Have you ever thought about the impact data has on the business and IT sector? In our digital era, data is the main factor that impacts business decisions and promotes market growth. Since the scope of data is large and the international market is growing every day, data science jobs are in high demand across the globe. Insights gained from data are used to understand consumer behaviour, find market trends and create impactful strategies.
According to IMF statistics, Germany is the largest economy in Europe with a GDP of about $4.3 trillion. IMF also marks the country’s annual GDP growth as 2.1%, amidst the global recovery from covid. Germany’s revival and growth in the market economy makes it a hub of business opportunities and increases the demand for data scientists in the job market. Professionals looking for a job in data science will find various lucrative opportunities in the country and discover new ways to take their career ahead.
Current Scope of Data Science in Germany
According to Coordinated Direct Investment Survey, Germany is among the top ten countries in the world that received direct foreign investments in 2022. This is in proportion with the growth in the market in previous years. The country has received 15% investment from foreign markets, hinting at its position as an attractive destination for business development. Data science hence becomes an important factor in shaping business strategies and boosting the country’s economy post-covid. In Germany, cloud computing and data engineering has gained popularity amongst corporations as a result of the accumulation of structured and unstructured data from various resources and online platforms.
Working as a Data Scientist has been ranked as one of the most promising jobs by LinkedIn due to the scale of opportunities and competitive salaries. A Master’s Degree in Data Science is preferred by MNCs like Amazon, Google or Facebook who rely on user data to derive patterns and gather information. German companies such as Mercedes Benz, Allianz and Volkswagen which made it to the Fortune 500 list of 2022 also shape their business strategies in accordance with data, making data science jobs some of the most sought-after professions in the country.
Relevance of Data Science in the German Market
Changing market demands have led to a progression from programming to cloud engineering in Germany. The growth of e-commerce ventures in the country required more professionals to dive into customer data to understand behavioural patterns and trends. This highlighted the importance of data and cloud engineers whose expertise were required to gain insights from large amounts of data.
Since Germany is the hub of IT and business organisations in the EU, the country requires talented cloud engineers and data scientists to improve the scalability of the industry. These professionals allow businesses to gain an edge over competitors by helping them cater to the demands of the ever-changing market. Knowledge of data science thus becomes vital in improving brand visibility in a heavily saturated industry.
Perks of Having a Data Science Job in Germany
Companies in Germany offer lucrative salaries for data scientists due to higher demand and competition in the data science field. According to data published in Data Career, data scientists earn around €66,000 in a year along with additional incentives and the salary has increased 15-20% in the last 5 years. Salary packages offered in Germany are often higher than in other European countries. Data science jobs in Germany offer similar salaries as data science jobs in the US. However, the living costs in German cities are much lower than in the US, making it a preferred destination for data scientists and analysts. The work culture in the country is inclusive with a cosmopolitan crowd of workers from varied nationalities.
Future Scope of Data Science in Germany
Organisations like PwC, Bayer and Oxygen Digital Recruitment offer internship and placement opportunities to students with a Master’s degree in Data Science from German universities. This means you can develop practical knowledge and on-the-job skills. Renowned companies, both national and international, are establishing their offices in major German cities like Berlin, München and Hamburg, which will enhance job prospects for data scientists. LinkedIn and Glassdoor stats indicate that there has been an increase of 200% in data science job postings compared to previous years.
According to a Statista survey, the number of data scientists employed in each company has been on the rise in recent years.
With numerous perks and benefits, working as a data scientist is one of the most sought-after roles in Germany. The Master’s in Data Science programme offered at The University of Europe for Applied Sciences (UE) can help you achieve your career goals through the practical application of the knowledge and skills you will develop in a data programme.
The programme will help you learn relevant skills required in the data science field, making you competent in the job market. Students will also have the opportunity to explore new areas such as game design, UI/UX design etc. along with developing leadership expertise while studying a Master’s in Data Science.
Contact us to know more