By 2025, augmented analytics will have a far-reaching impact, especially on the US economy. This shortage along with the higher hiring cost will demand for the use of citizen data science. It will permit businessman to leverage data without having earlier experience or expertise. "Through 2020, the number of citizen data scientists will grow five times faster than the number of expert data scientists. Organizations can use citizen data scientists to fill the data science and machine learning talent gap caused by the shortage and high cost of data scientists," said an official from renowned organization.
In the past few years, demand for employees with data-based skills has increased. In fact, Tech HQ notes that between 2013 and 2018 demand for data scientists jumped 344%, and IBM predicts that by 2020 demand will rise 28%. But there's a problem: there are not enough data scientists to meet this demand. Due to this industry shortage, companies have begun to upskill citizen data scientists to fill in the gaps. The term was first coined by Gartner who defines a citizen data scientist as "a person who creates or generates models that use advanced diagnostic analytics or predictive and prescriptive capabilities, but whose primary job function is outside the field of statistics and analytics."
Ten years ago, these tools were deemed'state of the art', but technology has changed and now, with Big Data, incredible processing speeds, and predictive analytics software, a much more accurate way of predicting the future is available. Predictive analytics is not entirely new; in financial services it underpins computer-assisted stock trading and in retail,predictions of online buyer behavior are increasingly being used to design personalized marketing campaigns. Elsewhere, companies that understand the competitive edge that it can provide, are starting to invest. A recent Forrester survey1 of data and analytics decision makers found that 39% have data and analytics budgets of at least $10 million.
So much so that a recent report by Indeed identified a 344% increase in job postings for data scientists since 2013. This need comes at a time when data analytics is becoming mission-critical to more and more businesses. New data is constantly available, volumes are increasing and businesses need to use the data to drive deeper and more meaningful insights as they look to become more competitive. Data scientists are key to unlocking the story behind this data. These highly-skilled professionals interrogate and identify key patterns and trends within the data available to them, making a significant contribution to a company's overall performance.