Data science is one of the most sought-after and lucrative careers in the 21st century. With the increasing demand for data-driven solutions and insights, data scientists are in high demand across various industries and sectors. But what is the average salary of a data scientist in India? What are the factors that influence their salaries? And how do freshers and experienced professionals compare in terms of pay and perks?
In this blog post, we will try to answer these questions and provide some insights into the data scientist salary in India in 2023. We will use data from various sources, such as Glassdoor, Indeed, Payscale, and Naukri, to analyze the average, median, minimum, and maximum salaries of data scientists in India. We will also look at how factors such as location, education, skills, experience, and company size affect the data scientist salaries
Data Scientist Salary Trends
Data science is one of the most lucrative and in-demand careers in India. According to Glassdoor, the national average salary for a data scientist is ₹12,00,000 per year in India. However, this salary can vary significantly depending on several factors, such as:
Industry
Different industries have different levels of demand and pay for data scientists. For example, according to upGrad, some of the highest paying industries for data scientists in India are e-commerce, finance, healthcare, IT services, and consulting.
Location
The location of the job also affects the salary of data scientists. Generally, The Data Scientist Salaries in metropolitan cities like Bangalore, Mumbai, Delhi NCR, Hyderabad, and Chennai are higher than smaller cities or towns. This is because these cities have more opportunities and competition for data science jobs.
Experience
The experience level of the data scientist also influences their salary. As per Glassdoor, a Fresher entry-level data scientist with less than one year of experience can earn around ₹500,000 per year. An early level data scientist with 1 to 4 years of experience can earn around ₹610,811 per year. A mid-level data scientist with 5 to 9 years of experience can earn around ₹1,004,082 per year. A senior-level data scientist with 10 or more years of experience can earn around ₹1,800,000 per year or more.
Education
The education level of the data scientist also plays a role in their salary. Generally, having a higher degree such as a master’s or a PhD can increase the chances of getting a higher salary. However, this is not always the case. Sometimes, having relevant certifications or courses can be more valuable than having a formal degree.
Data Scientist Salaries in by Company Size
The factors that influence data scientist salary in India are not limited to these four. Other factors such as the size and reputation of the company, the complexity and scope of the project, the skills and expertise of the data scientist, etc., can also affect the salary.
The data scientist salary can vary significantly depending on the type of company you work for. Generally speaking, there are three types of companies based on their size and reputation: startups, mid-sized companies, and large corporations.
Data Scientist Salary for a Startup
Startups are usually new and innovative companies that have a high growth potential but also a high risk of failure. Working in a startup as a data scientist can be exciting and challenging, as you will have the opportunity to work on cutting-edge projects and technologies. However, you will also face a lot of uncertainty and pressure, as you will have to deal with limited resources, changing requirements, and fast-paced deadlines. The average salary for a data scientist in a startup in India is ₹7,87,000 per year, which is lower than the national average.
Data Scientist Salary for a Mid-sized Firm
Mid-sized companies are established and stable companies that have a moderate growth rate and a lower risk of failure. Working in a mid-sized company as a data scientist can be rewarding and satisfying, as you will have more autonomy and responsibility over your work. You will also have more room for career advancement and learning opportunities. The average salary for a data scientist in a mid-sized company in India is ₹10,50,190 per year, which is close to the national average.
Data Scientist Salary for a Large Corporation
Large corporations are well-known and reputable companies that have a slow growth rate but a high market share and profitability. Working in a large corporation as a data scientist can be prestigious and secure, as you will have access to abundant resources, data, and tools. You will also enjoy benefits such as health insurance, pension plans, and bonuses. The average salary for a data scientist in a large corporation in India is ₹15,77,948 per year, which is higher than the national average.
As you can see, working in different types of companies as a data scientist has its pros and cons. Ultimately, you should choose the type of company that suits your personality, goals, and preferences. There is no right or wrong answer here. Just remember that your salary is not the only factor that matters. You should also consider other aspects such as work environment, culture, values, projects, team, and growth opportunities.
