Early mover advantage also known as first-mover advantage refers to businesses that are the first to enter the marketplace, usually with a unique new product, and achieve a strong foothold. They also reap the benefits of having a strong brand recognition, customer loyalty, and significant sales as they are usually the top player offering that particular or distinctive product in the industry.
Microsoft is a good example of this scenario. A company that started from the ground up developing software for the Altair 8800, led to the creation of the MS-DOS operating system followed by Windows, which we all have come to know and use in our daily lives.
The same concept can be similarly translated to the recruitment industry, wherein certain companies – either by creating new positions; requiring mass hiring or filling up an existing deficit for a certain role – disrupt the labor market by generating an influx of new vacancies for a particular title or skill set.
One such emerging hiring trend for in-demand roles is in Data Science. Let’s take a closer look at it.
2022 Hiring Trends for Data Science
Data Science ranks in the top five in-demand tech skills in 2022 as per labor market insights. In recent years, data and its analysis has been an imperative function for any organization’s growth. Data Scientists see high demand for their role as they primarily extrapolate insights and elicit trends from structured and unstructured data using machine learning models. Requiring a high amount of knowledge and skills, data science professionals are handsomely paid for their role.
A Data Scientist role is a culmination of a variety of jobs that must include knowledge of mathematics, statistics, and programming at its core. Working with large amounts of data, these roles are given high importance as they require testing various hypotheses, drawing inferences from developing trends, predicting financial risks, and in some applications even anticipating cybersecurity threats.
In 2022, a total of 665K jobs were posted globally, for roles in Data Science*. The leading city for roles in this field was New York City in the USA, having a requirement of over 15,000 roles this year. London in the UK was a close second with over 13,000 roles followed by Bangalore in India with over 12,000 available positions in 2022.
Data from Glassdoor shows a 480 percent job growth for roles in Data Science since 2016. The trend of hiring Data Scientists isn’t only limited to FAANG companies, now MAMAA – Meta, Amazon, Microsoft, Apple, and Alphabet (Google), but also spreads across startups. Hardware companies such as Intel and IBM that aren’t primarily focused on Data Science are also seeing a lot of growth in this domain as they continue to invest in the field to better understand their customers and how they use their products.
Figure 1: Jobs Posted for Data Science in 2022
Source: JobsPikr Insights
The Sexiest Job of the 21st Century – Data Scientist
Deemed the sexiest job of the 21st Century by the Harvard Business Review, Data Science continues to hold a tremendous appetite for most leading organizations across the globe. Considering its versatile applications, and the pace at which technology is evolving, there are massive amounts of data created daily.
These massive pools of data must be funneled through the appropriate channels to extract valuable information that can serve the business’s goals. From predicting future trends to understanding product performance, and even mitigating risks, the Data Science domain has much to offer.
Figure 2: Percentage of total jobs in Data Science
Source: JobsPikr Insights
The above graph depicts the percentage of total jobs by various organizations in the field of Data Science out of 665K roles posted in 2022. IQVIA – a global provider of engineered solutions in the life sciences industry – claims the top position by posting over 25,000 roles in Data Science. Deloitte and Agoda take the second and third positions with a requirement of over 14,000 and 13,000 roles respectively.
Giants such as IBM, Amazon, Microsoft, and Accenture also have substantial requirements for Data Science positions, albeit not in the volume compared to the businesses on the above list. In a study published by Diffbot, the below graph showcases the number of employed professionals in the Data Science sector by various companies in 2022.
Figure 3: Employed professionals in Data Science
Since Data Science’s global hype in the early 2000s, the field has seen significant technological and application growth. Over two decades later, the need for Data Scientists and professionals working in the domain continues to remain strong.
Labor market insights on hiring trends and talent demand can aid organizations looking to expand their workforce. Access to data on trending roles, in-demand skill sets and salary brackets provide valuable information to recruiters to shape their hiring strategy. With Talent Intelligence businesses can also ascertain locations with the highest requirement for certain roles to gain a better understanding of the recruitment needs in different markets.
To know more about our talent intelligence tool, please contact email@example.com for a demo or product details.
*Sourced from JobsPikr Insights