Data Science Salary In 2022

Introduction to Data Science Salaries in 2022

Data Science is an interdisciplinary field that blends programming skills, domain knowledge, reasoning skills, and mathematical and statistical skills to generate value from a large pool of data. Artificial Intelligence (AI) systems apply algorithms for machine learning to a large set of data such as numbers, texts, pictures, audio, videos, etc., to perform tasks typically performed by humans. To create meaningful commercial value for their organisations, analysts and business users can use these systems to develop insights into their operations.

Data Science project workflows include several steps. The first step is capturing data, extracting it periodically, and adding it to the pipeline. The next step includes several activities: database management, data processing, data cleansing, database staging, and database architecture.

Consequently, data processing is a fundamental part of any Data Science project. When it comes to the analysis and processing of data, Data Scientists are distinguished from data engineers at each step of the way. These methods create valuable data and capture insight revealed from the data, for example, categorisation, data mining, clustering, and data modelling.

The next step is to analyse the data, which is crucial in the entire process. A Data Scientist has experience in many areas, such as qualitative analysis, regression and predictive analysis, exploratory and confirmatory work, and text mining, in addition to confirmatory and exploratory work. As long as the process is properly carried out, there are no cookie-cutter approaches to Data Science today.

Data scientists share their valuable insights and skills with the project team at the end of the project. This includes data visualisation, using various analytical tools, data reporting, and supporting policymakers, organisations, and others.

Who are Data Scientists, and what is their work?

Scientists analyse and acquire vast quantities of structured and unstructured data from various sources. Data scientists combine statistics, computer science, and mathematics in the performance of their job duties. Businesses and other organisations rely on their interpretation of processing, data analysis, and modelling results to develop actionable plans.

Data scientists can be mathematicians, trend analysts, and computer scientists with a combination of skills. Due to the high demand for Data Scientists in India, Data Science salary is globally among the highest.

A Data Scientist’s job entails deciphering and analysing complex, unstructured data gathered from sources such as smart devices, social media feeds, and emails that cannot be neatly organised and placed into a database.

Skill requirements for Data Science

• Knowing algorithms, mathematics, statistics, and machine learning is essential
• A Data Scientist is typically expected to be knowledgeable in the following programming languages, R, SAS, SQL, Python, and Hive as examples of languages required to work with data
• For the project results to be communicated effectively to the team, they must possess good communication skills.

Job roles for Data Scientists

In addition to working closely with participants in the business world, Data Scientists also look at how they can use data to help the business achieve its objectives. The Data Scientist’s role is to ensure that a company has the data it needs to function efficiently. The Data Scientist helps an organisation extract the required data, analyse it, and share the findings with the rest of the organisation. 

There have been demonstrations that Python and R can sort data both generically and individually. According to the Python Data Scientists survey, Data Scientists earn more than programmers and DevOps programmers combined in India. Today, businesses must gather factual data about their clients and market to serve them effectively.

Data scientists responsibilities

• It is possible to transform massive amounts of unstructured and structured data into useful information by digitising them
• The ability to identify the data-analytics solutions which can be most beneficial to the business’s success
• To uncover hidden patterns and trends, data analysis tools such as text analytics, machine learning, and deep learning will be used
• The efficacy and accuracy of data can be increased through data cleansing and validation
• Data visualisation is being used within the company to communicate to its stakeholders all of the positive observations that have been made.

Data Science Salary

An estimated Data Science salary is around INR 6.98 lacs per annum on average. According to Payscale, a Data Scientist’s salary per month ranges from INR 58 to 60 thousand in India. The intermediate Data Science fresher wage is around INR 5,00,000 per year with less than a year’s experience. Therefore, depending on different factors and pay after placement Data Scientists can expect to earn a salary of about INR 6.10 lacs per annum.

Data Science salary – Determining Factors

Based on: Experience

Data Scientists in India are paid based on several factors, including their experience level and the industry in which they work. In the IT industry, a data career is exceptionally appealing to younger employees since expertise and salary are strongly related to the length of time an individual has worked in the field.

According to a recent National Sample Survey Organization report, the average starting salary for an entry-level Data Scientist in India is around INR 5.11 lacs per annum.

To become a Data Scientist, one must have at least 1-4 years of experience. According to surveys, the average salary for Data Scientists with 1-4 years of experience is INR 7.73 lacs per annum.

It is estimated that an employee would earn between INR 12 and 14 lacs per annum with experience between 5 and 9 years. It is estimated that the average annual salary for mid-level Data Scientists is INR 1,337,000 per year, based on data collected by Payscale.

There are several types of highly experienced employees in India. For example, a highly experienced employee with deep industry knowledge and management experience might earn between INR 24 lacs and 1 crore yearly.

Moreover, when data analyst moves from the role assigned to them to a position of greater responsibility, their income increases by 50%.

