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Why do data science employees earn so much in 2022?

The data science job market has shifted tremendously in the last one year or so as companies began to hire business analysts and IT workers with hard core data management and analytical skills. From an average package of INR 8 and 10 lacs per annum in pre-Covid years, the salary median almost doubled to over INR 15 Lacs per annum in 2022. The Indian IT professionals in general are hogging all the limelight when it comes to gaining the most out of this positive shift in the job markets even as the other professionals from non-IT specializations take a little more time to adjust to the new demands of the data science world. If you observe closely the job market in India, a lot is happening in certain areas where digital skills are in the biggest demand. Keeping the demands in mind, business leaders are ready to tap the talent from some of the best data scientist course in Bangalore where the chances of finding and training a good human resource are at the highest probability. Even if the IT and Cloud market may seem slightly sluggish as far as revenue generation is concerned, particularly in the European markets due to the ongoing war situation, the companies haven’t slowed down their hiring trends.

So, what exactly are organizations looking to do in 2022 as far as recruiting from data science courses and how much are they willing to pay to top certified analysts and data engineers?

Let’s analyze the market from a global perspective.

Most analysts get 2x salary hikes and promotions in certain brackets

According to a recent survey on data science salary brackets, professionals who have 6+ years of experience in core software development and programming domains get anywhere between 100 to 200% hikes, provided they have acquired certification in top data science subjects like AI, Machine Learning, Deep Neural Networking or Automation from a reputed data science course. Those with less than 6 years of experience with little or no programming skills are not that far behind – they can still earn up to 40% hikes in their salaries if they have done a major AI or business intelligence project from leading companies based in Indian cities such as Bangalore, Hyderabad, Gurgaon or Noida. In fact, the best data scientist course in Bangalore and Noida tie up with the top companies to promote key talents in specific business domains to meet the growing demand for top notch professionals in the industry.

IT companies pay more than non-IT organizations

The growing demand for the core IT and IT based services has exploded in the recent years. Major industries such as the manufacturing, telecom, mobile marketing, TV broadcasting, media and entertainment, e-gaming, retail and e-commerce, and logistics have enhanced their dependence on data science to boost their business’ effectiveness on all fronts. Some years ago, data science was restricted as a useful technology to only those areas where data was readily available such as Marketing, Sales, and Finance. Today, all aspects of businesses have data as a core component and this has forced companies to become more data-driven than product centric — and this includes training people and customers on technology that benefits everyone. In this generic stance, it is obvious that the IT companies and their users are opting for a skilled workforce that comes with a solid foundation in key data management capabilities such as Business Analytics, Cloud based email marketing, customer data management, data storage, and governance, AI based security and risk analysis. In fact, banks and insurance, healthcare, and education are paying 5 to 10 times more to IT companies than other players if they find a good connection in the data science domain.

AI startups – the largest contributors today

 Bangalore has grown to become the startup hub of India, and Asia, in general. Every month, 2-3 startups gain the tag of a unicorn with a data science foundation. This is possible due to the immense contribution of data science professionals who either work as employees in these startups or as consultants to these startups or even better — become entrepreneurs straight after passing from the best data scientist course in Bangalore. This shift in starting a new organization with AI and data science as a service has contributed most to the growth in the paying structure of deserving specialists who have everything in place and order as far as experience, skills, competency, and managerial skills are concerned. 

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