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This episode we’re exploring the world of data science which is rapidly becoming the fastest growing career both globally and in India. We’re going to give you all the information and answer your burning questions like: what are the salaries, highest earning roles, hottest cities, rising competition and how you can cut above the competition and grow your career in data science.
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Hello and welcome to Wizr Voices, an insightful podcast for learners and career makers. I’m your host Anushka Chhikara.
1.4 million. That’s the number of jobs in data science that will be created globally in the next 5 years, according to the world economic forum. That’s a 35% increase in demand for data analysts and scientists, AI and machine learning specialists, big data specialists, data engineers, big data architects, project managers, and you get the idea— Careers in data science are booming.
But that’s projected growth, what about the demand right now? Well, money talks when it comes to supply and demand and posted salaries for these roles across Indian companies show a range of 6.5 lakh Rupees per annum to 55 lakh Rupees per annum. And the demand is driven from all major sectors and cities across India, with a promise of only more growth.
But while data science is becoming a hot career choice, is it the right career for you? Well it depends on if you’d like a career with rising salaries, mobility across tier-1 Indian cities, and opportunities for constant learning and growth.
Before we dive deep into all those factors, let’s explore this: why exactly has data science become so popular?
The world economic forum conducted its annual “Future of Work Survey” in 2023, that surveys organisations all over the world and as the name suggests, predicts changes in industries in the next 5 years. And in the list of occupations with the most projected job growth, AI and machine learning specialists topped the list, soon followed by data analysts & scientists, big data specialists and data engineers.
You could partly attribute this to the current buzz around AI, but it seems only natural that all roles across data science have risen in peak popularity. As our lives become increasingly intertwined with technology and the internet, the large amounts of data generated from it are enabling businesses across every sector to engage in data driven practices: whether that’s the app you organise your to-do lists on in the morning, to the tools and products you use with your colleagues, to the streaming service you watch your favourite show on while you have dinner.
But it’s not just tech companies that demand data science talent. If you’re a skilled data science professional, you could get a role in any of India’s fastest growing sectors!
So, what are the different sectors hiring data science talent?
In the next 5 years, we’re going to see a 30-35% increase in demand for data science professionals across all sectors, as organisations adopt frontier technologies that rely on big data.
The top hiring industries are Financial Services and Consumer Tech sectors. Industries also expecting high growth in data science roles are Retail and Wholesale of Consumer Goods, Supply Chain and Transportation, and Information Technology and Digital Communications.
The bottom line is, there’s an arms race for data science professionals right now. But skilled professionals aren’t about to appear from thin air, so just how much capital are Indian companies willing to put behind acquiring you as a data science professional?
What are the different salaries in data science?
As of 2023, according to Analytics India Magazine, the median salary for data science professionals is 15.2 lakh Rupeesper annum. And if you remember, at the beginning of this episode we said that the salary range can go up to 55 lakh Rupees per annum. So what factors determine the demand you have as a data science professional?
Well it’s a little complicated and depends on your exact role, years of experience, the city you’re working in, sector, and your educational background and skilled certifications. So let’s break them down.
Oh and since I mentioned it, I won’t leave you hanging: the 55 lakh per annum salary is for an experienced big data architect role.
Subsequently what are the highest paying roles in data science?
The top three roles in the data science industry that command the highest salary begins with Data Architect at 28.5 lakh Rupees per annum, followed by Natural Language Processing specialist with 28.4 lakh Rupees per annum, and finally Data scientist at 24 lakh Rupees per annum.
Now let’s talk about geography. Which cities in India provide the most jobs for data science professionals?
Any guesses on which Indian city commands the highest median salary for data science professionals? Unsurprisingly, it’s Bangalore with a median salary, at 19.1 lakh Rupees per annum. With a population of 1 crore and 27 lakhs, Bangalore has emerged as the top destination for analytics/data science professionals for the sixth year in a row as of 2023, accounting for 28.5% of entire market.
And so almost one out of two open jobs are from Bangalore, with the others come from Delhi/NCR that has risen as the city with the second largest share of data science job openings. Being the most populated Indian city with a population of 3 cr and 11 lakhs the world-class infrastructure and well-diversified markets, from trading and manufacturing to BFSI contributed to an overall increase in job opportunities in the city.
