Data Scientist Salary in India have a wide range of compensation options

Introduction

The last few years alone have seen a massive spike in employment opportunities in the field of data science. Furthermore, it appears that the sector will only grow in popularity. To derive valuable insights from large data sets, data scientists employ programming, statistics, and other subject expertise. As of 2023, data science has emerged as a leading industry from which employers are seeking candidates. India’s tech landscape has seen a surge in demand for data scientists, driving curiosity about their salaries. It is thus anticipated that an individual’s career as a Data Scientist will continue to expand provided they possess the necessary skill set and are prepared to stay current by obtaining data science Bootcamp certification. The previous statement is particularly valid when taking into account that the remuneration of a data scientist in India is contingent upon their level of upskilling and staying updated.

Let’s dive into the details of what shapes the earning potential of a data scientist in India and how much they earn.

Who is a Data Scientist?

A statistics scientist is a trained professional in decoding and studying complicated data to resolve company-related problems, using several tools and strategies like system learning, statistics, and programming. These individuals possess a natural aptitude for analyzing data and are skilled in solving intricate data-related problems. Most data scientists possess an insatiable curiosity for investigating a vast range of pressing concerns. They are extremely talented and combine the finest aspects of business and IT. For this reason, data scientists are a combination of mathematicians, trend analysts, and computer scientists. The responsibility of a data scientist involves Interpreting complicated, unstructured data that doesn’t fit neatly into a database from sources like smart devices, social media feeds, and emails. The increase in demand for data scientists in India has pushed salaries in this field to some of the highest levels.

What is the range of data scientist salaries in India?

Data scientists in India have a wide range of compensation options. There are numerous factors that influence the income of a data scientist in India. That being said, ₹6,98,412 is the average income for a data scientist. An entry-level data scientist with much less than 12 months of experience may earn about ₹5,00,000 a year. Data scientists, during the initial to fourth phases of their employment, typically earn ₹6,10,811 per year. A mid-level data scientist in India with 5 to 9 years of experience makes ₹10,04,082in a year. The yearly reimbursement of senior data scientists in India is around ₹17,00,000, and it may increase based on the skills and expertise of the individual. (ref.)

Given how rapidly this industry is developing, data scientists generally receive impressive compensation. Significant responsibility has been placed on the shoulders of the rapidly developing discipline of data science. Data science specialists are highly in demand across the globe as organizations become more data-driven. Data scientists play a critical role in bringing an analytical dimension to decision-making for organizations.

The high income of data scientists in India is indicative of the great demand for these professionals. Microsoft, IBM, Deloitte, Amazon, and EY are a few of the leading organizations that hire data scientists.

Data Scientist Salary Deciding Factors

Several factors can impact the compensation of a data scientist in India. Of course, the most important factor is their prior work experience in the industry. However, a number of other factors also impact the yearly salary of a data scientist in India, including their geographical location, the organization they work for, job categories, and skills.

Location

The location of a data scientist plays a major role in determining their salary. Organizations in different cities across India hire data scientists, but their pay scales may vary. In locations or cities where there is a greater requirement for data scientists, the compensation offered is generally higher. For instance, organizations in Bangalore, the innovation and startup hub of India, generally provide better salary packages to data scientists compared to other cities in India. The average income of a data scientist in Bangalore is around ₹10,11,972, whilst in Mumbai, it is approximately ₹8,61,357.

Experience

Experience plays a major role when determining the remuneration for data science jobs in India. The average compensation for a fresher data scientist in India with less than a year of experience is around ₹5,77,893. An average pay of around ₹8,09,952 is what someone with 1 to 4 years of experience may anticipate. A mid-career data scientist might earn up to ₹14,48,144 annually with 5 to 9 years of experience. In India, an individual with 10 to 19 years of experience in the same area can expect to get an average yearly pay of up to 19,44,566.

Skills

The factors that affect data science pay in India also include the candidate’s level of expertise in the subject. An individual’s chances of earning more money in the field rise as they acquire more diverse skill sets. For those with varying IT skill sets, the beginning salary in India is also higher. Having a résumé that sticks out gets the attention of recruiters. The chances of receiving a higher pay typically increase if a candidate has skills in Big Data Analytics, Python, Machine Learning, and Statistical Analysis. To improve the impact of the CV and get better offers in data science jobs, aspiring candidates are advised to enroll in data science training programs in addition to other relevant courses. Upskilling can be highly beneficial in landing better packages in data science.

