Hal Varian, the senior economist of Google, predicted in 2009’s McKinsey Quarterly that statisticians will have the “sexiest profession in the coming ten years.” He was correct, despite how strange it may appear to combine the terms “sexy” and “statisticians” in the exact phrase. Ten years later, 2.5 quintillion bytes of data are produced daily, and most of that data is just ready to be helpful. On average, businesses in the top third of their sector in data-based decision-making outperformed their rivals in terms of productivity and profitability by 5% and 6%, respectively.
All of this is to imply that, even though circumstances are always relative (data science is not without its difficulties), data scientists may anticipate remaining in a highly favourable situation for a very long time.
Data science: Is it in Demand?
Yes, the IT industry is growing very fast, and the most sought-after occupations are in data science. Since 2012, 650 percent more data scientists have been employed, and this trend continues strong. By 2026, the U.S. Bureau of Labour Statistics projects that the importance and demand for data science expertise will increase by 27.9 percent. However, as shown in McKinsey’s research, this would result in a shortfall between 140,000 and 190,000 analysts in the United States alone, in addition to the 1.5 million managers and analysts who will need to comprehend how data analysis influences decision-making.
Data scientists: What Do They Earn?
The 2021 India Talent Trends study from recruiting agency Michael Page states that data science specialists with three to ten years of experience earn remuneration between 25 to 65 lakh per year. In contrast, people with more significant expertise may expect pay packages as high as one crore.
Up to 1.8 crores can be earned by specialists with more than 15 years of expertise. Similarly, the annual compensation increases for data science specialists vary from 20% to 30%, as opposed to 15% to 20% for workers in other fields.
The location you live in and your degree of expertise will have an impact on your wage range. Nevertheless, the upper end of the IT pay scale is where data scientist salaries easily reside.
Salary of a Data Science Professional at Entry Level
Based on some sources, the typical yearly compensation for an entry-level data science professional in India is only up to Rs.20 LPA. The standard base pay at entry-level is from Rs. 15 LPA to Rs. 25 lakhs per year. Entry-level salaries will differ substantially based on the firm, industry, and academic profile necessary for the role. Usually, entry-level data scientists have 0 to 3 years of experience. They have at least a bachelor’s degree. Masters-educated junior data scientists may be eligible for more excellent entry-level pay. Candidates also enrol in several Data Science Courses and boot camps available online and offline for a higher pay scale.
Earnings of senior data science professionals
As per Glassdoor and Payscale, the typical yearly income for a senior data science professional in India is between 25 LPA to 65 lakhs. Senior professionals usually receive a high base pay and additional, possibly sizeable compensation in the form of incentives and sometimes even profit-sharing contracts. In addition, experienced data science professionals generally have at least three to ten years of specialized data science expertise.
The Advantages of Choosing a Data Science Career
Data Science helps businesses to come closer to their clients so they can actively provide services to them. Data scientists earn a solid living, and for a valid reason. The skills you bestow will need a lot of digging and laborious work. Don’t forget that data scientist spends around 80% of their time processing data. You must seek a profession in data science for the following five factors.
Growing Demand Everywhere
According to polls, business analytics and data make up one-fifth of the top talents and are the capabilities that recruiters seek most. According to research, from 2012 to 2022, there will be a 15% rise in the need for computer and data scientists.
The influence of big data on intelligent business models across a range of sectors can be seen in just these two statistics, which highlight the necessity for business analysts, data scientists, and data analysts.
Data Scientists Have a Lot of Fans in E-Commerce!
Data science is being used to the benefit of the Indian e-commerce sector. Digital retailers are using data analysts and scientists to gather information like customer reviews, photos, and ratings to identify shopping patterns that may be promptly capitalized on. Users of e-commerce platforms may also use this knowledge to get relevant facts proactively.
There are plentiful employment opportunities for data scientists at significant global e-commerce companies like Amazon and e-Bay.
Data Scientists increase the Revenue of Media and Brands.
No matter the industry to which the company relates, businesses must analyze data to uncover insightful knowledge that will direct upcoming marketing and development activities, aid in defining their specialization, and enable them to discover desired customers.
For Organisations and Enterprises, this is Inescapable
Unsurprisingly, this was to be anticipated. To succeed in the IT-driven business environment, you must comprehend and act on the information they provide. Also, businesses not taking action at the right moment will lag behind and maybe irreversibly impair their growth outlook.
There will be between 140,000 and 190,000 vacant data science roles, as per alarming research by McKinsey & Company. Also, almost 1.5 million managers won’t have the critical data skills they need. An enormous barrier to development, such a gap will lower the productivity of critical sectors.
Data Scientists Work in a Fast-Evolving Field.
This sector is constantly expanding and changing swiftly. Data scientists like working in a dynamic setting where professionals create and encourage cutting-edge ideas and techniques. Research and zeal gets appriciation in such a situation!
Conclusion
Data will have absolute power in the twenty-first century. In fact, data science is getting increasingly important to many industries and organizations. It offers valuable perceptions of consumer habits that can enhance sales, a more thorough analysis of the market for a leg up in pricing policies or product creation, greater operational effectiveness, and reduced risk vulnerability via a precise prediction model.
Data Science will be crucial to organizational performance in the age brought in by the rise of revolutionary technologies like IoT, digital media platforms, smartphones, artificial intelligence, big data analytics, blockchain, and quantum computing. Further, firms change dramatically by data-driven knowledge. This can assist businesses in exploring new markets, solving consumer problems, increasing sales, and doing much more. So, a data science profession offers excellent prospects for future progression. There is a lot of demand and attractive pay. Additionally, several other benefits are available.
