Data Science Career Scope and Earning Potential
Data Science is the buzzword in the vast business ecosystem where data actually serves as fuel, getting costlier and becoming imperative. Companies across the globe are heavily relying on data to have meaningful insights about their business operations, productivity, and efficiency while predicting the uncertain future to help create actionable plans. This immense use of data calls for many professionals who can smartly and insightfully deal with data. These are the talents whom we know as ‘Data Scientists’.
So, how do these professionals play with data to make money? The answer is simple! When the amount of data is vast and the way it impacts organizations’ growth potential, they deal with the most sensitive aspect of a business operation. And this sensitivity makes them the most demanded professionals in the global business sector.
Statistics Supporting the High Demand of Data Scientists
· In response to the research conducted by Analytics India Magazine in 2021, more than 1,400 data scientists in India are making more than INR 1 crore
· Analytics India Magazine Salary Survey in 2021 revealed that the mentioned salary is 44% higher than a software engineer, 36% than IT developer, and 505 than java developer
· According to Glassdoor, the average salary in India is Rs 10 Lakhs per year
· According to Linkedin, the average salary is Rs 8.5 Lakhs
Salary Trend Based on Experience
Be it blockchain, robotics, IT operations, or any other service you provide, experience is, of course, the foremost factor defining a candidate’s package. The same goes for data scientists. As per the data revealed by the Data Science Salary Survey by O’Reilly in 2016, a data scientist can make around Rs 1, 52,255.80 per annum for every year of experience. Going further to understanding the salaries based on experience:
· Entry-level data scientist salary: The median early-career salary for these professionals is 5, 11,468 per annum.
· Mid-level data scientist salary: The median salary for a mid-level professional dealing with data science is Rs 7,73,442 per annum.
· Experienced data scientist salary: The median salary for an experienced professional goes up to Rs 1,367,306 per annum.
Brands Offering the Highest Packages
Many companies across and beyond the country are offering the highest number of data science jobs, and that too with the highest packages. Some of the known brands include:
·Amazon: eCommerce giant requires the maximum number of data science professionals to smoothen their operations. The average salary the company offers is Rs 15.56 Lakh per annum.
·Flipkart: One more eCommerce giant with many data scientists and is always on the hunt for experienced professionals with data science certifications. The company offers an average salary of Rs 24.6 Lakh per annum.
·IBM: This is an American multinational company that deals in products like IBM Watson Studio and IBM Cloud Pak for Data. Managing such products require data scientists, and the company offers an average package of Rs 10.91 Lakh per annum.
·Deloitte: One of the Big4 provides end-to-end business solutions with smart insights for more substantial and impactful outcomes. The average salary of a data scientist in Deloitte is Rs 12.41 Lakh per annum.
·Wipro Technology: A multinational company providing technology and business consulting services also have many career opportunities for data scientists. The company offers an average package of Rs 17.5 Lakh per annum.
The Bottom Line
Now, when you have gone through the career scope and salary trends of a data scientist, what do you think about adopting a career in data science? Do give it a thought because the career scope in Data Science goes a long way in all measures.