And according to some research, the global data science market will grow at a compound annual rate of nearly 27% from now until 2027. MicroStrategy’s 2020 Global State of Enterprise Analytics Report found that only 57% of enterprise organizations currently use data to drive strategy or change. Nearly 99% of firms surveyed by NewVantage Partners want to leverage the power of data but cannot find the talent they need. According to research conducted by Seagate and IDC, organizations only use 32% of the data they collect. Plenty of evidence suggests there is still room for the field to grow - and room for new data scientists, statistical analysis experts and data engineering professionals. However, while data science is undoubtedly changing in several ways explored in more depth in this article, there is no objective evidence to suggest the Big Data market is in danger of collapsing. School of Engineering & Science‘s online Master of Science in Data Science (MSDS) pause. And the idea that there is a looming data science bubble may give aspiring data scientists looking at programs such as the Charles V. Professionals already pursuing data science careers may wonder what this means for the future of data scientists. Companies create data science teams and invest in AI infrastructure without understanding the applications of machine learning or deep learning, then do not receive the ROI they expected. According to Gartner, one of the most common failures in Big Data analytics in the last decade has involved organizations “ setting overly optimistic expectations when a skilled team is not in place to deliver.” The idea that the data science market is a bubble waiting to burst stems partly from this overexcitement. However, the buzz surrounding data science, artificial intelligence and predictive analytics has prompted some employment analysts and technologists to suggest the rapid growth in this relatively new field as too healthy, i.e., unsustainable over the long term in its current form. Organizations are investing accordingly, and IDC predicts the data science market will be worth $274 billion by the end of 2022. The 2.5 quintillion bytes of data people generate every day are a valuable source of valuable insights.
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