It's a growing field but you also may just end up in academia so be sure you understand that potential. Academia can be good for some people but it's its own kettle of fish. I'd suggest reaching out to some of the staff at universities who specialise in machine learning, that's often a good way to gauge where things stand.
Do you actually like or have a passion for programming/software development, and Data, or do you just think it's where there's money? If you don't know, do some tutorials (in python since you want to get into machine learning) and see if this is what you can imagine doing every day for 8-16 hours a day.
A degree is a good long term move, especially honours because other countries view BSc as subpar.
With the advent of more remote work, there's more options open to you but the start will always be difficult...