4 Hiring trends Affecting the Data Industry Right Now
September 20th, 2021
The Data Science industry encompasses many job titles across different industries and fields. Regardless of their title, all roles are united in extracting data from huge data sets to feedback and provide innovative ways to gain better market share and/or develop strategies accordingly. According to LinkedIn’s Emerging Jobs Report, data science is ranked as the fastest-growing workforce trend worldwide.
These roles are filled by highly skilled individuals and data science roles are now one of the most in-demand jobs across the globe. The report states that ‘The Data Scientist is responsible for gathering and analysing data to extract meaning from it. This role makes the emerging jobs list for most countries, and it’s a speciality that’s continuing to grow across all industries in the UK. Our data indicates some of this growth can likely be attributed to the evolution of jobs like a statistician and increased emphasis on data in academic research.’
Data science jobs deliver value and the techniques used enable a business to uncover valuable trends through the use of technology such as: Artificial Intelligence, Machine Learning, Automation & Algorithms. The use of data today and the potential for further efficiency and innovation has led to a development of a unique workforce with evolving skills. Over the years the demand for data science jobs has grown tremendously. Research suggests the number of data scientist roles has seen a growth of over 650% since 2012. The global data science platform market size is expected to grow from $37.9 billion in 2019 to $230.80 billion by 2026. Which has led to a stronger demand than ever before. This growth is reflected in the job market today.
Data Analytics, being a key areas of data science, is expected to grow 22.7% by 2025, witnessing a considerable increase in growth and jobs.
“There are very few data scientists out there passing out their resumes,” LinkedIn co-founder Allen Blue said. “Data scientists are almost all already employed, because they’re so much in demand.”
Data gathered from IT Jobs Watch shows that in the six months to 5th August 2021 there were 3,991 permanent data science jobs posted in the UK, up from 1657 in the same period of 2020. Contrasting that with the US market growth in data scientist job postings were flat from 2019 to 2020. The dip could be explained by the force of the global pandemic COVID-19.
Data science roles use an array of skills and technology to help drive decisions, and for the 6 months to 11 august 2021 this year, Data science roles require the following skills. (These figures imply the number of co-occurrences of all permanent jobs across England relating to Data science).
The gender split is still very unbalanced with only 26% of the global workforce in the data science field being female. In the UK the figure is at 22%.
The absence of women employed in the data science field has wider consequences. Having an under-representation of women in this industry results in unconscious bias being built into systems. With technology reflecting the values of internal developers it is clear that a more diverse team could help mitigate these bias patterns. The lack of women in the industry, as well as diversity across its full holistic meaning, is preventing a neutral outcome that could have a major impact downstream on customer experience.
Demand for data scientists has tripled over the last five years, rising 231% and geographically there are differences in where this talent sits. The talent pool in England is at 91%, Scotland is at 8% and 2% in Wales.
London has always been a huge base for the Data Science Industry but since Covid-19 changed our 9-5 working week (in many cases) there are areas within the UK that have witnessed a huge spike.
This isn’t to say London hasn’t had an influx in data science professionals, in fact they have seen a 24% increase with a medium salary of £75k, 3.45% increase on the salary compared to the same period last year.
In the Northwest, the growth rate has rocketed to an increase of 269% professionals, with a salary increase of 10.53% on last year’s figures. A pandemic that has forced us all to adapt to working from home could be the explanation for this. Businesses are more open to team members working remotely and this mindset has opened up access to talented individuals across (previously lesser targeted) geographies.
The Northwest region of the UK has the highest share of people who considered moving or had already moved jobs at 21%.
The top locations for talent in the data science industry are.
London Manchester Glasgow Edinburgh Leeds
Innovative developments allow this industry to keep evolving which is requiring more data science capabilities. According to Quant, during 2020 and onwards, there was a shortage of around 250,000 professionals with data science skills, which in turn has created a higher demand for those with the right skills. With big data application infrastructure in industry predicted to reach $11.7billion globally by 2025, upskilling, cross skilling and young talent attraction is a huge priority.
Businesses are seeking new talent to fill those data roles, however some organisations believe there are insufficient data skills within the talent pool to meet their current and future trends.
This demand is leaving the industry in a vulnerable state of shortage of talent so what actions could be taken to prevent a widening of the skills gap?
Over KDR’s 17 years in business, we have seen the industry grow tremendously from a specialist area to one that is thriving and innovating across the globe. The impact of a global pandemic slowed the market down early on in 2020, however now we are seeing a huge uptick in market activity.
With such a broad scale of professionals in the Data & Analytics industry, salaries at any level reflect the skills and abilities required for a role. According to Glassdoor, in 2016, data science was the single highest paid profession.
Salaries for a Junior Data scientist tend to start at around £25k, after a few years this rises to around £30k – £40k depending on experience and location. Lead roles can earn £60k+ in some cases reaching more than £90k. Salaries in the data science field really do depend on the relative experience gained, the location and the sector.
As global interaction with technology grows exponentially, the data science industry has real scope to grow alongside it.
Artificial intelligence (AI) has made the process of collecting data a whole lot easier. With its high speed processing technology, it is providing a competitive edge to early adopters. Cloud services are changing the way businesses store data. With the right approach, organisations can really benefit from the efficiency and innovation promised by the cloud. The latest research reveals that overall cloud adoption rate in the UK now stands at 88%.
The data science industry is still expected to grow in the next few years, with only 39% of companies managing data as an asset. Over the coming years technological advancements will go in further in their scope and that can only impact science and data analytics roles even further.
With such an explosion in data usage and analytics, it is expected that the focus will turn more heavily towards ethics and promoting diversity of experience for everyone. A more cohesive approach to data will be needed due to rising pressure from businesses to interrogate the data for even more innovative insights.
KDR is a leading Data, Technology and Analytics recruitment agency. We have been experts in our field for the last 18 years and cover roles across all industries within: Data Analytics, Data Science, Artificial Intelligence, Machine Learning, Business Intelligence, Data Visualisation, Data Engineering, Data Governance, Data Quality, Master Data Management, DevOps, Architecture and Modelling, Sales. Our consultants are niche and understand fully the market and roles they work, to find out how we can help you, whether that be for a new role or help build a team, get in touch on +44 (0)1565 651 422 or email email@example.com