Data science is rapidly revolutionizing the world, allowing today’s business leaders to make more informed decisions. However, as the number of internal and external data sources grows, today’s corporations face a vital dilemma: how do they interpret all the data at their fingertips?
This is where data scientists come into play. Data scientists are responsible for using tools and techniques to analyze datasets, interpret key trends and communicate the insights to others. Companies are hiring rapidly for this role, as the U.S. Bureau of Labor Statistics projects that the job market for data scientists will grow 35% through 2032. Additionally, the role has a median salary of $108,020 as of 2023, so it’s no wonder why many students are interested in pursuing careers as data scientists.
If you’re interested in working in data science, then earning a Master of Business Administration (MBA) is a great way to separate yourself from other applicants. For example, Fitchburg State University’s online MBA in Business Analytics Management program helps you land roles like business intelligence analyst, data engineer and other senior-level positions.
Future of Data Science
Companies today have more data than they can handle and are increasingly reliant on data analysts to help convert raw data into valuable insights. Looking ahead, Exploding Topics highlights several key data science trends for 2024 based on search volume data:
- Python’s increasing popularity: Python is on track to become the most popular programming language by 2025, thanks partly to its number of free data science libraries. Advanced degree graduates may want to add this programming language to their résumé.
- Kaggle’s growing data science community: Kaggle currently has roughly 8 million users across 194 countries and shows no signs of slowing down. The platform shows real-time progress on a range of projects incorporating machine learning as a data science tool.
- Increased interest in consumer data protection: There is a growing emphasis on protecting consumer privacy, which could lead to major trends in the data science industry like walling off large datasets for increased security.
Additionally, the future of data science will likely rely heavily on AI-powered predictive analytics. AI-powered predictive analytics are machine learning algorithms that analyze historical data, learn over time to identify patterns and create predictions on future outcomes.
Data Visualization in Data Science
Another rising trend that has and will continue to play a significant role in data science is the use of data visualization. According to CoreStrat, information overload is one of the biggest issues in today’s world. Companies have so much internal and external data that they need help comprehending it. This is where data visualization comes into play.
Data visualization is the process of taking raw data and converting it into a more understandable form like a graphic, chart, map or interactive visual of some kind. At first glance, visualizing data may sound elementary. But, data visualization is a highly critical task — especially at large corporations. Data visualization helps turn raw data into a format that helps business leaders make better decisions. In this sense, data scientists are essentially the translators between data and key stakeholders.
Pursuing a Career in Data Science
In addition to core business courses, Fitchburg State’s online MBA in Business Analytics Management program also offers a course titled Applied Data Analytics for Business Decision Making. This course helps students develop their analytic skills using Tableau, one of the most widely used data visualization software tools. The course teaches students data fundamentals, statistical thinking and how to communicate with data using the most up-to-date strategies.
The world of data science is evolving rapidly, and if you’re interested in pursuing this fascinating profession, obtaining a Master of Business Administration is one of the best ways to set yourself up for success. An MBA signals to employers that you possess the skills and knowledge necessary to interpret the company’s data and deliver these insights to the management team. This is especially true if you obtain an MBA degree that specializes in data analytics.
Learn more about Fitchburg State University’s online MBA in Business Analytics Management program.
