Salary and Job Trends for Data Science in 2023
Data science is one of the fastest-growing technical fields all around the world today. The field uses scientific computing, statistics, mathematics, etc, to extract knowledge from organizational data and make better decisions. Data scientists play an important role in the success of organizations as they help them identify business opportunities and risk areas. This makes the role of data scientists extremely valuable for companies. Organizations hire skilled data scientists at high salary packages as there is a shortage of skilled professionals in the field.
All these factors make data science a great career option to consider. If you are interested in building a career in data science, you might be curious to know more about the salaries of data scientists and job trends in the field. The salaries of data scientists are not fixed but may vary on the basis of different factors. Let us help you understand important data science job trends and factors affecting data scientist salaries in India:
Follow us on
Job Trends in Data Science in India
Data Science has gained much popularity in the past few years and its significance in businesses is continuously growing. Data Scientists are the professionals who implement data science techniques to help businesses make better data-driven decisions. Therefore, they play an extremely important role in an organization. Almost every company needs data scientists to make use of their organizational data. As a result, the job of data scientists has become one of the most rapidly growing jobs in the market. As per research, data scientist jobs have increased by more than 600% since 2012 and are still increasing with an annual growth rate of around 37%. Such high demand for data scientists is due to the increasing availability of data, advanced technologies, and the need for organizations to make data-driven decisions. From healthcare to e-commerce and finance, every industry is witnessing a significant increase in the demand for data scientists. In the healthcare industry, data science techniques help in reducing the wait time for diagnosis and in drug discovery as well. The e-commerce industry makes use of data science to identify patterns in customer data, understand customer behaviors, and provide them with more personalized services. Moreover, the finance industry is using data science for fraud detection and for creating better customer segmentation models.Factors Influencing The Salary of a Data Scientist
The salaries of data scientists vary on the basis of several factors, including experience, location, industry, employer, skills, etc. Let us help you understand how these factors play a significant role in determining your salary as a data scientist: 1. Experience Experience is the most important factor contributing to the salary of data scientists in India. Entry-level data scientists in India earn an average of Rs. 5.7 lakhs per annum and those with an experience of 1 to 4 years can earn up to Rs. 8 lakhs per annum. As the experience increases to 5 to 9 years, data scientists can easily earn an average salary of Rs. 14.4 lakhs per annum. After gaining an experience of 10 years or more, data scientists can earn up to Rs. 21 lakhs per annum or even higher salaries. 2. Skills Your skill set also matters when it comes to important factors affecting your salary as a data scientist. The more related skills you have, the higher salary you can drive in the data science field. Skills like mathematics, statistical analysis, data analytics, programming (Python, R, etc), data visualization, etc, can help you get higher salaries as a data scientist. Professionals having only one or two of these skills will most likely earn less than the ones who have all of these skills. Apart from this, your communication, problem-solving, and decision-making skills can also help you excel in a data science interview and get a high package./p<> 3. Location The salaries of data scientists also vary depending on their locations. Data scientists in different cities in India can earn different salaries even with the same working experience or skills. For example, the average salary of data scientists in Bangalore is around Rs. 10 lakhs per annum whereas that in Mumbai is around Rs. 8 lakhs per annum. Some top Indian cities hiring data scientists are Bangalore, Mumbai, Chennai, Delhi, Gurugram, Hyderabad, Pune, Noida, etc. 4. Industry As a data scientist, your salary also depends on the industry you are working in. Some top industries paying high salaries to data scientists include retail, healthcare, finance, logistics, automotive, telecommunication, professional services, digital marketing, etc. While in the retail industry, data scientists can earn an average salary of Rs. 14 lakhs per annum, their average salary in other industries like health care and finance is only up to Rs. 5 lakhs per annum. This is how the industry makes a huge difference in the salaries of data scientists in India. 5. Employer There are hundreds of companies that hire data scientists in India, however, all of them do not offer the same salary package. Data scientists’ salaries can also differ on the basis of their company. Some top companies offering high packages to data scientists include IBM, Microsoft, Wipro, Deloitte, Amazon & AWS, PwC, Flipkart, EY, and Accenture. The average salary of data scientists at Flipkart is around Rs. 14 lakhs per annum and that at other companies like Wipro, IBM, EY, etc, is between Rs. 6 lakhs to Rs. 10 lakhs per annum.Average Salary of Data Scientists in India
The salaries of data scientists vary on the basis of various factors and it is important to consider all of them while looking for a job in this field. Considering all these factors, the average salary of data scientists in India is around Rs. 8.7 lakhs per annum. Data scientists with no or less experience earn an average of Rs. 5 lakhs per annum. However, those with a decent experience can easily earn between Rs. 19 lakhs to Rs. 24 lakhs per annum.How to Become a Data Scientist?
To become a data scientist, you must have a deep understanding of mathematics, statistics, programming, and analytical techniques. Though it is not necessary to have a background in these subjects, a bachelor’s degree in any of these fields might be helpful. Even if you have prior experience in these subjects, you can start learning data science during or after your graduation. Various online and offline platforms provide data science certifications in India. Just make sure that you check the course curriculum, fees, duration, and learning style, before enrolling in any course.Data Science Certification Programs at Edvancer
Edvancer is one of the leading platforms providing career-oriented education in online mode. With an aim to make quality education accessible to everyone, Edvancer offers various online certifications that can help fresh graduates and professionals in building secure careers. You can find the following data science courses at Edvancer:- Certified Data Science Specialist
- Executive Program in Data Science for Managers
- IBM Professional Certificate in Data Science
- PG Program in Data Science – UPES
FAQs
1. What is the salary of a data scientist in India in 2023? Ans. The salaries of data scientists in India vary depending on several factors including experience, location, skills, industry, and employer. As per research, the average salary of data scientists in India is around Rs. 8.7 lakhs. 2. Will data science be in demand in 2025? Ans. Yes, data science is a rapidly growing field and is expected to continue growing for the next several years. So, we can expect that data science will be in high demand in 2025. 3. Is data science a high-paying field? Ans. Yes, data scientists are among the highest-paid professionals in India. As per a report by Harvard Business Review, data science is the sexiest job of the 21st century due to the high packages and great values that data scientists receive.Share this on
Follow us on
Free Data Science & AI Starter Course
