The dynamics of the digital landscape have drastically changed ever since big data and analytics entered the market. Data became the platform on which businesses started assessing their success. Growth, revenue, customer satisfaction, marketing metrics, etc. now depend on data.
Data Science careers in India have seen a sharp rise over the past few years. India has contributed to 6% of these job openings. This has led to many organizations and start-ups to hire data scientists and analysts. However, the picture is not as rosy as it seems. There is a severe dearth of skilled Data Scientists and companies are struggling to find the right talent.
Talent Supply Index (TSI), a study by Belong, states that the demand for data scientists in India has seen a 417% rise, whereas the supply remains slow at 19%.
Read more: Best Alternative to a Data Science Course
This means there is an immense need for data scientists. According to Great Learning, an online ed-tech company, over 97,000 data analytics positions are currently vacant in India. Due to an acute shortage of talent, companies are unable to fill these positions. As such, organizations are looking to data science consulting firms and internal talent, through skill development programs, to fulfil their business requirements.
Most of the Data Science positions available are for entry- or junior-level roles. 70% of the openings are for candidates who have less than 5 years of experience in the industry. 21% is of analytics jobs are for freshers and only 31% are for those with over 5 years of experience. Geographically, Bengaluru takes the lion’s share with 24% of the overall analytics jobs in the country. Delhi, Mumbai, and Chennai follow close with 22%, 15%, and 7% of analytics jobs.
The top 5 sectors hiring Data Scientists are Banking & Financial Services, Energy & Utilities, Pharma & Healthcare, E-commerce, and Media & Entertainment.
The banking sector especially contributed to about 38% of all analytics vacancies whereas the Telecom sector, compared to the previous year, saw a drop in jobs with only 4% of postings. Sectors such as retail, e-commerce, pharma, and automobile have also significantly contributed to the demand for data jobs.
Positions such as Analytics Manager, Business Analyst, Research Analyst, Data Analyst, SAS Analyst, Analytics Consultant, Statistical Analyst, and Hadoop Developer are highly sought-after. Top recruiters for Data Scientists include Accenture, Amazon, KPMG, Wells Fargo, Dell International, Deloitte, E&Y, and Honeywell.
When it comes to pay, PayScale analyses the average salary for Data Scientists to be around INR 7 lakhs per year. However, the Great Learning report states that on average, analytics professionals make about INR 11.5 lakhs per year. Around 23% of jobs advertised for analytics quoted a salary of INR 15 lakhs and above.
Possessing certain skills will also help you secure a lucrative salary package. According to PayScale, Machine Learning, R, Data Analysis, Big Data Analytics, and Python offer salaries between INR 7.3 lakhs and INR 9 lakhs. Python was the top skill required by companies with 17% listing it as a core capability. Close at its heels is Java at 16%, followed by R at 10%.
Data Science as a career in India is booming and, as you can see, the numbers speak of an urgent need for talented Data Scientists.
According to a study, State of Analytics at Domestic Firms in India 2018, by Analytics India Magazine and INSOFE, the Indian analytics, data science, and big data industries are estimated to be $2.71 billion
This offers ample evidence that Data Science is huge and going to be massive in the next few years.
By offering its 3-year BMS in Digital Business course in India, HETIC intends to tap into the talent pool of an emerging economy and create high caliber digital business professionals.
HETIC is a school not for Data Science aspirants alone. It is a mélange of specializations that are essential for you to carve a successful career in the digital space. It offers an appetizing platter of multiple courses that will satiate your palate for digital knowledge.