There are numerous reports on the AI talent shortage. Some estimate that there are perhaps 300,000 AI experts worldwide but millions of open positions. Another report says the number of jobs requiring AI has increased by 450 % since 2013.
Machine learning made a big splash in 2018, and companies are expected to continue or increase their investments in this technology in the coming year. IDC forecasts that machine learning and AI spending will increase from $12 billion in 2017 to $57.6 billion by 2021. Data science platforms that support machine learning are predicted to grow at a 13% CAGR through 2021.
In July 2018, the British government issued its Data Ethics Framework as part of their National Data Strategy.
Data ethics has been a long-discussed topic and a current hot-button issue, with the news landscape filled with stories of breaches, misuse, and poor practices.
The benefits of hiring a data scientist are clear; however, not all data scientists are trained equally. The title “data scientist” can encompass a broad range of roles, including machine learning specialties, business analytics, and more.
Companies just diving into the data pool may not need a full data science team yet but rather a few specialists that can propel the business forward.