Data Science Jobs in the Fourth Industrial Revolution

Artificial intelligence, big data, cloud computing and the internet of things are bringing about fundamental and profound changes in the way businesses operate and how value is created. IT, computing and digital technologies are no longer mere support functions, but now are at the forefront of driving business strategy, decision making and innovation across almost every business function, economic sector and region. There is not only a growing demand for technological skills and knowledge, but also the “21st century skills” of critical thinking, complex problem solving, continuous learning, communication and collaboration.

Fourth industrial revolution technologies and the rise of big data as the “new oil” are driving the breakdown of traditional silos and the need for ever more cross functional and cross organisational collaboration. This means that there are significant employment and entrepreneurial opportunities for leaders, managers and technology specialists with the right skills and mindsets to build successful and lasting careers and businesses in advanced and emerging economies alike.

The Future of Jobs

70m

Jobs gone

The World Economic Forum recently estimated that between 2022, 70 million jobs in “traditional” occupations and professions would be lost. And it is not only in menial work and factory jobs where workers will be replaced by robots and automation. There will also be fewer jobs in traditional “safe bet” professions such as law and accountancy. Read more about this here

135m

New roles

On the other hand, over 130 million jobs will be created globally in “new professions”, where demand for data scientists, software engineers and a myriad of roles requiring digital skills are growing rapidly. In addition, successful managers and leaders increasingly require a strong working knowledge of digital technologies, as well as 21st century leadership skills including the ability to be adaptable, innovative and creative.

The Future of Business

“The world is about to change into something unrecognizable, and we are all going to be a part of it ……..This revolution will transform with greater velocity, scope, and impact then has ever been experienced before” - Jonathan Riechental

Technology Adoption by 2022

Data Analytics

85%

Internet of Things

75%

Machine Learning

73%

Cloud Computing

72%

The World Economic Forum’s survey also found that the vast majority of leading firms around the world are on a path to adopt Big Data, Artificial Intelligence , Cloud Computing and the Internet of Things as central to their strategies.   In addition, we will  see new entirely new businesses emerge with products and services that we had never previously imagined.  All of these will require the skills and knowledge for the digital economy and that means a rapidly growing demand for data scientists and engineers, business analysts, artificial intelligence specialists, software developers, digital marketers and digital transformation experts.

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