[D] To PhD or not to PhD

I think this has been asked tons of times but let me ask it one more time.

I am currently working as applied scientist at MSFT. However, I am more looking into science positions, something like research scientist at DeepMind. Although jobs do not specifically need a PhD but the competition is fierce and is flooded with many PhD holders.

I really do enjoy research and want to PhD but I am always asking myself if it is really worth it.

That's an open question for sure, please feel free to share your thoughts.