The evolution of Data Science Careers in India
If you’re an IT student or a professional, we’re sure you hear the term Data Science very often.
While it might look like the word has been coined recently, the concept has been around for decades.
For years, scientists and statisticians have tried to figure out ways to analyse and utilise vast volumes of data.
Today, the allure that data science jobs possess in the market is amazing. And it’s here to stay.
If experts are to be believed, the potential opportunities in the field of data science have been ascertained a long time ago.
Job sites today are full of vacancies in the field of data science. Startups in this field are also growing and flourishing like never before.
Companies are intensely focusing on building expert data analytics teams of their own to help them create more advantageous strategies. Most business decisions are driven by data science these days.
According to a survey done by analyticsmagindia.com, there are around 97,000 job openings for analytics and data science in India as of now. And, a spike of 28% is estimated in the demand for data scientists and analysts by the year 2020.
Naturally, given the high demand, the salaries for these jobs are also quite lucrative.
Let’s talk global numbers first. According to an annual salary survey done by insights.dice.com, a data scientist can make up to US $106,000 per year. No wonder the job has been hyped so much.
In India, the starting salary of an employee with a data science background begins at 5.8 to 6 lakhs per annum. That’s almost 2 times more than an average IT employee earns (3 to 3.5 lakhs). As a result, more and more students are opting for a career in the field of data science.
At this point, it’s imperative to mention that the field of data science has a variety of job roles to offer, and not just that of being analysts. Since there is no universal definition of a data scientist, it has become an umbrella term.
The same job title in different companies may require different skills as well as different duties to be performed.
The three most common positions are -
- Data Analyst
- Data Scientist
- Data Engineer.
Although some of the job tasks may remain similar for these three positions, there are very understandable differences between them.
Other positions in data science include:
- Machine Learning Engineer/Professional
- Quantitative Analyst
- Data Warehouse Architect
- Business Intelligence Analyst
- Systems Analyst
- Operations Analyst
The good thing about the upcoming field of data science is that a full time job isn’t the only option you have. If you have the right skills, there are a lot of freelancing opportunities, too.
With more and more companies giving importance to data analytics, it can be said that by the year 2022, we may see more variations in the type of employment that people choose in this field.
The major adoption of data science jobs is in the Finance sector in our country with 38% of job openings. Although, the national average salary in India for a Data Scientist is Rs. 10,23,915 / US $14,444.4 (according to analyticsinsight.net), the location of job is also a huge factor in determining the salary range.
Bangalore, of course, is the major centre housing around 24% of analytics jobs in India. Delhi is a close second with 22% such jobs followed by the financial hub of India, Mumbai with 15% data science job openings.
Mumbai is quickly becoming one of the top-earning locations for data science employees and the proportion of job openings here is expected to rise significantly in the coming years.
Hyderabad and Pune are also quite prominent on the list of analytics job vacancies in the country.
Tier-2 cities are yet to optimally tap into this industry.
The salary you make on your job as a data scientist also depends on the company you work with.
With giants like Google and Facebook, a data analyst may earn up to 50 lakhs! Companies like Accenture, TCS Ltd., Ernst & Young, and HSBC, to name a few, also offer salaries at a higher level.
What makes a career in data science so alluring is the fact that the talent supply doesn’t seem to meet the demand right now. While there’s immense scope, there aren’t enough professionals to take up the challenge.
It wouldn’t be wrong to say that NOW is the best time to start your career in data science.
Are you ready to make the switch?