Data Science in the New Economy

A new race for talent in the Fourth Industrial Revolution

Through three industrial revolutions, technology has led to significant changes across economies, societies and businesses. Steam engines jump-started the transition of societies from agriculture to industrial production. The use of fossil fuels in engines and innovation in business models such as the assembly line rapidly scaled production. More recently, the digital revolution brought computing power and information technology. Each successive industrial revolution has involved signi cant shifts in the way people live and work, in how value is created in the economy, and demand for the highest-value skills.

As the Fourth Industrial Revolution unfolds, led by advances in technologies such as data science and arti cial intelligence, the labour market is again changing in a fundamental fashion. In 2018 the Future of Jobs Survey and Report revealed that business leaders believe that by 2022, human workers and automated processes are set to share the workload of current tasks equally, while a range of new roles is expected to emerge simultaneously as digital innovation is absorbed across industries and regions. In particular, in many large advanced and emerging markets, growth is expected in sectors that will experience the bulk of these new roles, such as information technology, renewable energy, education and the care economy, and in occupations such as data science, healthcare work and human resources.

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