Data science is a popular buzzword in today’s world because it employs cutting-edge tools and technologies to generate valuable predictions that can aid in the smooth operation of an organization. It is a significant and powerful force to be reckoned with when it comes to organizing massive amounts of data and helping businesses to make data-driven decisions that can revolutionize several industries and propel them to their full technological potential. As is well established, data is quintessentially the most valuable commodity in today’s technology-driven modern world. It is even safe to say that data powers everything in the world.
Every second, an enormous amount of data is produced around the world, and this data needs to be gathered and analyzed. This has resulted in high demand for experts who can handle this data and interpret it, assisting organizations in identifying the causes and effects of market trends and enabling them to respond appropriately to ensure customer gratification. Data scientists are therefore highly sought-after across all industries around the world. So, if you are contemplating becoming a data scientist, look no further because now is the best time to do so! You can get the skills and knowledge you need to advance in achieving your goal by enrolling in one of the many Data science courses with placement guarantees that are available both online and in person.
What is data science?
Data science is a multidisciplinary field that uses technological breakthroughs like machine learning and artificial intelligence to extract valuable insights from structured or unstructured raw data using coding, algorithms, and quantitative methods. The quantitative methods include statistical and mathematical approaches, as well as data analysis and visualization using programming languages. These valuable insights can then be used to assess market trends, improve organizational performance, generate revenue, and reduce expenses, among other things.
Therefore, data science can be defined as a discipline that combines theoretical elements from the fields of statistics, mathematics, and computer science, as well as the use of technical tools for data collection, analysis, and extrapolation. As Carly Fiorina, ex-CEO of Hewlett Packard rightly said, “the goal is to turn data into information, and information into insight”.
Let us now move on to the more pertinent question: “Who is a data scientist?” and “what do they do?” Simply put, data scientists are data wizards who analyze massive data pools and extract information from them, which in turn helps organizations and businesses make informed decisions. A data scientist is thus a highly skilled technical genius who invariably combines the roles of a mathematician, statistician, computer expert, and business savvy.
Job prospect of a data scientist in India
Since data is the new oil of the twenty-first century, organizations that can extract meaningful information from it and apply it in the right places can reap significant monetary rewards and grow in terms of business expansion. Therefore, organizations and hiring managers are on the lookout for skilled data scientists who can handle the vast amount of data. Thus, it can be ascertained that the position of a data scientist in a company is of high importance, and companies are willing to pay large salaries to professionals employed in various places in the field of data science. As per a recent report, the global data science market size is estimated at USD 4.89 billion in 2021 and is expected to reach a whopping USD 25.94 billion by 2026.
India is touted as the ‘bedrock of the global data analytics market’ and is second only to the United States in terms of hiring personnel in the field of data analytics or data science. Therefore, it is safe to say that demand for data science professionals will be high in the future given how quickly the world is embracing the digital culture and how many small to large organizations are choosing to operate digitally.
Following the growth of data science as a field, the offered data science salary and demand for data experts are equally competitive, whether looking at large corporations or start-ups. As a result of the data science industry’s rapid growth, the pay scale and other incentives offered by a large corporation to even a small start-up for a data scientist are significantly higher due to fierce competition among businesses and a shortage of skilled personnel. Hence, if you have the necessary skill set and are eager to stay informed, your career as a data scientist is expected to flourish.
Data scientist salary in India
Data scientists are among the highest-paid professionals in the field of data science. As per Glassdoor, the national average Data Scientist salary in India is ₹10,25,000 and ranges from ₹ 4.5 Lakhs to ₹ 25.2 Lakhs.
The salary of a data scientist varies based on a variety of factors which are listed below:
Location plays a pivotal role since it is one of the factors that determine the average payout. For example, the number of job opportunities and average data scientist salary in the major cities like Mumbai, Delhi, and Bangalore will be higher than in other cities in India. Since Bangalore is the IT hub of India, the data scientist’s salary will be higher compared to other cities.
According to PayScale, the average Data scientist salary in India based on location is as follows:
Mumbai – ₹788,789
Chennai – ₹794,403
Bangalore – ₹984,488
Hyderabad – ₹795,023
Kolkata – ₹402,978
Working for a well-known corporation pays significantly more than working for a small business.
As per Ambition Box, the data scientist salaries are as follows:
Apple Data Scientist Salary – ₹38.3 Lakhs per year
Google Data Scientist Salary – ₹35.4 Lakhs per year
Microsoft Corporation Data Scientist Salary – ₹33.2 Lakhs per year
PayPal Data Scientist Salary – ₹29.8 Lakhs per year
Walmart Data Scientist Salary – ₹28.9 Lakhs per year
Having the desired skill set is analogous to having a quiver full of arrows that demonstrate one’s capability to handle any type of workplace situation. It is impossible to compromise on having the necessary skills, and any professional must constantly update and upgrade their knowledge and abilities to meet the demands of their field. Aside from core skills such as Python and R proficiency, Machine Learning, Data Science, SQL, and Artificial Intelligence, data scientists must also have soft skills such as analytical thinking, communication, and industry knowledge.
The most in-demand skills for R professionals are in programming, where the median salary is 14.4 lakhs. The average Python salary in India is 10.2 lakhs Indian Rupees.
While SPSS experts earn INR 7.3 lakhs, SAS users are paid between INR 9.1 and 10.8 lakhs.
Machine Learning salaries in India range from approximately 3.5 lakhs INR to 16 lakhs INR as you advance in the field.
The pay scale increases with experience because a high level of experience attests to one’s increased skill set, accomplishments, knowledge, and capacity for handling challenging situations.
In India, the national average salary for a Data Scientist Intern is ₹14,500 per month for a recent graduate. A newly qualified data scientist with 1-4 years of experience earns an annual salary of 6-8 lakhs. A mid-level data scientist with 5-9 years of experience can expect to earn between ₹12- ₹14 lakhs. A senior data scientist can earn anywhere from ₹10- ₹37 lakhs per year, with an average of ₹20 lakhs.