensors, and actuators were installed. It is expected that this immense growth will continue as more and more applications for IoT devices are being developed. Global spending on IoT is predicted to reach $1.1 trillion by 2023! (Source: Statista)

5. 95% of businesses are having problems managing unstructured data 

In fact, 80 to 90% of the data we create today is unstructured. Unstructured text documents, emails, videos, audio, stock ticker data, and financial transactions can be used more effectively through the active management of data specialists. (Source: Forbes) 

6. 31% increase in demand for data analytics professionals

The U.S. Bureau of Labor Statistics researchers projects strong growth (31%) in the field of data science through 2030. The demand for data analytics professionals will continue to explode. (Source: U.S. Bureau of Labor Statistics)

7. By 2025, 80% of data analytics initiatives focused on business outcomes will be considered an essential business capability

Organizations now consider data analytics as a key business driver for intelligent decision-making and data analysis has become an essential step in making business projects and decisions. (Source: Gartner analysts).

8. 97.2% of organizations are investing in big data and AI

A full 97.2% of executives indicate that their firms are investing in building or launching Big Data and AI initiatives. Additionally, 76.5% agree that the proliferation and availability of data are empowering AI and cognitive learning initiatives within their firms. (Source: New Vantage)

9. 67% of Tech companies struggle with skill shortages

In 2019, KPMG surveyed 3,600 CIOs and technology executives from 108 countries and found that 67% of them struggled with skill shortages. It is an all-time high since 2008. Big data/analytics, security, and AI are the top three scarce skills. (Source: KPMG)

10. 11.5 Million new data science jobs by 2026 

The 2022 technology predictions expect the data science field will increase by nearly 30% by 2026. That is equal to 11.5 million new jobs! (Source: Towards Data Science)

The wide use of the Internet and the advancement in technology continue to generate valuable data for businesses. Data specialist recruitment in Information Technology will be considered a priority. Going along with it is a more competitive data science salary for data experts.

Don’t miss out! Interested in looking for a data specialist? Our team of Tech recruitment experts can help you find the best IT talents in Singapore. Visit our website www.svarecruitment.com for more information. 

If you are a data specialist, our IT Recruitment Agency has listed data science jobs in Singapore. You can visit our website www.svarecruitment.com/candidates to look for these opportunities. 

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