Data scientists with 3 years experience can earn ₹20 lacs per annum

• AI and data science are the most dynamic jobs in vogue — as demand for digitally-equipped professionals rises.
  
• Companies are willing to pay nearly ₹20 lacs per annum for employees with three years of experience.
  
• According to Randstad Insights Salary Trends Report 2019, the IT industry is the highest paymaster. Their salaries ranges from ₹4 lacs to ₹35 lacs per annum.
  
• Data science jobs have witnessed nearly 37% growth over the last three years, as per LinkedIn.

The demand for digital literacy is at an all time high. It is hence no surprise that there is cutthroat competition to hire technology professionals with skills in — AI, data science and machine learning. This has also led to a significant rise in their remunerations.

AI and data science are the most dynamic fields of all — which explains the exceptional rise in demand for digitally-equipped professionals.

“You don’t have to wait for 10 years to be at a level in the field of data science. For those having upto three years of experience, companies are willing to pay nearly ₹20 lacs per annum on an average,” Ashish Malhotra, director at bitgrit Japan — a global data science community, told Business Insider.

And it can go as high as $15,000 (over ₹1 million) per annum for experienced data scientists in the global markets like the US, he added.

According to Randstad Insights Salary Trends Report 2019, the IT industry is already the best paying sector. Their employee salaries range from ₹4 lacs to ₹35 lacs per annum.

“The renewed demand for professionals with digital skills — cloud, product management, analytics, AI and automation — could be the major factors for the sector’s strong showing this year,” said the report.

Data science experts

The experts in the field, called data scientists adopt techniques and tools to draw insights and derive solutions for real-time problems. This includes data mining, statistical modeling, pattern recognition and data visualization.

Mathematics and analytical bent of mind are core to a data science career. As per LinkedIn, India ranks among the top three countries poised to lead the world in AI skills with robotic process automation, compliance, and integration as the fastest growing skills.

Data science jobs have witnessed nearly 37% growth over the last three years. The sectors which are wooing away the most data scientists are the usual suspects - healthcare, banking and financial services, insurance, retail and telecom.

“Talent with the ‘right-fit’ skills commands a significant premium over their peers and companies are not constrained by bell curves and averages when it comes to the salary structure for professionals with in-demand skills,” said Paul Dupis, MD & CEO, Randstad India.

Future of data science

Big data is unstructured, but holds immense potential to improve performance and efficiency of the systems. In India, the data science market is pegged at $11 billion — which is anticipated to hit $326 billion by 2025.

The more India automates, more will it need experts who can facilitate it. As per LinkedIn, India is estimated to have less than 10% of data scientists available globally — which explains the rise in demand.

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