Data Scientist Salary in India Comparison with Other Countries
India is one of the fastest-growing markets for data science in the world. However, how does it compare with other countries in terms of data scientist salary?
As mentioned above, the national average salary for a data scientist in India is ₹12,00,000 per year, which is lower than the average salary of data scientists in the US ($113,309), UK (£46,665), Canada (C$81,389), Australia (A$99,510), etc.
According to Indeed, the average annual salary for a data scientist in different countries (converted to Indian rupees) are:
Reasons
As we can see from these numbers, India has salaries for data scientists in the lower range among these countries. However, this does not mean that data scientists in India are underpaid or have less opportunities. The other important variables of this equation are:
Cost of living: The cost of living in India is much lower than in other developed countries. Another factor to consider is the cost of living and purchasing power parity (PPP) of different countries. According to Numbeo, the cost of living in India is 65% lower than in the US and 59% lower than in the UK. This means that data scientists in India can enjoy a higher standard of living and save more money than their counterparts in other countries.
Higher Competition: Data Science is a booming field in India, as more and more businesses rely on data to make informed decisions. However, this also means that there is higher job competition in the data scientist domain, as the demand for skilled professionals exceeds the supply.
Opportunities
Moreover, working as a data scientist in India has some advantages over working abroad, such as:
- India has a large and diverse market for data science applications across various domains like e-commerce, healthcare, education, finance, etc.
- India has a huge talent pool of data science professionals and a vibrant ecosystem of startups, incubators, accelerators, universities, etc.
- India has a strong culture of innovation and entrepreneurship that encourages data scientists to explore new ideas and solve real-world problems.
- India offers many opportunities for data scientists to work internationally by collaborating with global teams or clients or by relocating to other countries.
Career Path and Growth Opportunities
Now that we have seen how data scientist salary in India compares with other countries, let’s look at how data scientists can advance their career and increase their earning potential.
Data science is a broad and dynamic field that requires constant learning and upskilling. There are different levels of data scientist roles and how they differ in terms of salary, skills, and responsibilities.
According to Glassdoor, the average salary for a senior data scientist in India is ₹21 lakh per year and for a lead data scientist is ₹25 lakh per year. These roles require more experience and expertise than a regular data scientist role.
Best Practices as a Data Scientist
Some of the best practices for advancing your career as a data scientist are:
- Build a strong portfolio of projects that showcase your skills and achievements
- Keep yourself updated with the latest tools, techniques, and trends in data science
- Network with other data science professionals and mentors through online platforms or offline events
- Seek feedback and guidance from your peers and managers
- Pursue certifications or courses that enhance your knowledge and credibility
- Apply for higher-level roles or switch to better companies that offer more challenges and rewards
Data science is also a fast-evolving field that faces many emerging trends and challenges. Some of these are:
- The rise of artificial intelligence (AI) and its impact on various industries and society
- The need for ethical and responsible use of data and algorithms
- The demand for explainable and interpretable models that can be trusted by users and stakeholders
- The integration of data science with other disciplines like engineering, design, business, etc.
- The development of new domains and applications like quantum computing, blockchain, edge computing, etc.
Data scientists should be aware of these trends and challenges and adapt accordingly. They should also be curious and creative enough to explore new possibilities and opportunities.
Data science is an exciting and rewarding career that offers many benefits and challenges. The salary in India is competitive and comparable with other countries when adjusted for cost of living and PPP.
Data Scientist Job Outlook and Demand in India
How is the demand for data scientists in India expected to change in the future?
The demand for data scientists in India is at an all-time high, and it is expected to grow even further in the coming years. According to Analytics Insight, by 2025, there will be 137,630 data science job openings in India, rising from 62,793 jobs in 2020. India also contributed to 11.6% of the total global data science/analytics open jobs in May 2022, a significant increase from 7.2% in January 2020. The main drivers of this demand are the rapid digital transformation, the emergence of disruptive technologies, the availability of large volumes of data, and the need for data-driven decision making across various industries.
