A new study by Belong suggests a 417% surge in data science jobs in India. With businesses across verticals generating an enormous amount of data, the demand for data scientists has increased.
This report by Belong sheds light on the scope of data science related career opportunities in India. While the demand for data science professionals has shot up by more than 400% in the last one year, the supply has seen only 19% of increase. Indian firms are dedicating a significant budget for nurturing in-house Data Science teams.
The penetration of Internet-enabled services and a large number of consumers of these services has helped Indian firms accumulate a massive amount of data. Most industries are depending on the insights derived from analyzing the avalanche of data to make business-critical decisions. Belong’s report proves that data science is a candidate-driven market where addressing the talent crunch aspect has become more important than ever.
Large IT firms are adopting innovative approaches to attract data-science talent. For instance, companies like Bosch, Mastercard, AirAsia, Panasonic, and Maersk are setting up their own innovation centers. Some of these firms are investing in startup accelerators for emerging technologies including data-science.
In the data-related job roles, the salary for basic analytics candidate can be anywhere between Rs 4 lakh to Rs 8 lakh per year. While data scientist with 4-5 years of experience can earn anywhere between Rs 15-30 lakh per annum. In the US, a data science professional with 10-plus years of experience is paid upwards of $300,000 in annual salary.
Companies can no longer rely on candidates to themselves apply for data-science related jobs. Belong’s report recommends that Indian firms become proactive and follow an outbound strategy to attract the scarce talent of data science candidates.
The report studied 1.5 million jobs over the last two years in India over 5 lakh candidates. It measures how competitive the market is for a particular job. The findings of this report show that engineering managers and architects are constantly moving jobs. The report also talks about the female workforce in the tech industry, which stands at an average of just 12% across all roles.