As cognitive and IoT technologies generate ever larger and more varied data sets, companies face the challenge of unlocking the value of that data. And those that are failing to effectively apply data science may be putting themselves at a competitive disadvantage. Data scientist is one of the hottest job titles today, and battles for that talent are fierce.
Since nearly every major company is actively looking for data science talent, the demand has rapidly outpaced the supply of people with required skills. Based on current demand and supply dynamics, the United States alone is projected to face a shortfall of some 250,000 data scientists by 2024. Data science and analytics jobs typically take 45 days to fill, five days longer than the US market average, according to one study.
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