And Mumbai comes in as the third most popular tier-1 city with demand for data science professionals, driven by the banking and financial services and domestic conglomerates based in the city.
Following this, other Indian cities with a growing share of open data science jobs are Hyderabad, Pune, Chennai, Kolkata and Ahmedabad.
At this point you must be wondering, what is the best educational background for a data science professional? And will your degree help you cut above the competition?
When it comes to an educational background top-tier engineering undergraduates (IITs, NITs etc) earn a median salary of 27.6 lakh Rupees per year, which is 8.2 lakh Rupees more than their peers from other engineering colleges.
But in a field that’s evolving at a rapid pace, data science demands you to be a lifelong learner, and one degree doesn’t make the biggest impact. To stay relevant and unlock greater opportunities, professionals are constantly up skilling and re skilling to stay up to date with the latest tools and technologies in demand. And this is what drives the rising competition in the field.
Because without a doubt the demand for data science professionals is increasing. Everyone is looking for a data science sorcerer who can unlock the magic of big data and AI, putting pressure on the labour market. But recruiters are keeping an eye out for people trying to game the system by putting keywords like AI and ML into their existing portfolios. (Haha)
But there’s no gaming the system really, it’s pure skilling. Because a sorcerer is only as good as their spellbook.
Okay, let’s step away from the mystical metaphors and take a look at the different skilling certifications needed by you to be a top data science professional.
So, in a vast field like data science, what are the tools and skilling certifications you need to beat the competition?
This is where we at WiZR can help you discover, learn and finance courses to grow your career in data science! Wizr is the world’s first and largest platform for learners: from helping you assess your skills and strengths, to unbiased course recommendations from across India that you can compare, to embedded finance where we offer no-cost EMI financing options to you. And it’s not just data science, we offer this across 7000+ courses across all subjects!
Now specifically for your career in data science, here are some skilling certifications you can explore:
Upskill in AI and ML to develop intelligent algorithms and train computer systems to solve complex real-world problems for businesses.
Learn big data to analyse and process large volumes of diverse data for improved business decision making
Business intelligence certifications offer you to: master the use of data analytics tools to enhance business performance through informed insights and reporting.
Master statistical and computational techniques to extract useful insights from large datasets with a data miningcourse.
You can also upskill with data science and analytics courses to: learn to use data to discover insights and make profitable business decisions.
Learn to create visual representations of data and convey useful business insights with a data visualisation course.
Learn data warehousing to collect, manage and analyse data from diverse sources and drive business decisions.
Do a deep learning course to: understand how to analyse data for improved business decision making using neural networks.
Okay that’s a lot of different skilling certifications… now if you’re feeling a little overwhelmed on how to even get started, let alone finding the right courses for you, I feel you. I’ve personally spent hours and hours on YouTube, course websites, blogs and university pages. But as we mentioned, you can start your learning journey right now on Wizr dot in. Head on to the website to get started in assessing your skill set and finding the right trajectory to grow your career!
This deep dive into the world of data science started with one number: 1.4 million: the number of data science jobs to be created in the next 5 years. And it’s not just the 1.4 million that’s showing a boom in data science for years to come:The median salary for a data science professional in India is 15.2 lakh Rupees per annumSectors with rising demand for data science roles are financial services, consumer tech, retail, and more.The 3 roles that command the highest salaries are data architect, natural language processing specialist and data scientist.The hottest cities for data science roles are Bangalore, Delhi/NCR, Mumbai, Pune and Hyderabad.And as popularity grows, so does the ruthless competition for jobs in this field that offers high salaries, mobility across India, growth and learning opportunities.
And so, how far are you willing to go to rise above the competition and grow your career?
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This podcast is a production of WiZR.I’m your host, Anushka Chhikara.Achyutanand Dwivedi is the head of audio and video production.And our executive producer is Loveleen Sehrawat.
For more information on how you can grow your career with Wizr, visit Wizr dot in, the link is in the shownotes.And thank you for listening, we’ll catch you in the next episode!
