The demand for data science professionals in India is always high; therefore, the career arc for data scientists in India is always upward, with good salary opportunities from top companies. The present 21st century is ruled by data, which is why data science has become one of the most indispensable parts of our industries and business organization. Data science offers meaningful insights regarding customer and market behavior which helps businesses to increase conversions and gain a detailed view of market analysis. Moreover, data analysis gives a competitive advantage to the companies regarding product development, pricing strategy, improving the efficiency of business operation, and minimizing the risk by forecasting accurately. Click here to learn data science training
Sky high fees and Rising Demand for Data Scientists in India
The emergence of disruptive technologies such as digital media platforms, Internet of Things, artificial intelligence, smartphones, blockchain, quantum computing, and big data analytics have increased the importance of data science professionals in India. Data science is a sector that has applications across all industries and sectors. Today both big and small organizations request data science professionals to analyze the customer market trends, make effective decisions, and maximize profits by minimizing the risk and loss. The critical job opportunities for data scientists have helped them to earn high salaries in India. The prime reason the salaries of data scientists in India skyrocketed is their unique function. They offer data-driven insights to businesses which helps companies to target markets, boost revenue, and satisfy customers. Without data science, professional companies in business can’t capture, interpret data and increase their revenue.
Salary Growth Opportunities for Data Scientists in AI and ML
Today most organizations are adopting artificial intelligence, big data, and machine learning. As a result, the demand for data scientists is constantly rising, accelerating their income earning potential. The data science profession has witnessed a huge rise of 650% since 2012. Therefore the demand and income earning potential opportunities of data science professionals have outpaced other professions. Transitioning to a data science career is a smart move for most candidates as it will provide high comparative returns. For example, a candidate who has transitioned to a data scientist rule from the marketing analytic field can witness an average of 37% growth in their salary. In the same way, people belonging to digital analytics jobs can expect an increase of 31% salary growth by switching to a data science job. A person who has transitioned to a data scientist role from the data engineering field can witness a salary increase of 44%.
The Career Outlook of Data Scientists in India
Over the years, salaries and job opportunities in the data science sector have constantly boomed in India. Digital transformation driven by the pandemic has further accelerated the market demand for data science professionals. As per the reports of India talent trends, professionals belonging to this sector with an average experience of 3 to 10 years earn salaries ranging between 25 to 65,00,000 as data science professionals with more than 10 years of experience grab package of more than one crore annually. Data scientists with 15 years of experience are expected to be paid up to 1.8 crores. The average salary hike for data science professionals is 20 to 30%, whereas professionals from other backgrounds experience pay hikes of only 15 to 20%.
Demand for Data Science Professionals in India
Today India is witnessing the digitization of companies’ business and services; thus, when it comes to data science, India ranks as the second largest hub worldwide. Data analyst estimates India will have 11,000,000 job openings or more than this figure by 2026. The demand for data science professionals has increased by more than 46% since 2019. Although there is immense demand for data science professionals, 93,000 jobs in this field will be vacant in India by 2020. Vacancies in data science positions in India are due to low experience. Machine learning and data science have a steep learning curve, and data scientists must acquire specialization and expertise to fill the ongoing vacancy. Thus the shortage of skilled professionals is resulting in a surging demand for data scientists with good skill sets. Data science is considered to be the highest-paid job profession in the present day. India accounts for more than 4000 openings in data science jobs nationwide.
Why is the Salary of a Data Scientist so High?
Data science professionals earn a high salary because they have to possess several qualities such as analytics skills, customer insights, programming skills, data visualization, machine learning skills, business acumen, and analytical skills. They deal with modern cutting-edge technologies in their everyday life; therefore, these professionals need to acquire advanced knowledge in data mining techniques like regression analysis, clustering, support vector machines, decision trees, etc. They have to earn an advanced degree in computer science. A data scientist must be fluent in programming languages with strong experience in handling tools like a spark, hive, AWS, Hadoop, etc. In addition, they must undergo programming, machine learning, and statistical modeling training. All these reasons have made data science professionals earn rewarding careers and handsome salary packages.
Salary of Data Scientists in India
The average salary of data scientists in India is ₹619182. The salary of a data scientist depends on several factors, such as the company in which they are employed and the experience they have acquired over the years. Big companies hire data science professionals at top salaries. The national average salary for data scientists accounts for ₹650 000 in India. The salary of a data scientist fresher depends on the company to which they are applying, as well as the skill sets that the fresher has acquired. The salary of a data scientist is higher than other professions.
Data Scientist’s Salary
It has been estimated that the job opportunities for data scientists by the year 2028 will grow by 14%. The location of the company where a professional is recruited, the experience that they have gathered over their career along with the company, and skills are some factors that decide a data scientist’s salary. The salary of a data scientist in India will be higher if the professional comes with a lot of experience. The beginning salary of a data scientist course in Bangalore will depend on the degree as well as the educational background of the professional. There are immense opportunities for professionals who are looking to make a career in the data science profession. The per month salary of a data scientist in India is quite impressive. The starting salary will depend on the skills and experience the person has acquired. Top companies such as Wipro technology, Accenture, and IBM hired data scientists at top salaries in India.
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Angela is a senior editor at Dreniq News. She has written for many famous news agencies.