Job Growth, Data Science & AI Areas across Sectors: Let’s See if the Future Unfolds like the ChatGPT Forecasts
As a multi-passionate explorer, I always more things I would love to learn deeper that time and energy allows, no matter how optimized they are by implementing time and energy management.
In order to make sure what I am interested and have been learning is a wise use of time in terms of putting the skills to use, I asked ChatGPT to summarize key AI directions projected to be critical for the job market and society in the coming decade. Each direction includes projected growth rates and other relevant information.
I have no idea where the growth number comes from although here’s its answer to what are the sources for the numbers in the above table. So please treat all ChatGPT answers in this post (and of course, others) with a grain of salt:
Comparative Table for Mid-Career Data Science/Quant Professionals
As a mid-career data science / quant professional in transition from business startup and ownership to regular employment, since my work experience and interests span across three major sectors, I asked ChatGPT to summarize heavily used general areas or techniques in data science, AI/ML roles, and specific techniques that are in high demand or experiencing fast growth based on projection research and current job market:
It also provided a note explaining the above table:
Explanation:
- Healthcare: Lists leading companies like Mayo Clinic and Kaiser Permanente, offering roles such as Data Scientist in Clinical Analytics and AI Research Scientist, focusing on predictive analytics, NLP, EHR interoperability, and survival analysis.
- Technology: Features top firms such as Google and Amazon, with positions like Machine Learning Engineer and AI Research Scientist, utilizing ML/DL techniques, big data analytics, cloud computing, and edge computing.
- Finance: Highlights companies such as Goldman Sachs and JPMorgan Chase, with roles like Quantitative Analyst and Algorithmic Trading Developer, specializing in quantitative finance, risk management, financial modeling, and stochastic modeling.
This format provides a clearer distinction between general areas or techniques widely used in data science and AI/ML roles across sectors, and specific techniques that are particularly in demand or growing rapidly based on current trends and job market analysis.
ChatGPT also provides me with a comprehensive comparison table for sector growth and job forecasts in finance, healthcare, and technology over the next two decades (2023–2043), considering different scenario forecasts:
Insights:
- AI Directions: Each sector emphasizes different AI applications based on their specific needs and challenges.
- Compensation Range: Reflects competitive salary ranges for mid-career professionals in each sector.
- Career Pros and Cons: Highlights the advantages and challenges unique to each sector.
- Projected % Growth: Indicates the anticipated growth rates, influencing career opportunities.
- Net Growth: Shows positive growth trends, indicating demand for experienced professionals.
This table provides a comparative overview tailored to mid-career data science/quant professionals, helping in understanding potential career paths and opportunities across healthcare, technology, and finance sectors in the AI domain.
Scenario Forecasts
Optimistic Scenario:
- Finance: Adoption of advanced technologies and favorable regulatory changes boost the CAGR to the higher end of the forecast.
- Healthcare: Major breakthroughs in biotechnology and personalized medicine drive higher growth.
- Technology: Rapid AI advancements and global digital transformation lead to higher growth and job creation.
Pessimistic Scenario:
- Finance: Economic downturns and stricter regulations result in lower growth rates.
- Healthcare: Slower adoption of new technologies and higher costs of healthcare delivery reduce growth.
- Technology: Market saturation and regulatory challenges slow down growth and job creation.
Impact of New Workforce Trends
The increasing number of students pursuing education in technology-related fields will impact job markets and sector growth. Here’s how:
- Technology Sector: Expected to see the highest influx of new talent due to increased interest and education in tech roles. This will further drive innovation and growth, possibly leading to even higher job creation rates.
- Healthcare Sector: With the integration of technology into healthcare, there will be a growing demand for tech-savvy professionals in this sector. This might lead to the emergence of new interdisciplinary roles.
- Finance Sector: The need for financial professionals with tech skills (e.g., fintech, data science) will rise, leading to a hybrid job market where finance and tech overlap significantly.
Ok, enough for my curiosity, get back to work now. Hope my sharing of this help those of you who also have interdisciplinary work experience, or are trying to figure out which sector or career path suits you, or would like to figure out prioritization for areas or techniques to go deep in like me. :)