Companies

Data science specialists are employed by almost all companies. Many organizations in India often recruit data scientists, however these individuals may have varied jobs in the company. The significance of job titles and duties varies throughout companies, and so does the compensation. Data scientists in India receive varying yearly wages from other firms as well. The average yearly wage also varies based on the size of the organization or what an experienced candidate is expected to do. It is reasonable to conclude that top organizations provide higher compensation for comparable characteristics. Before accepting a job offer, individuals can always find out how much a data scientist in India makes per month or year at other firms.

Top 10 Data Scientists Hiring Companies and Their Salaries in India

1. Flipkart – Flipkart is a major e-commerce player in India, selling everything from fashion and lifestyle products to consumer electronics. The company pays an average of Rs 17,00,000 per year to data scientists who work across departments and roles.

2. Walmart – Walmart’s stores are located in eight different locations in India. With a median income of Rs 22,75,000 yearly, it recruits a large number of people for data science roles. The remuneration for data scientists usually falls between the range of Rs 17,00000 to Rs 28,00000 yearly.

3. Amazon – As one of the largest online retailers in the world, Amazon needs skills in data science for a number of essential operations. Among them include sales and inventory forecasting, supply chain optimization, and the identification of fraud and phony reviews. Data scientists are employed by Amazon in a number of its Indian operations. Depending on the position, their salaries range from Rs 578000 to Rs 19,98000.

4. IBM – IBM’s leadership in collaborative technology may be of considerable advantage to data scientists, application developers, and other professionals. IBM data scientists help handle both organized and unstructured data and train large-scale models. They make an average of Rs 13,50,000 each year in India.

6. Accenture – With the use of integrated data resources, this well-known international professional services company develops and delivers plans. At Accenture, data scientists typically earn Rs. 10,50,000 per year in compensation.
7. Deloitte – Data science professionals are important for Deloitte to provide comprehensive business solutions through the application of highly sophisticated statistical methods. The compensation for data scientists at Deloitte ranges from Rs. 12,00,000 to Rs. 13,00,000.
8. Citrix – Citrix offers networking, cloud computing, and SaaS in India. Citrix’s research and analytics teams use data science initiatives to gain a competitive edge in the market, and they forecast outcomes to make sure their efforts are in line with the company’s objective. The salary range for positions in data science and related fields is Rs 6,00,000 to Rs 27,00,000 Lakhs.

9. LinkedIn – LinkedIn serves millions of individuals worldwide with employment-related services via its mobile and online applications. Pay for data scientists at LinkedIn ranges from Rs 13,00,000 to Rs 22,00,000 for high-level roles annually.
10. Hewlett Packard Enterprise – HPE’s IT solutions are designed to help clients by handling and evaluating their data. The salary range for data scientists at HPE is between Rs 8,00,000 and Rs 22,00,000.
11. [24]7.ai – [24]7.ai is a pioneer in customer-driven solutions that facilitate business-to-consumer artificial intelligence communication. This company pays an average of Rs 16,00,000 per year to its data science professionals.

Data Scientist Salary in Top Industries

Professionals with experience in data science are in high demand across a wide range of companies globally. Top industries that hire data scientists include:

• IT & Technology: Offers lucrative salaries averaging between INR 7 to 10 lakhs annually, driven by data-centric innovations and technological advancements.
• Finance & Banking: Has competitive pay scales, ranging from INR 10 to 13 lakhs yearly, due to the high demand for data analytics and risk management.
• Healthcare: This emerging sector has salaries of around INR 8 to 12 lakhs for data scientists, propelled by the increasing need for data-driven insights in medical research and patient care.
• E-commerce & Retail: Offers salaries ranging from INR 8 to 15 lakhs. Data scientists help provide data regarding customer insights and subsequent strategic business decisions. Industries showcase varying pay scales, reflecting the significance of data scientists in driving insights and growth.

Data Science Salary Based on Job Role in India

Data scientists get different roles and responsibilities based on their particular skill sets and experience. The compensation varies accordingly. Here’s an estimate of the salary data scientists draw based on their job role:

How To Get A High Salary in Data Science?

