Data science has seen exponential growth in demand in recent years. According to LinkedIn, hiring in data science has grown by 37% over the past few years, and the US Bureau of Labor Statistics predicts that there will be an estimated 11.5 million new data science jobs by 2026. These statistics highlight the increasing importance of data science in today’s job market, making it a promising career path to pursue.
Table of Content
What is a Data Scientist?
Data science involves using scientific methods, algorithms, and systems to extract insights from raw data, ultimately improving systems across various applications. A data scientist is distinct from a data analyst in that the latter typically explains what has already occurred, whereas a data scientist not only explains historical data but also predicts future events using algorithms and models.
A data scientist practices the same data exploratory process but can predict the occurrence of a particular event that may occur in the future by using various algorithms and tools. So, a data scientist is basically an astrologer who makes predictions with data.
Key Skills for Data Scientist
You all know every employee needs a specific set of skills to be successful in their field. Likewise, a data scientist should possess the following skills to be successful:
1. Technical skills
One of the most commonly required skills in the field of data science is the knowledge of programming languages such as R, SQL, Python, Scala, and Julia. This is because you cannot implement any techniques of data science without these languages. So, you as a data scientist should be familiar with topics such as data structures and algorithms, ML, and relational and non-relational databases.
2. Business knowledge
The ultimate goal of a data scientist’s research is to benefit the company they are working for in some way. The reported insights from their research help companies to make business strategies. So, having a deep understanding of the business models of the company will be a very helpful skill since you will be able to produce desired results by asking the right questions.
3. Communication skills
This is the most commonly required skill across different fields, the ability to communicate effectively. As mentioned earlier, your insight may be turned into a company strategy, so you should be able to present data to the team or stakeholders in an efficient manner without any discrepancies.
Global Job Opportunities in Data Science
Data science has been titled as “the sexiest job of the 21st century” by the Harvard Business Review and has dramatically influenced industries ranging from finance to healthcare. The job opportunities for data scientists are expanding worldwide, with a 650% increase in job openings compared to 2012.
There can be multiple reasons for someone to pursue a data scientist career, but the most compelling reason would be the rapidly increasing job opportunities in this field around the world. According to reports from LinkedIn, the job openings for data scientists have increased 650 percent when compared to the job openings for data scientists in 2012. As mentioned earlier, 11.5 million new jobs will be created by 2026.
1. Job Opportunities in India
India has witnessed significant growth in data science job openings. As of August 2020, there were around 93,000 vacancies in the field. Despite the impact of COVID-19 on the economy, the demand for data scientists has remained resilient. Reports suggest that the number of new job openings for data scientists will reach 1.5 lakh by the end of the year, marking a 62% increase from 2019.
Key industries in India hiring data scientists include banking, finance, IT, and e-commerce. However, there is a gap between the high demand and the availability of skilled professionals, making it a great opportunity for those with the right expertise.
Currently, the job postings that are open are for data scientists with less than five years of experience in the field. Even though we are speaking on the statistics of the vacancies, we have to admit the fact that there is a lack in skill requirement in India. Even though there is a huge penetration of data scientists every year, there are very few people with proper expertise in the subject.
2. Job Opportunities in the US
The demand for data scientists is similarly high in the US, with job growth predicted to rise by 28%, according to the US Bureau of Labor Statistics. Reports from McKinsey indicate a shortage of over 150,000 skilled data scientists. LinkedIn and Glassdoor both recognize data science as one of the most promising and rewarding career paths in the country.
Salary Trends for Data Scientists
1. Data Scientist Salaries in India
The average salary for a data scientist in India is approximately ₹824,384 per year. However, this can vary based on experience:
- Entry-Level (0-2 years): ₹539,654
- Mid-Level (2-4 years): ₹786,882
- Experienced (5-9 years): ₹1,392,480
- Senior-Level (10+ years): ₹1,747,802
Cities like Chennai offer higher salaries for data scientists compared to other regions in India, with the highest salary in Chennai at ₹1,124,366
City | Salary |
Chennai | ₹1,124,366 |
Bengaluru | ₹992,704 |
Mumbai | ₹932,694 |
Hyderabad | ₹847,092 |
Gurugram | ₹779,882 |
Noida | ₹773,501 |
2. Data Scientist Salaries in the US
In the US, the average salary for a data scientist is approximately $120,211 per year. Salary varies based on experience:
- Entry-Level (0-3 years): $101,662
- Mid-Level (3-5 years): $138,521
Salaries can be significantly higher depending on the city. For instance:
- Austin: $131,078
- San Francisco: $157,000
- New York: $139,583
City | Salary |
San Francisco | US$157,000 |
New York | US$139,583 |
Austin | US$131,078 |
San Diego | US$124,679 |
Chicago | US$123,664 |
Houston | US$113,889 |
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Conclusion
Data science continues to grow rapidly, with abundant opportunities for skilled professionals both in India and the US. The key to landing a high-paying data science job is having the right mix of technical, business, and communication skills. As demand for data scientists increases, salaries will continue to rise, making it an exciting career path.
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