Based on: The location

Compared to the other cities in India for data innovators, Mumbai has the highest salary per year for Data Scientists and job prospects, followed by Bangalore and New Delhi. Bangalore, however, has the highest number of startup job opportunities because it is India’s startup capital. As a result, Data Scientists are likely to earn more money in Bangalore, considered the centre of India’s tech industry, than in any other location.

India has three of the highest-paying cities for Data Scientists: Bangalore, Chennai, and Hyderabad. According to Payscale, Data Scientists in India have varying incomes depending on where they work.

Based on: Employer

Prestigious companies dominate the charts of the highest-paying salaries for data jobs. Furthermore, they have always maintained a reputation of boosting salaries by 15% yearly. So let’s look at a few of the salaries offered by top companies to Data Scientists.

• IBM Corp: INR 1,468,040
• Accenture: INR 1,986,586
• Wipro Technology: INR 1,750,000
• American Express: INR 1,350,000

Based On: Skills

Getting this job will require more than just a Master’s degree, and you’ll need to be familiar with the languages and tools used to manage data. So, continuing with skills tips here is some more information:

• Regarding expertise, knowing R and Python are among the most essential and frequently sought-after skills. In India, the average salary for Python developers is roughly INR 10.2 lacs per annum 
• The average salary paid to SAS users is around INR 9-10.8 lacs per annum, whereas the average salary for SPSS professionals is around INR 7.3 lacs per annum
• In India, salaries for Machine Learning professionals start around INR 3.5 lacs, and as you advance in the industry, salaries can reach up to INR16 lacs. 
• If you are looking to advance your career generally, AI knowledge can assist you with that. But, on the other hand, if you are just a beginner in the field of Artificial Intelligence, you should expect pay after placement in Data Science in the range of INR 5-6 lacs initially.

So, if you are interested in maximising your Data Science salary, now is the time to improve your data abilities!

Data Scientists: Top Companies

Among the top companies responding to the job title Data Scientist in India are Mu Sigma, Accenture, and Tata Consultancy Services Limited. The highest reported salary for this job comes from Amazon.com Inc. Other firms that pay well for positions in this field include Accenture and HCL Technologies Ltd. The least paying firm is Mu Sigma. IBM India Private Limited and Tata Consultancy Services Limited also come in at the lower end of the spectrum.

Salary of Data Scientists in other countries

United States

The United States of America is undoubtedly the country that offers the highest salaries to Data Scientists. According to statistics published by the BLS, the annual senior Data Scientist salary in the United States is estimated to be approximately $132,000. The income in this country is somewhat higher than in most other countries.

Australia

In the ranking of the top countries that pay well for Data Scientists, Australia ranks second. It is evident by the influx of Data Scientists moving to the United States from Australia and other countries. A Data Scientist will earn an average between AU$79,300 and AUS$121,578 a year, varying with experience.

Israel

In the early years of Israel becoming a central IT hub, no one could have foreseen that it would offer many career opportunities to novice and seasoned Data Scientists alike. It is estimated that working data professionals in Tel Aviv, Israel, earn an average of $90,000 annually.

Canada

If you are looking for job opportunities in the field of Data Science in Canada, you will be in for a treat. The average salary of Canadian Data Scientists is about $92,000 per year. A Data Scientist’s salary per month on average is $6,489, and their salary can rise to $125,890 per year at the top end.

Germany

Those looking for employment in the field of Data Science in Germany may earn a monthly salary as high as 5,150 euros. It is estimated that a working Data Scientist’s salary per month in Germany is between 2,315 to 9,127 euros per month.

Conclusion

It is an excellent time to be an Analyst or Data Scientist in India, as there are a lot of opportunities. The massive amount of data generated by companies, the availability of tools for extracting it, and the desire for businesses to gain insights from it have created tremendous data. There has also been an increase in the salary of Data Analysts and Data Scientists in India.

Despite their difficulties, Data Scientists continue to be among the most sought-after experts in the industry. A successful Data Scientist is not only one with a good understanding of the data world but also one who can persuade business executives with the information provided that they should act on it. Because the data world is developing rapidly, a successful Data Scientist requires technical skills, an understanding of business requirements, working with various stakeholders, and persuasion skills.

Hopefully, you have gained clarity on a Data Scientist’s average salary from this article. Please note that these are merely estimated figures. What matters most when it comes to your salary is your skills, your mastery over them, and how quickly you grow and make the company grow along with you.

There is a good chance that you will receive a salary bump of 15% every year in most fields in the IT industry. The experience and skills you’ve mastered over the years will only increase as you keep working. It doesn’t matter if you are just starting your journey with data or are an experienced data analyst; wherever your career takes you, there’s always something motivating, and you can learn and earn from it. If you are interested in making a career in the Data Science domain, our PG Certificate Program in Data Science and Machine Learning course can help you immensely in becoming a successful Data Science professional.