The data job market has been challenging, with a significant decrease in job postings from Big Tech companies (FAANG) but slight improvement in hiring by other companies. The overall job market seems to be recovering after a dip in May. There is a higher demand for data engineers compared to data scientists or data analysts. Non-senior roles are in higher demand. The job market is rebounding in many countries. Contract and part-time positions have shown stability. The top companies hiring are primarily large consulting and financial services firms, with FAANG companies not ranking high. The downturn in the market appears to be cyclical rather than structural, and there is a greater need for data professionals in industry, finance, and consulting. Acquiring additional skills and exploring different sectors can broaden job prospects. Building a strong network is also beneficial. Overall, the job market seems to be improving, and there is reason for optimism.
2024 Data Job Market: Oversaturated or Good Outlook?
Are you concerned about the current state of the data job market? As an AI expert, I’ve conducted an in-depth analysis to provide you with insights on the trends, challenges, and prospects of the data job market.
FAANG Vs. Non-FAANG
From March 2022 to March 2023, there has been a significant decrease in job postings from big tech companies (FAANG) but an increase from other companies. Despite this, there are still plenty of job postings available, with non-FAANG companies offering a larger proportion of total jobs.
Current Job Landscape
While there may be negative sentiment surrounding the job market, recent data suggests that the market is recovering. The number of job postings took a dive until May, but it’s starting to bounce back.
Postings By Role
Interestingly, there are more data engineering opportunities than data scientist or data analyst positions. All roles are following an upward trend after a low point in April or May.
Postings By Seniority
There are significantly more non-senior roles being hired for in the market. This is across the board for data engineers, data analysts, and data scientists. The supply of entry-level talent is greater than that of senior-level talent.
Global Job Postings
The data job market is not limited to the U.S. There are job postings from various countries, and the majority of them are rebounding well after hitting a low point in May.
Full-Time Vs. Non-Full-Time
Contract positions may have taken a downturn in July, but this could be related to the filling or removal of six-month contract positions for the second half of the year. Contract or part-time work has shown stability during downturns.
Who Is Hiring Now?
Big Tech companies have reduced their job postings, but there are still many large companies, especially in consulting and financial services, that are hiring the most positions.
What Does It All Mean?
The job market experienced a downturn in May but is now rebounding. This suggests that it’s a cyclical downturn rather than a structural one. There is a greater overall need for data professionals in industry, finance, and consulting compared to Big Tech. Data engineering roles are in high demand.
If you’re in the job market, consider acquiring skills beyond your core and exploring diverse sectors to broaden your job prospects. Building a strong network can also provide valuable support during challenging times.
Overall, the data-driven analysis suggests a positive outlook for the data job market. If you’re interested in leveraging AI to stay competitive and evolve your company, connect with us at hello@itinai.com or explore our AI Sales Bot solution at itinai.com/aisalesbot.