An individual’s professional choices can have a significant influence on how much they earn as a data scientist. It is generally true that working for large multinational corporations (MNCs) increases the chances of getting higher compensation compared to when working for smaller businesses. But several factors, other than ‘who’ the employer is, can cause the salary package to differ. For example, taking more responsibilities and increasing dependability within the business can boost the salary one draws. Getting a higher data science salary involves multifaceted strategies that amplify professional value and marketability:

Updating Skills: Continuous learning is pivotal. Individuals must learn new programming languages, tools, and methodologies in machine learning, data visualization, and cloud computing. Acquiring expertise in emerging technologies like artificial intelligence or edge computing significantly bolsters earning potential.

Get More Certifications: Seek specialized certifications in domains, such as data engineering, natural language processing, or cloud computing. These accreditations not only validate expertise but also showcase a commitment to staying updated with the rapidly evolving field. This, in turn, leads to better compensation.

Expanding Network: Cultivate a robust professional network through conferences, meetups, and online forums. Networking introduces diverse perspectives, potential job opportunities, and mentorship, contributing to career advancement and potentially higher-paying roles through referrals or collaborations.

Industry Switch: Consider transitioning to sectors with high demand for data-driven insights. Industries like finance, healthcare, or emerging tech startups often offer competitive salaries for data scientists due to their heavy reliance on analytics. Adapting skill sets to suit specific industry needs can result in better salaries.

Benefits and Perks

Being a data scientist encompasses several benefits, including:

• Working with Big Brands: Data scientists often collaborate with industry giants, gaining exposure to cutting-edge projects and innovative technologies, and fostering career growth and experience.
• Bridging Business and IT: Acting as a conduit between business needs and technical solutions, data scientists play a pivotal role, contributing directly to organizational success and strategy implementation.
• Versatility: Data science offers versatility, allowing professionals to explore diverse domains and industries, from finance to healthcare, broadening skill sets and experiences.
• Career Security: In an era driven by data, the demand for skilled data scientists continues to soar, ensuring consistent career opportunities and job security within various sectors, making it an attractive and stable career choice.

Negotiating and Advancing Data Science Salary

Here are some tips that can help:

• Know Your Worth: Aspiring candidates must research industry standards and assess their skills and experience to determine their value in the market. They must understand the demand for their expertise to negotiate confidently.
• Prepare a Pitch: They must highlight their achievements, projects, and unique skills during negotiations. In addition, they must present concrete examples of how their contributions have positively impacted previous roles or projects.
• Communicate Effectively: Data scientists must clearly articulate their value proposition, emphasizing how their skills align with the company’s needs. They must listen actively to the employer’s perspective to find common ground.
• Never Give Up on Negotiating: No candidate should shy away from negotiations. Even if the initial offer meets expectations, negotiating can lead to better compensation, perks, or opportunities for growth. They must approach negotiations respectfully but assertively to secure the best possible deal for themselves.

Future Salary Predictions

Data scientists should expect their salaries to continue rising in the future. The need for qualified workers is projected to increase dramatically due to the exponential rise of data-driven technologies. As industries increasingly rely on data for decision-making, salaries are expected to reflect this demand. Emerging fields like AI, machine learning, and data analytics will likely ensure higher compensation. Factors such as specialized expertise, industry demand, and geographical location are expected to significantly influence future salary trends. Professionals with updated skill sets and certifications can expect lucrative remuneration packages, making data science a promising avenue for salary growth.

Conclusion

Currently, India offers the best opportunities for data scientists. Since organizations are producing vast amounts of data, there is a need to obtain insights from this data, and there are tools and data available to help with this process. An individual’s skill set, level of expertise, and rate of growth—both personally and professionally— ultimately determine how much they get paid.

KnowledgeHut offers a comprehensive data science Bootcamp certification, providing hands-on training in analytics, machine learning, and more, enhancing career prospects in this thriving field.

FAQs

Q1. Is data science a high paying job in India?

Ans. Indeed, working in data science pays well. Data scientists help organizations in becoming data-driven, and it requires a lot of skill and expertise.

Q2. What is the salary of a CA vs data scientist?

Ans. While a CA with five or more years might only earn Rs 8–15 lakh annually, a data scientist with the same experience can get anything beyond Rs 35 lakh.

Q3. Does Google hire data scientists?

Ans. Google does recruit data scientists. To enhance its products and services, Google employs data scientists to work in its distinctive teams and departments.