Time to retrain? Demand for data scientists will increase 28% by 2020 says IBM

Posted: 15 May 2017 | By Darcie Thompson-Fields

IBM has formed a research partnership with the goal of closing the data science and analytics skills gap.

Partnering with Business-Higher Education Forum (BHEF) and Burning Glass Technologies, the tech giant has produced a report called The Quant Crunch: How The Demand For Data Science Skills Is Disrupting The Job Market.

Key findings from the report include the following:

  • Jobs requiring machine learning capabilities are offering an average salary of $114,000, with data scientist jobs paying $105,000 and data engineering jobs $117,000.
  • 59% of data science and analytics job demand is coming from the Finance and Insurance, Professional Services and IT industries.
  • Annual demand for new roles like data scientist, data engineer and data developer will reach nearly 700,000 openings by 2020.
  • The number of jobs for all US data professionals will increase by 364,000 openings to 2,720,000 by 2020.

With the demand for these skills increasing the current job landscape faces a war on talent.

“The growth of demand is much faster than the rate of which we can produce people with PhDs or even master’s in this area,” Yoshua Bengio, head of the Montreal Institute for Learning Algorithms, told Business Insider earlier this year.

“There’s just an explosion of interest from the industry… and it’s like a fire growing on the prairie.”

You can read the full report from IBM here.

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