Data science is the process that helps get meaningful insights from large and complex data sets using various methods and tools. Therefore, data science is one of the most sought-after and lucrative careers in the 21st century, as data-driven decision making become essential for businesses and society. In this article, we will explore why data science salary is so high in India and what factors influence it. Read on to find out more.
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Location
Location is an important factor that influences data science salary in India. Data scientists who work in metropolitan cities or IT hubs may earn more than those who work in smaller towns or rural areas.
First reason is the cost of living, the competition, and the opportunities are higher in urban areas. According to Glassdoor, the average salary for a data scientist in India is ₹12,00,000 per year, but it varies across different cities.
For instance, data scientists in Bangalore earn ₹13,00,000 per year on average, while those in Delhi earn ₹11,00,000 per year. Therefore, location can have a significant impact on data science salary in India.
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2. Industry
Industry is another factor that influences data science salary in India. Data scientists work in many domains and sectors in India, like IT, e-commerce, healthcare, banking, and education, to name a few.
The salary of data scientists may depend on the industry they work in and the demand for their skills. For instance, data scientists who work in e-commerce may earn more than those who work in education.
According to a report by Analytics India Magazine, the median salary of data scientists in India by industry is listed below.
- E-commerce: ₹20.0 lakhs per annum
- Banking and Financial Services: ₹18.0 lakhs per annum
- Healthcare: ₹17.5 lakhs per annum
- IT: ₹16.5 lakhs per annum
- Education: ₹15.0 lakhs per annum
Therefore, industry can have a significant impact on data science salary in India.
Education
Education is another factor that influences data science salary in India. Data science requires a strong background in mathematics, statistics, programming, and domain knowledge. Like in any other field, the importance of education can’t be denied in the world of data science either.
Data scientists with higher degrees or certifications may have an edge over others in terms of salary and career growth. For instance, data scientists with a master’s degree or a PhD may earn more than those who have a bachelor’s degree.
According to a report by Analytics India Magazine, the median salary of data scientists in India by education is listed below.
- Bachelor’s degree: ₹14.0 lakhs per annum
- Master’s degree: ₹18.0 lakhs per annum
- PhD: ₹20.0 lakhs per annum
Therefore, education can have a significant impact on data science salaries in India.
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Experience
Experience is another factor that influences data science salary in India. Data science is a dynamic and evolving field. Therefore, it requires constant learning and updating of skills.
Data scientists with years of experience and exposure to different projects and technologies may command higher salaries than those who are new to the field. For example, data scientists who have 5 to 9 years of experience may earn about ₹1,500,000 per year on average.
According to a report by Analytics India Magazine, the median salary of data scientists in India by experience is listed below.
- Less than 1 year: ₹10.0 lakhs per annum
- 1 to 3 years: ₹14.0 lakhs per annum
- 4 to 6 years: ₹18.0 lakhs per annum
- 7 to 10 years: ₹22.0 lakhs per annum
- More than 10 years: ₹25.0 lakhs per annum
So, we can say that experience can have a significant impact on data science salary in India.
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Other factors that may affect data science salary in India
Now, let’s talk about some other factors that may have an impact o your salary as a data scientist in India.
Skills
Data science is a multidisciplinary field that requires proficiency in a lot of tools and techniques, like Python, R, SQL, machine learning, deep learning, and data visualization.
Data scientists with more advanced or specialized skills may earn more than those who have basic or generic skills.
Companies
The company you work for may influence your data science salary in India. Different companies have different pay scales, policies, and cultures that may affect your compensation and benefits.
For example, according to Glassdoor, the average salary for a data scientist at Google is ₹15,50,126 per year, while the average salary for a data scientist at TCS is ₹7,87,000 per year.
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3. Projects
The type and complexity of the projects you work on may also affect your data science salary in India. Data science projects can vary in terms of scope, duration, domain, and impact. Apart from this, professionals who work on more challenging or impactful projects may earn more than those who work on simpler or routine projects.
Therefore, these are some other factors that can make a data scientist command a high salary in India.
Long story short, now you may have to come to know why data science salary is so high in India and what factors influence it. We have seen that data science is a highly demanded and rewarding career that requires a unique combination of skills and knowledge. Apart from this, we have discussed how location, industry, education, experience, skills, companies, and projects can affect data science salary in India. We hope that this article has given you some insights and guidance on how to pursue a successful career in data science in India.
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