Data Science is one of the most popular and fastest-growing fields of the 21st century. With multiple career paths and employment opportunities for Data Scientists, it is important to know the industries that rely on Data Scientists in order to identify the right industry for you. Keep reading to learn more about some of the top industries for Data Scientists and the important role that they play in these fields.
Top Industries for Data Scientists
Industries that are most in need of Data Scientists are fields that rely on a few key areas: information, data, and computers. In particular, any industry which requires collecting a large amount of information on individuals or entities (such as products, services, patterns, or trends) requires Data Scientists to analyze and visualize the information that is being collected.
Industries that rely on computers and technology are also in need of Data Scientists, as computers both create and collect a large amount of data that needs to be stored, organized, and processed in order to ensure that the technology is working effectively. The following four fields represent some of the primary industries where Data Scientists work with information, data, and computers.
1. Social Media and Technology
Similar to the artificial intelligence industry, the realms of social media and technology have many uses for Data Scientists when it comes to machine learning and algorithms. Social media platforms and applications use algorithms to collect information and data from users. The analysis of that information is required to not only improve user experience but also to market additional products and services to consumers. By analyzing user data, Data Scientists can offer multiple insights on user behavior, such as the amount of time that is spent using social media, what social media users do on the platform, and other insights about their habits and activities online. This user-generated data can then be used to predict and engineer certain types of engagement with an application or platform through algorithms and recommendation systems.
Data Scientists that are interested in user or audience data can move towards a career in social media marketing or user experience (UX) design. Social media marketing focuses on using the information collected from online audiences and advertising data to better market products and services to consumers. By analyzing user engagement data from Google, Facebook, or other platforms that rely on advertisements, Data Scientists can help shape digital advertising campaigns and improve marketing strategy by offering key insights on specific market niches. Data Scientists that have more of a technical background can work on analyzing audience data in order to provide useful findings to Web Designers and Web Developers that work on improving user experience.
2. Healthcare and Medicine
Viewed as one of the most essential industries in our society, going into healthcare and medicine is an excellent option for Data Scientists that are knowledgeable of the field. Nearly 30% of the world’s data comes from the medical field. Whether you are interested in working with the storage and organization of patient data or offering data-driven solutions for critical issues in the areas of health and wellness, there are many ways for Data Scientists to get involved in this industry. In the era of COVID-19, it has become even more important for hospitals and other health care institutions to have the best systems and analytic tools to store and search for patient data. Data Scientists in the medical industry should have just as much knowledge about querying and database design as they do data analysis and programming.
In addition, Data Scientists working in healthcare and medicine can apply their skills to the study of the hospitals and healthcare institutions themselves. By collecting data on the way that a hospital is run, Data Scientists can offer ideas on how hospital staff can save money or become more efficient in the way that they handle patients or procedures. Outside of institutions, Data Scientists with more experience or education in the healthcare industry can also work on the research side of healthcare and medicine, performing analyses of medical studies or cross-sectional studies of multiple healthcare institutions at a time.
3. Business and Finance
Although business and finance can be viewed as two distinct fields, there is a significant amount of overlap between the work that Data Scientists do in both of these industries. Primarily, Data Scientists in the realms of business and finance make predictions through what is known as forecasting. Data forecasting is primarily focused on collecting information and data from the past, or a particular period of time, and using it to make predictions about what will happen in the current moment or some time in the future.
Data forecasting is a form of analysis that combines data science with machine learning to create programs and predictive analytics models that can give executives, investors, entrepreneurs, and any other individuals in these industries insight into what might be coming next. Especially when it comes to the world of investments and banking, as well as running a company, the market for consumers and investors can be highly unpredictable. Data Scientists are able to offer peace of mind by offering employees and executives a look into the future as well as suggestions or strategies for what can be done to mitigate any crises or concerns. Through data-driven decision-making, entrepreneurs and executives can make choices that lead towards greater profit, instead of unmitigated perils.
In the 21st century, the worlds of business and finance also rely on new technologies to keep track of the exchange of money and investments. Specifically, the rise of financial technology, or FinTech, has created a new space for Data Scientists in the industry. Specifically, Data Scientists that specialize in FinTech are able to use programming languages like Python and SQL to analyze financial data and perform risk assessments of financial decisions and investments. Additionally, finance and insurance are some of the highest-paid industries for Data Scientists,. Data Scientists interested in this industry can benefit from taking a FinTech class or bootcamp.
4. Cybersecurity
One of the primary concerns of the 21st century is not only the analysis and visualization of data but also how it is stored and protected. As companies and institutions are given greater access to the private and personal information of computer users through buying and selling products and services online, banking and investing with financial institutions, as well as the process of gaining employment or working with the government, it has become even more important for this information and data to be protected. This is where cybersecurity comes in. Cybersecurity is an industry focused on the protection and secure storage of data, through an understanding of database design and management.
Data scientists that work in cybersecurity tend to specialize in knowledge of building storage systems, like databases, as well as machine learning and artificial intelligence. When working in cybersecurity, data scientists are expected to analyze the type of data that needs to be stored in order to create the best systems or programs to securely store that data. In addition, data scientists can also be brought into cybersecurity in order to analyze data breaches in order to create a plan for protecting information and data better in the future. To achieve a specialization within the field of data and computer science, data scientists can take cybersecurity classes or receive additional certification in order to secure a position in this fast-growing industry.
Did any of these industries spark your interest in data science?
In addition to their FinTech courses, the Noble Desktop Data Science courses are the resume boost that you need to make it in one of these top data science industries! If you need to fit a course into your work or school schedule, you can take a live online data science class through Noble Desktop or one of its affiliate schools from the comfort of your own home or office. You can also find a data science class near you to get that classic in-person classroom experience.