Discover how the data science and analytics job market in India is evolving, including which sectors are leading in job opportunities, the impact of experience levels, salary trends, and the role of MBA degrees in this dynamic field.
The data science and analytics job market in India is experiencing significant shifts, reflecting the evolving needs of businesses in this digital age. A recent report by Great Learning, titled “Analytics and Data Science Jobs in India 2023,” sheds light on the changing landscape of job opportunities in this field. Let’s dive into the key insights from this report and explore what’s driving these transformations.
Sector-wise Trends
One striking finding from the report is the dominance of the Banking, Financial Services, and Insurance (BFSI) sector in the data science and analytics job market. In 2023, this sector accounted for over a third of all such positions, driven by the adoption of advanced technologies like artificial intelligence (AI) & machine learning (ML) and big data analytics. These technologies are helping BFSI organizations enhance risk management, fraud detection, and customer service.
However, despite the BFSI sector’s prominence, the overall number of data science and analytics job opportunities has seen a decline. This decline can be attributed to global economic challenges, especially in regions like the United States and Europe, where many IT sector clients are located.
Conversely, roles in the energy and utilities sector decreased compared to the previous year, while those in retail & consumer packaged goods (CPG) and pharma & healthcare have seen an increase in demand.
Employment Landscape
Multinational Corporations (MNCs) in IT and Knowledge Process Outsourcing (KPO) continue to be the largest employers in the data science and analytics domain, accounting for 56% of all jobs. However, their share has decreased compared to the previous year, primarily due to economic conditions impacting the sector.
On the other hand, domestic non-IT firms (25%) and domestic IT & KPO firms (13%) have seen increases in job openings. This shift indicates a growing focus on local talent.
Experience Matters
The report highlights the importance of experience levels in the data science and analytics job market. While mid-level professional positions are on the rise, there’s a decline in open positions for senior-level professionals. Most job opportunities are concentrated in the 2–5 years and 5–7 years’ experience brackets. These professionals are viewed as adaptable and cost-effective for organizations.
Freshers with less than a year’s experience have witnessed a decline in job opportunities, while those with one to two years of experience have seen a significant increase. This shift may be attributed to cost-cutting measures amid economic uncertainties.
Experienced individuals (7+ years) have faced reduced job opportunities. Organizations are prioritizing upskilling existing employees over hiring new senior personnel.
Salary Trends
In terms of salary ranges, jobs in the Rs 6–10 lakh per annum category make up the majority of positions in 2023, at 33%. This aligns with the increased demand for professionals with 2-5 and 5-7 years of experience. Professionals in the Rs 10-15 lakh per annum range make up 24% of the jobs. Together, these two income brackets constitute nearly 60% of all data-related jobs in 2023.
However, there’s reduced interest in hiring freshers (three percent) and highly experienced candidates (15 percent) with salary packages exceeding Rs 15 lakh per annum.
Job Locations
Bengaluru continues to lead as the largest hub for data science and analytics jobs (26%). Delhi NCR (22%), Hyderabad (12%), and Chennai (nine percent) have witnessed an increase in their share as organizations diversify their talent hubs. Mumbai saw a slight decrease to 11 percent this year.
Chennai’s automotive and manufacturing sectors and Hyderabad’s growing pharmaceutical & biotechnology industries are generating more demand for data science professionals.
Role Evolution
The report outlines a shift in job roles within the data science and analytics domain. While “business analyst” remains the most in-demand position by volume, roles like AI/ML engineers, big data analysts, data architects, computer vision specialists, and natural language processing (NLP) experts have seen increased demand since 2022. NLP roles, in particular, have experienced significant growth due to their importance in applications like virtual assistants and sentiment analysis. However, roles in deep learning and data engineering have decreased.
In summary, the data science and analytics job market in India is undergoing a transformation driven by various factors, including economic conditions, sector-specific demands, and evolving technology trends. Professionals in this field should remain adaptable and continue upskilling to seize the diverse job opportunities that this dynamic landscape offers.
Source: t.ly/1w2Pj
