We heard of KB, MB, GB, TB and plenty more as we moved from the Floppy drives to CD to pen drive to external hard disks. It’s not surprising that we keep on hearing it in our daily interactions with data in the office or the latest smartphone you are using. The world is consuming data and processing it at a faster rate than expected. The amount of data being created in the world is huge with over 4.4 Billion people using the internet as of June 2019. So why is the Data Scientist Salary talk of the town?

Data = Raw Information

Information= Processed Data

Why We Need Data Scientists

By 2020, Expected Big data in the world will touch around 44 Trillion GB data. A question arises considering the data we have, who is going to analyze the data to leverage insights?

No one better to help us than Data Scientists around us. They are going to analyze the quantum of data and help businesses get a sense of the accumulated data.

In this blog, I would be going through the Data Scientists’ careers in general. What kind of work they do, salary insights, academic credentials needed, different data they encounter and industries to focus on. 

Data Generation Reaching New Peak Daily-

1. 500 Million tweets are sent
2. 65 Billion Whatsapp Messages are exchanged
3. 294 billion emails are sent
4. 300 hours of YouTube video are uploaded every minute
5. 67,305,600 Instagram posts uploaded by users every single day
6. 5 Billion plus Facebook likes daily

This is just a fraction of the data being exchanged in the Digital World, the world is moving at a rapid pace never seen before.  

Data Created with IoT Devices:

IoT devices are the big chunk of the data being generated with over 20 billion-plus devices that will be connected to the Internet by 2020 according to Gartner. This is a huge development considering the Smart Home concept is over $490 Billion Market Valued. This is a good opportunity for individuals aiming to make a career in the field of data analytics. Data Science as a career is going to be in extreme demand as more and more devices get linked to the internet.

By 2020, more than 65% of enterprises will adopt IoT and this opens up opportunities for Data Scientists across the world.

Opportunities will open up in 5 different aspects of IoT-

1. Things
2. Gateways
3. Mobile Devices
4. The Cloud
5. The enterprise

Industries for Data Scientists to focus on: 

The economy is evolving with time as more and more countries open their markets for investments and high valued human resources. Individuals with an exciting range of skills in the field of Data Science can make a good career with growth, salary and more job satisfaction. 

Let’s take a look at some of the industries for Data Scientists to focus on-

1. Fintech
2. Healthcare and Pharmaceutical 
3. Telecommunications
4. Internet Industry
5. Energy
6. Automotive Industry
7. Government Departments
8. Manufacturing
9. Retail
10. Transportation

The above industries are just the reference point, there are so many other industries utilizing data to streamline services and improve product delivery across their supply chain for their end-users- be it the vendors or the customers. Businesses see value in data and are employing resources be it Data Scientists or new algorithms to leverage data and deliver above par service. 

Data Scientists Typical Job Responsibility:

Data Scientists works revolve around data but their daily work is more than just crunching data. I am going to list out some of the responsibilities the Data Scientists handle on a daily basis.

Typical Work Activities:

1. Collecting a large amount of raw data and categorizing it
2. Solve business-related problems with Data-focused methods
3. Work with various languages like R, Python
4. Understand statistics and statistical models
5. Read on Machine Learning, NLP on a regular basis
6. Finding patterns in data
7. Developing new algorithms to analyze data
8. Finding bugs in the previous iterations of models

These are some of the tasks that you as a Data Scientist have to handle on a regular basis and develop efficient and innovative methods to help your organizations derive the maximum insights into collected data. 

Common Terminologies used in Data Science field-

1. Data Visualization- Visual representation of the collected data like pictorial charts
2. Machine Learning- AI based on Mathematical algorithms 
3. Deep Learning- Training the machines to learn from the data
4. Text Analytics- Analyzing collected unstructured data to get fresh insights
5. Data Preparation-Converting raw data into meaningful data for easier understanding

Important Technologies to learn-

1. Tableau
2. Python
3. SQL
4. Tensor Flow 
5. Scikit
6. Pandas
7. Cloud Platform

Data Scientists would be glad to hear that most of the tools are open-source and free to use. It’s now very easy to get acquainted with Data Science tools as compared to the past. Learning the tools is important for a good Data Scientist Salary. 

Data Scientist Salary Trends:

It’s not a surprise to see a lot of job openings for Data Scientists in India. Data is becoming the buzzword for the businesses and it opens up a wide variety of opportunities for the interested individuals looking to have a career in the field of Data Science. 

In this section, we will be taking a look at the different Salaries and compensations offered for Data Scientists in India.

1. 6Figr

The above images highlight the salary one gets if he/she is acquainted with the Data Science field. A Data Scientist’s work isn’t limited to only leveraging insights from data but also to express business stories filled with data in simple terms to the other stakeholders in the company.

2. Glassdoor

3. Indeed

Key Observations for Data Scientist Salary:

India is the 5th largest economy in the world and its GDP has crossed $3.202 trillion and aims to reach $5 Trillion in the coming years. Indian economy is growing despite the uncertain world financial climate and Data Science will benefit most from it. Industries like Fintech, energy, pharma/healthcare, e-commerce, Print & electronics Media, and retail commerce are the sectors that will be creating the largest number of jobs in this field with average salaries ranging from 10 to 14 LPA and chances of bagging high salary is a good possibility. 

According to Business Insider, LinkedIn data, India ranks among the top three countries poised to lead in AI Automation. Expertise in Spark and Python will help you get the Best Salary in the industry.

Learning is the pathway to a great career in Data Science. Join Accredian Now!