Data science is an emerging field in India with huge potential and opportunities for growth. As more companies make decisions on data, the demand for data scientists will increase exponentially in the coming years. This blog discusses the scope of data science in various industries, required skills, job roles, salary trends, and future prospects in India.
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In 2017, the Economist made headlines stating, “The world’s most valuable resource is no longer oil, but data.” Now, this analogy may seem to be a little odd in the first place, but if we dive deeper, just like oil was a valuable asset for organizations years ago, it has now been replaced by data. As the business world inches closer to digitalization, data has become more important than ever.
Scope of Data Science in India
With data being termed as the future oil for organizations, analytics have become an engine that drives it to arrive at meaningful insights. The powerful combination of both is what is driving the future scope of data science. All across the globe, organizations are innovating multiple methods to harness data and use this powerful tool to drive their businesses.
The confluence of massive data influx and the need to harness this huge amount of data has together built a big job market in data science. Termed as “one of the sexiest jobs in 2021” by the Harvard Business Review, data science has introduced a whole new array of jobs to the market. Especially in a developing country like India, there is scope for huge data-related operations such as data scientists, data analytics, big data engineers, big data managers, and data architects.
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Demand for data scientists in India
A data scientist has been a lucrative career option for the last few years. Apart from the increasing significance of data and the need to refine it, there are several other factors that have increased the demand for data scientists in India.
Some of the factors are discussed below:
As the spread of Covid-19 spread across India, most of the processes started happening online. With everything taking place online, there was a huge amount of data generated through these processes, which accelerated the growth of data scientists in India.
The recent surges in e-commerce platforms, online transactions, and more students opting for online courses have contributed to the need to analyze massive data chunks for a comprehensive understanding. This, in turn, has amplified the future scope of data science in India.
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Low entry barrier:
Being a comparatively new field, the professionals in this domain experience less competition. Professionals from different backgrounds, such as mathematics or statistics, computer science, engineering, and natural science, can also pursue a career in data science. All it takes to become a successful data scientist is a problem-solving approach and good programming skills, which you can learn along the way.
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Let us accept that most of us crave the combination of a good job profile and a decent salary. Data science jobs are among the top-paying jobs in the market right now. The average salary of a data scientist ranges between INR600,000–700,000 for freshers as well. This helps data science is gaining traction from a lot of professionals.
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How to get a job in data science in India
Before jumping into how to get a data science job in India, let us first know about the skills required to become a data scientist. Here are some of the essential data science skills:
- Skilled in Python, R, and SAS
- Good with statistics and mathematics
- Comprehensive knowledge of algorithms such as logistic regression and linear regression
- Good communication skills
- Good with business knowledge
- Proficiency in Excel
Even freshers can land good job offers if they showcase a good body of work including awell-made portfolio. This includes a well-written resume containing all relevant skills and qualifications and details of past projects if any.
Below are a few quick tips on how to make a resume for a data science job role:
Tips to make a resume for a data science job
Make a resume that curves out from the competition. Having knowledge is good but having a certificate in the same domain acts complimentary to your skillset.
As a fresher or someone just starting out in this field, try to get a data science internship, even if it is unpaid. The goal of an internship is to get hands-on experience on related projects.
You can also put the relevant GitHub link on LinkedIn. Moreover, participating in various online competitions will also help in gaining exposure to the field. All these efforts combined will showcase your learning and understanding of the technology and employers might take notice of it.
To build your network in the professional world, participate in local data science meetups that regularly take place in big cities such as New Delhi, Pune, Bengaluru, Chennai, and others. Having a wider network of people from the same or similar domain will help you to reach out to employers quickly.
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How to get a job as a Data Scientist
Having a good hold of computational skills can help you to stand out from the crowd. Knowing algebra and calculus is an added advantage as it is utilized in ML and deep learning. Having a good knowledge of statistics and probability is another advantage as they can be useful in analyzing and visualizing data to derive insights.
Having a clear understanding of data science involves building and deploying machine learning models. There are some institutions that provide hands-on training for free.
Check this comprehensive blog on How to Get Into Data Science From a Non-Tech Background to have a successful career ahead.
Explore the domain
As a passionate data science enthusiast, you need to participate in various online competitions and guided hackathons to learn the art of turning raw data into meaningful insights. Publishing work on GitHub under guided supervision gains a lot of traction from top data science companies.
