A survey by Glassdoor found that data science was the third-best job in terms of job satisfaction, median base salary, and number of job openings.
Demand for data scientist
Data has become a critical asset for businesses across all industries in today's digital age. As a result, the demand for data scientists across a range of industries, from finance and healthcare to retail and entertainment has skyrocketed in recent years.
According to the US Bureau of Labor, statistics predict that employment of computer and information research scientists, which includes data scientists, will grow 36% from 2021 to 2031, which is much faster than the average for all occupations. Similarly, a report by Analytics India Magazine found that data science was one of the most lucrative fields in India, with salaries for experienced professionals reaching upwards of INR 30 lakhs per annum.
Overall, the growth of the data science job market is a testament to the increasing importance of data-driven decision-making in today's business landscape. In this article, we will take a closer look at the salaries of data scientists in India.
Data Scientist Salaries in India
According to data from various salary estimation websites, the average annual salary for data scientists in India is around ₹10 Lakhs. However, this salary can vary depending on factors such as location, years of experience, industry, and company size. Salaries can range from ₹3.6 Lakhs to ₹25.9 Lakhs, depending on the above-mentioned factors.
What Impacts Data Science Salaries?
The salaries of data scientists in India depend on several factors, including:
Years of Experience
Data scientist salaries in India also vary depending on the number of years of experience. As per the available data, a data scientist with less than one year of experience can expect to earn around ₹3.6 Lakhs to ₹8 Lakhs per annum. With 1-3 years of experience, the average salary increases to ₹6-12 Lakhs per annum. For those with 3-5 years of experience, salaries can range from ₹8-17 Lakhs per annum. Data scientists with over five years of experience can expect to earn ₹10-25 Lakhs per annum with an average annual salary of ₹ 12.0 Lakhs.
The location plays a significant role in determining salaries. Salaries are generally higher in metropolitan cities than in those working in tier-2 and tier-3 cities. The highest-paying cities for data scientists in India are Gurgaon, Bengaluru, and Noida. As per the available data, data scientists in Gurgaon can earn an average annual salary of ₹13 Lakhs, whereas those in Bangalore, Noida, Mumbai, Kolkata, and Chennai can expect to earn an average annual salary of around ₹11 Lakhs, ₹10 Lakhs, ₹9.5 Lakhs, ₹9 Lakhs and ₹8.5 Lakhs respectively. In Pune and Hyderabad average annual salary is around ₹8 Lakhs.
While the role of a data scientist is in high demand, there are other job titles in the same field that can also offer competitive salaries. These similar roles include Data Analyst, Data Engineer, Machine Learning Engineer, and Business Analyst. The average annual salaries for these positions in India are around ₹5-8 Lakhs, ₹6-16 Lakhs, ₹7-20 Lakhs, and ₹4-12 Lakhs, respectively.
Data scientist salaries in India also vary depending on the industry. Some of the highest-paying industries for data scientists in India include the IT sector, e-commerce, finance, healthcare, and retail. IT and e-commerce industries offer an average annual salary of around ₹10-15 Lakhs, whereas the finance and healthcare sectors can offer an average annual salary of ₹12-20 Lakhs. The retail sector can offer salaries ranging from ₹4-18 Lakhs per annum.
The skill set of the data scientist also plays a crucial role in determining their salary. Candidates with expertise in areas such as deep learning, clustering, and natural language processing tend to command higher salaries. Thought data science is a multidisciplinary field that requires a diverse range of technical and non-technical skills. The following chart shows the most important skills and machine learning techniques that data scientists must possess to be successful in their job roles and command higher salaries.
Possessing a diverse range of skills is crucial for data scientists to excel in their job roles and command higher salaries. The more skills a data scientist possesses, the more valuable they are to the organization, which can lead to increased compensation and benefits.
In summary, the demand for data scientists in India is on the rise, with salaries varying based on factors such as years of experience, location, industry, and skills. Possessing a diverse range of skills, including programming, statistics, database management, machine learning, and soft skills, is crucial for data scientists to excel in their roles and command higher salaries. As data continues to be a critical asset for businesses across all industries, the growth of the data science job market in India is expected to continue in the coming years.
With the demand for data scientists on the rise, it's important to have the right skills and expertise to stand out in the job market. DataRLabs offers a range of training and development programs to help you enhance your skills and stay up-to-date with the latest trends in the field. From hands-on training to online courses and workshops, DataRlabs can help you take your career to the next level.
If you're interested in learning more about DataRLabs and how we can help you with your data science needs, visit our website today. You can also connect with us on social media to stay up-to-date with the latest news and developments in the field.