Data Science is one of the most lucrative jobs in present date. Whether you see it at a global level or focus on India, the growth in this domain is unprecedented. AnalytixLabs has compiled a comprehensive salary report reviewing the salary structure across industries, domains, gender, skills, and experience.
Also check: Data Science Salary Report 2022
What’s in the report?
- Data science job market overview
- Why learn Data Science
- Factors affecting salary trends
- Data Science salary trends – by experience, city, gender, job roles, tools, and company type
- Related Data Science roles to explore – skills required and salary structures
- Data Science career path – what to learn, how to learn, and where to start
- India’s Contribution to the Data Science Domain and Jobs
- Reading resources
Data Science Salary Trends 2023
Data science roles are becoming more prevalent and essential for businesses worldwide to maximize quality and financial success. With appropriate skills and experience, industries welcome professionals with impressive packages.
01. Factors Affecting Salary Trends
Several Factors determine the salary trends for Data Science roles:
- Current market scenario
- Location
- Experience
- Company Type
| Key finding: The salary trends continue to evolve based on the demand vs. skill gap. While few cities in India have a high salary bracket, it is almost 5 times less in tier 2 cities for the same role. Similarly, companies in Tier 1 cities will offer better pay than those in Tier 2 cities. |
02. Data Science Salary by Experience
- The average median salary of a data scientist in India is around INR 15,20,000.
- Data science and analytics professionals’ salary bracket has seen a 60% jump in the last 8 years.
- The median salary for data science professionals dipped by 10% from 2022 to 2023.
03. Salary by Cities in India
- The average salary is highest in Bengaluru owing to the fact that Bangalore is the leading tech city of India with the largest number of data science job opportunities and research facilities
- Salary brackets in Gurgaon and New Delhi are highest compared to other Indian cities. New Delhi and Gurgaon are home to several data science innovations, research, and tech companies
- NCR has seen a 17% dip in salary compared to last year
- Owing to high living costs, Mumbai has seen a 4% rise in the salary bracket since 2022
04. Salary by Industries
- Data professionals working in the Internet/eCommerce industry earn 1.4 times more than the benchmark salary, followed by the Banking and Finance sector.
- The lowest median salary is recorded for travel, energy, and media professionals.
- This variation is largely due to the huge content creation in the internet domain that has resulted in more user data to analyze.
- Data professionals in the media domain can increase their salary by 6 times with over a decade of experience.
05. Salary by Gender
- The pay gap issue remains unsolved. Reports show that, globally, women earn $0.83 for every $1 men make, which is 20% less than men.
- Of all G20 countries, India is at 48.1% regarding gender pay differences.
06. Salary by Job roles
- Data Architect is one of the highest paying job roles. This is because a Data Architect directly works with stakeholders to understand the purpose of data analysis and how the data will be collected, analyzed, and used for business decisions.
- Data Architect role is closely followed by AI engineers who are responsible for various modern-day innovations, especially when the world is embracing AI like never before.
07. Salary by Tools
- On average, professionals skilled in Kuberflow have the highest salary.
- Experience-wise, Kuberflow has the highest salary bracket compared to all other tools. However, for professionals with 6-10 years of experience, MLFlow has a higher salary bracket at 29.6L than Kuberflow at 27.4L.
08. Salary by Company Type
- Startups have the highest salary bracket for data science professionals, irrespective of their experience level. Beginners [0-3 years] have a salary of 9.9L, while professionals with 12+ years of experience earn 56.3L.
- Startups are closely followed by Domestic Firms with 0-3 years earning 7.6L and 12+ years of experience earning 18.8L. However, domestic firms saw a -18% dip in salary trends since last year.
Data Science Career Path
Career opportunities in data have grown exponentially. Research shows a 60% increase in the median salary from 2015 to 2023. This indicates that the demand for data professionals has increased and how.
Data Science Job Demands:
- Q2, 2021: 21,500 open job roles
- Q2, 2022: 32,400 open job roles
- Q2, 2023: 76,780 open job roles
The total number of job openings saw a 57% increase from 2022 to 2023. However, last year showed that most data science professionals fall in the higher salary bracket due to great demand and insufficient hiring of professionals.
- Compared to 2022, data science professionals in the 0-6L salary range are highest in 2023.
- The distribution of data science professionals in the highest salary range of 50-100L remains unchanged.
| The numbers show how more new data scientists are opting for a data science career.
Combining the distribution of data science professionals across salary ranges and salary trends across experience, it is safe to conclude that Data Science is a lucrative career option, and the career path will only move north from the starting point. |
Roadmap to Building a data science career
- Preparation
- Learning
- Learning data science-related concepts
- Master relevant skills and tools
Data Science – Related Roles to Explore
Data Science Industry – 2023 and Beyond
A job in data science requires significant effort, a passion for data, and a specific curiosity about problem-solving. The demand for data science workers is rising as more companies and organizations recognize the importance of making data-driven decisions.
According to Glassdoor, data scientist positions are among the high-paying jobs in the U.S., with an average salary of $113k annually. Moreover, there is projected to be a significant increase in data science job openings in the coming years.
Key Statistics
- According to McKinsey research, businesses that provide all of their employees access to data are 40 times more likely to claim that analytics positively affects sales.
- By 2026, the market for AIaaS is anticipated to be worth $43.298 billion, expanding at an astounding CAGR of 48.9%.
- By 2029, it is anticipated that the industry for big data analytics will be worth more than $650 billion.
- Experts forecast that by the end of 2023, GDPR-like rules will apply to 65% of the world’s population.
- According to MIT Sloan Management Review research, businesses that use data-driven decision-making are 6% more lucrative and 5% more productive than their rivals.
- A Forrester Research analysis claims that data-driven focused marketing can increase marketing ROI by 10% to 20%.
- According to a Boston Consulting Group report, businesses that use data-driven personalization see a 6–10% gain in revenue.
- The Association of Certified Fraud Examiners survey claims that businesses that use data analytics see a 52% decrease in losses due to fraud and a 50% increase in detection.
- Companies that use data-driven analytics to optimize their supply chains can reduce overall costs by up to 10%.
- According to a report by the McKinsey Global Institute, companies that effectively use data analytics are 23 times more likely to attract customers, 6 times more likely to keep clients, and 19 times more likely to be profitable.
Where to Start Learning?
Data Science requires you to know statistics, mathematics, and computer science. However, non-technical professionals can easily venture into data science by acquiring these prerequisites.
Your ideal starting point is AnalytixLabs, one of India’s premium institutes for Data Science and related concepts. AnalytixLabs is a pioneer in launching a Data Science course in Delhi and a similar curriculum for Business Analytics in Bangalore.
The Data Science 360 course curriculum is certified and approved by NASSCOM and the Ministry of Electronics and Information Technology. AnalytixLabs partners with IBM to offer dual certificates, helping professionals get the best out of their learning.
AnalytixLabs offers tailor-made courses in data science. You can opt for the certificate course in data science [6 months] or our exclusive PG certificate course in data science [1 year] at your convenience.
All our courses are designed keeping market changes in mind. It is a harmonious blend of interactive and practical learning with self-paced learning options. You get hands-on training from the best minds in the data science domain who are field experts in their own right. Get unlimited guidance and career support as long as you need it.
As an institute committed to shaping the best kinds of data scientists, we offer a 6-month job guarantee program – we guarantee placement within 6 months of course completion or a 100% refund of the tuition fees.
Choose your preferred mode of learning:
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Interactive Classroom (online/offline),
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Self-paced blended eLearning |
Launch your data science career now, or talk to us for more details and guidance. Visit analytixlabs.co.in/courses for more details.