Which sectors and domains are hiring data scientists the most in India?
Data science has applications across almost every sector and domain, but some of the most prominent ones are:
- Technology
- Industrial/Manufacturing
- Banking/Finance
- E-commerce/Retail
How can data scientists find and apply for data science jobs in India?
There are various ways to find and apply for data science jobs in India. Some of them are:
Online platforms: There are many online platforms that list data science jobs from various companies and sectors. Some of them are Naukri.com, Indeed.com, LinkedIn, Glassdoor, Analytics Vidhya, etc. Data scientists can create their profiles on these platforms, upload their resumes,
and apply for relevant jobs.
Networking: Networking is another important way to find data science jobs in India. Data scientists can connect with other professionals in their field through online communities, social media, events,
webinars, etc., and learn about new opportunities, get referrals, and showcase their skills.
Education: Education is also a key factor to find data science jobs in India. Data scientists can enhance their knowledge and skills by pursuing formal education such as degrees,
certificates, or courses from reputed institutions or online platforms. Some examples of such education providers are IITs, IIMs, ISB, IIITs, BITS Pilani, Great Learning, upGrad, Coursera, Udemy, etc.
How Do I Become a Data Scientist?
To become a data scientist, you need to have a combination of skills and qualifications, such as:
- A strong background in mathematics, statistics, and computer science
- Proficiency in programming languages such as Python, R, SQL, and Java
- Knowledge of data analysis tools and frameworks such as pandas, NumPy, scikit-learn, TensorFlow, PyTorch, etc.
- Experience in data visualization techniques and tools such as matplotlib, seaborn, plotly, Tableau, etc.
- Ability to communicate complex data findings and solutions to stakeholders and clients
- Curiosity and creativity to explore new data sources and problems
The roles and responsibilities of a data scientist vary depending on the industry and domain they work in, but some common tasks include:
- Collecting, cleaning, and transforming data from various sources
- Exploring and analyzing data using descriptive and inferential statistics
- Applying machine learning and deep learning models to solve predictive and prescriptive problems
- Evaluating and optimizing the performance and accuracy of the models
- Presenting and communicating the results and recommendations to the relevant audience
There are a multitude of courses online for freshers, as well as experienced Data Scientists, through which you can acquire these necessary skills. In fact, to ease your process even more, we have created a comparison chart of all the top Data Scientist Courses in India, so that you can choose the Course that is suitable to your needs.
Conclusion
In conclusion, data science is a rapidly growing and in-demand field that requires a combination of technical, analytical, and communication skills. Becoming a data scientist can be a rewarding and challenging career path, with opportunities to work in a variety of industries and domains. The salary of a data scientist in India can vary significantly depending on factors such as industry, location, experience, and education level, as well as the size and reputation of the company. Therefore, it is important to research and understand these factors and negotiate a fair salary based on your skills and expertise.
FAQs
What is data science?
Data science is the field of study that uses scientific methods, algorithms, and systems to extract insights and knowledge from structured and unstructured data.
What skills do I need to become a data scientist?
To become a data scientist, you need to have a combination of skills and qualifications, such as a strong background in mathematics, statistics, and computer science, proficiency in programming languages such as Python, R, SQL, and Java, knowledge of data analysis tools and frameworks, experience in data visualization techniques and tools, and ability to communicate complex data findings and solutions to stakeholders and clients.
What is the average salary for a data scientist in India?
According to multiple sources, the national average salary for a data scientist in India is ₹12,00,000 per year. However, this salary can vary significantly depending on factors such as industry, location, experience, and education level.
What industries pay the highest salary for data scientists in India?
According to upGrad, some of the highest paying industries for data scientists in India are e-commerce, finance, healthcare, IT services, and consulting.
