Data science has become an indispensable part of businesses and industries realize the role these professionals play in delivering insights is critical to their continuity. Data scientists are responsible for collecting, analyzing, and visualizing data in ways that help businesses generate profits, increase conversions, and figure out whether or not their marketing strategies are working. They minimize exposure to market risks, get ahead of competitors, and stay in the game.
The evolution of the Internet of Things, smart devices, 5G technology, Blockchain, Artificial Intelligence, and Big Data has led to a surge in the massive volumes of information being produced from multiple sources. Companies simply don’t have the time to keep up and in an era where data equals money, hiring skilled data scientists is essential to success. In India, the Data Science market experienced a 650% hike compared to other industry segments and in 2012, those who transitioned to a career in data science from marketing jobs got a salary hike of 37% or more on average. There has also been a sharp rise in the number of data analytics companies, with more than 45% of total jobs being vacant in India.
Rising Demand for Data Science Professionals
The average salary of a data scientist in India is reported to be INR 8,63,520 on average, according to PayScale sources. Mid-level data scientists earn INR 10 lacs a year and have a work experience ranging from 5 to 8 years. A beginner data scientist can expect to make INR 5 lacs or more for entry-level data science job roles, and they can have anywhere from 0 to 1 year of work experience.
Executives command the highest salaries in the industry and earn median salaries of INR 20 lacs or higher per annum. Salaries also fluctuate based on job titles. For example, Data Engineers make more than Quantitative Analysts and Business Intelligence Analysts. But again, these figures can change depending on the company and location. Companies are trying to minimize business losses, manage security risks, analyze customer segments, and find ways to maximize profits by hiring these professionals. Although India is witnessing a surge in employment opportunities, there are not many professionals with adequate skillsets who can keep up or get hired. Banking sectors hire data science engineers to reduce cases of financial fraud, check records, and do a risk assessment for loans. There are hiring opportunities in other industry verticals too, like healthcare, marketing, advertising, recruiting, virtual reality, airlines, etc.
The best way to get started on this career path for beginners is to sign up for data science courses in India and master the fundamentals. Data scientists who are hired full-time by companies enjoy additional privileges and many professionals are choosing to work on a freelance and contract basis as well.
Top Data Science Jobs That Pay the Highest Salaries
India has added more than 1.5 lac job openings since 2021, and this number is just growing. Technological advancements in the data landscape and rapid digital transformation are bringing new career opportunities to professionals, and data science has been dubbed one of the hottest careers worldwide. There aren’t enough skilled professionals to keep up with the demand, which means companies are willing more to recruit skilled talent.
Following is a list of jobs that pay the highest salaries:
Data Analyst – The job of a data analyst is to analyze collected data from multiple sources and gain business insights from it. Companies in India pay on average INR 6,35,339 per annum for this job role.
Data Scientist – A data scientist’s job is to work as a data wrangler, collecting, sorting, and analyzing huge sets of both structured and unstructured data. He then creates machine learning models around it and creates actionable business plans for the company. The average salary of a data scientist in India is INR 8.15 lacs per annum
Business Intelligence Analyst – A business intelligence analyst in India can demand a salary of INR 7 lacs on average and this can go up, depending on the number of years of work experience. There are many roles and opportunities in project management as well for these professionals.
Statistician – A professional statistician in India can charge up to INR 5 lacs a year. Statisticians apply various modeling techniques to solve real-world problems, analyze information, and interpret data in ways that help businesses make important decisions.
Machine Learning Engineer – Machine Learning Engineers, work towards designing automated solutions that process huge volumes of data in companies. They design predictive data models and write smart self-learning algorithms which businesses use to do various operations. The average salary of a machine learning engineer in India is INR 8 lacs
Quantitative Analyst – Quantitative analysts work on applied statistical data models to investment firms, private equities, and hedge funds to identify investment opportunities, manage risks, and diversify company portfolios. The average yearly salary of a Quantitative Analyst is INR 9.6 lacs a year.
Also Read: The 6 most important skills for Data Science
Should You Attend Data Science Courses Online in India?
Your employers don’t care how many certifications you’ve completed when you apply for a data science job in the country. Great Learning’s data science online classes include rigorous coursework and capstone projects which students add to their portfolios. There are no shortcuts to becoming a professional data scientist, but once you break into the industry, it’s just a matter of networking, more projects, and work experience. Top data science online classes cover modules such as Statistics, Python/R programming, Machine Learning, Artificial Intelligence, algorithms, and Tableau. Depending on the institute, the course may also cover the business and marketing aspects of the job as well. Most courses include live mentoring sessions with coaches and provide career guidance to aspirants too.
Data science is a disruptive career that is transforming various industry verticals and many professionals are choosing to transition from marketing analytics to data science job roles. Students find that they get a massive salary hike after completing the required certifications and landing a job at top companies, which is why they choose to opt for a career in data science. Besides the salary, a data science career can be highly challenging, and rewarding, and change the way one looks at Big Data.