The new momentum in the field of data science, attributed to the COVID pandemic, has augmented the creation of new job opportunities. However, the rise in remote working has diluted the concept of freelancing, giving rise to a whole new gig economy for data scientists. While freelancers are self-employed and actively working on many projects from different companies, a gig worker, on the other hand, are contract-based workers for a particular company for a specific amount of time.

Also known as project-based workers or ‘gigsters’, people working in this gig economy are usually hired for specific business projects or a particular task, and unlike freelancers are entitled to company benefits for that specified time. With the rise in data-driven organisations and businesses working on data science and AI projects, the need for contract-based workers has gained immense prominence amid COVID. This not only bridged the data science skills gap to a certain extent but also helped companies to avail these professionals without burning a hole in the financial stability of the company.

That being said, leaving a safer environment of a full-time job and setting up your own position in this competitive field can not only be daunting but can also lead to a major failure. Furthermore, data scientists following a gig-lifestyle would lead to departing from a regular monthly salary, which can worry a lot to make a living in a high cost-of-living environment.

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