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Salary of Data Scientists in India
Below are the names of top Indian companies along with the typical base pay that they offer:
Capgemini India Pvt Ltd: INR950,000/yr
Note: All salaries mentioned above are as per Glassdoor data
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Salary offered as per location:
Generally, the salaries that top data scientist companies in India pay, depend on two factors, the demand for the relative skill set and the cost of living in the city. Based on these two factors, we have listed a few Indian cities in descending order of the salaries offered by them. Here are the top five best-paying cities in India.
Mumbai: Known to be one of the most expensive cities in India, Mumbai usually offers a little higher salary than the industry average. In 2019, Mumbai has the highest paymaster in analytics at almost INR13.7 lakh per annum.
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Bengaluru: Popularly known as the Silicon Valley of India, Bengaluru is another expensive city to live in. Followed by Mumbai, Bengaluru hands out INR13 lakh per annum to data scientists. In the salary bracket of more than INR15 Lakh per annum, Bengaluru leads after Mumbai with 26 percent of professionals earning in this salary bracket. In 2018, this percentage was 24 percent and in 2017, it was 25 percent. Bengaluru was the second highest after Mumbai even then.
Chennai: One of the most populated cities in India, Chennai dominates as the lowest paymaster offering INR10.7 lakh per annum. In the salary bracket of INR0–6 lakh, Chennai has 40 percent of analytics professionals earning below INR six lakhs.
Hyderabad: Hyderabad follows Chennai with the highest annual increase in median salary for analytics professionals at almost five percent, from INR10.2 lakh in 2018 to INR10.7 lakh in 2019. Hyderabad saw an annual increase in salaries at 4.1 percent.
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Pune: Among all the metropolitan cities, Pune recorded the highest increase in analytics salaries this year by almost 30 percent, from INR8.8 lakh to INR 11.4 lakh.
The average cost of living in the city:
|Cost of accommodation (1 BHK)
|One-time meal in average restaurant
|Monthly transportation pass
To wrap it up, after conducting extensive research and inferring the above-mentioned data, it is safe to say that data science is the technology of the future. As companies become more dependent on data-driven decisions, the demand for data scientists and relevant career prospects is likely to grow in the future.
If you have any more doubts or queries, feel free to post your thoughts on Intellipaat’s online Data Science community!
Frequently Asked Questions (FAQs)
Is data science is a good career?
Certainly, pursuing a career in data science is a wise choice. This dynamic field enjoys robust demand, offering a plethora of job openings across diverse sectors such as healthcare, finance, technology, and retail.
What is the salary of data scientist scope?
Data scientists command a substantial earning potential, clearly demonstrated by the robust demand in the field. In the United States, they commonly achieve an average annual salary that exceeds $100,000.
Is data science a demand?
Absolutely, data science is experiencing a surge in demand. Projections indicate that the need for data scientists will expand at an accelerated pace compared to the average job market growth. This is primarily attributed to the significance of data across businesses and organizations of various scales.
Is data science good for future?
Yes, data science is exceptionally promising for the future. Its relevance is poised to grow significantly due to its crucial role in leveraging data for insights and decision-making across diverse industries.
Is data scientist a stressful job?
Data science can be demanding due to complex problem-solving and tight deadlines. However, job stress varies by factors like company culture and workload. Proper support and work-life balance can mitigate stress.
Which is better AI or data science?
AI and data science are complementary fields. AI uses data science techniques to create intelligent systems. The choice depends on your interests; AI is broader, while data science focuses on data analysis.
Is data science dead in 10 years?
No, it’s highly improbable that data science will become obsolete within the next decade. Quite the opposite, its demand is anticipated to grow further as businesses and organizations increasingly rely on data-driven decision-making.
Is data science high paying?
Indeed, data science offers lucrative compensation. In the United States, the typical annual salary for a data scientist exceeds $100,000.
Is data science a safe career?
Certainly, Data Science provides a secure career path. It boasts a robust job market with sustained high demand, and projections indicate continued growth in the foreseeable future.
Is data science require coding?
Yes, data science typically requires coding skills. Proficiency in programming languages like Python, R, SQL, and others is crucial for tasks such as data manipulation, analysis, and building machine learning models.