Is doing data science in Australia worth it? Well
let's find out. In the first part of the video, I'll talk about the scope of data science along
with future growth and in the second part I'll talk about the different roles and the related
compensation. So make sure to watch till the very end for the juicy details. I'm Samanvay, a data
scientist living in Sydney, Australia. In 2012, Harvard Business Review labeled data scientists
as the sexiest job of the 21st century and around about the same time the deep learning boom started
after the release of AlexNet. Since then there's been a rapid growth of the AI industry globally so
much so that the amount of funding in AI startups has increased 460% from 2012 to 2017.
And looking
into the future the AI industry is projected to grow by over a 100% year-on-year until 2025.
A growing market leads to an increase in jobs, so it's very clear that the AI market is growing
globally but what about Australia according to research done by Data61 a leading a data science
research organization. In Australia the AI market of Australia could be worth up to $315 billion
by 2028. In 2019 there were around 663,000 data professionals in the AI industry and
this number is slated to increase to 759,000 people by 2023. It's safe to say that there
will be plenty of new opportunities for new data professionals entering the field.
If you're enjoying the video so far then consider subscribing. I make weekly videos about
demystifying AI. Here is a list of the top 10 industries in Australia by revenue and you'll
be happy to know that data scientists are needed across all of these industries and there's no
shortage of interesting problems to work on some key problems that Australian industries
are looking to solve as outlined by Data61 include the use of AI-powered robots for weed
removal using AI to help firefighters fight bushfires and using AI to help people improve
their mental health.
