Introduction

Data scientists are among the most in-demand professionals at the moment, especially when companies around the globe are leveraging big data for actionable intelligence. The exponential increase in digital data has highlighted the need for professionals capable of transforming it into valuable insights for effective decision-making - driving the demand for data scientists.

Increased Demand for Data Scientists

According to a forecast by the U.S. Bureau of Labor Statistics, the employment rate of data scientists will grow by 35% from 2022- 2032. If not less, around 17,700 openings for the role of data scientists are projected every year on average across various industries - such as BFSI, entertainment, healthcare, pharmaceuticals, cybersecurity, and retail.
With time, the demand for top-tier data professionals is only elevating in India and other parts of the globe. The ever-growing reliance on data analysis fuels an expanding job market for skilled data professionals globally. Currently, India stands as a key hotspot for data scientists assuring attractive remuneration. If we look at the international market, places like the USA, UK, Australia, and Germany ensure promising growth for data professionals.
Curious to know your prospect as a data scientist in 2024? The prospect is immense and we will guide you through this informative piece. Buckle up for an in-depth exploration.

What does a Data Scientist do?

You will get tons of job descriptions flooding the internet that define the role of a data scientist. Don’t get puzzled. To put it simply, the role of a data scientist is to extract actionable insights by analysing raw data. They take the help of intuitive data analysis tools, machine learning, and AI algorithms to create predictive models to anticipate future trends

Additionally, a data scientist executes multiple tasks:

i) Exploring data for trends and patterns for insightful conclusions ii) Leverage machine learning to enhance data precision and optimise product features iii) Interacting with other teams to communicate recommendations iv) Mining and transforming raw data into structured insights for better decision-making

Top Data Science Jobs

Data science graduates and professionals are privileged with diverse choices to launch a rewarding career with lucrative pay and perks. Some of the most in-demand data science roles in 2024 are as follows:

i) Data engineers: who mine, store, and analyse a vast amount of data for identifying trends and patterns for insightful interpretation.
ii) Data scientists: the professionals who develop predictive models and algorithms for effective forecasting of current questionnaire trends.
iii) Data analysts: who collect, analyse, evaluate, and visualise data to perform statistical analysis and detect trends.
iv) Data architects: who design and manage the structure of data systems. They collaborate with stakeholders to understand business needs, design data models, and support organisational objectives.
v) Machine learning engineers: who design, develop, and deploy machine learning systems and algorithms to solve complex problems. They collaborate with data scientists to implement models, optimize algorithms, and integrate them into production systems.

List of cities for rewarding data science careers

Let's delve into the leading cities in India and overseas that could significantly impact the careers of aspiring data scientists like you.

India

A data scientist’s highest salary in India’s top cities, let’s have a closer look.

i) In India, Mumbai will top the list of cities to offer a rewarding package for qualified data scientists. The average salary of a data scientist in Mumbai is between 8 LPA -17 LPA and the highest can go up to 30 LPA.
ii) Bangalore, the Silicon City of India, hands out an average of 15 LPA, and the highest can go up to 27 LPA.
iii) Chennai is one of the best places for data science jobs in india. The southern city offers an annual average salary of 11 LPA and the highest remuneration of 24 LPA.
iv) Pune among the list offers an average pay package of 10 LPA with the highest salary of 37 LPA.

World

If you want to move overseas for a rewarding career as a data scientist, we have good news for you. Let’s explore the best country for data science jobs.

i)Talk about the best country for data science jobs, and the USA is sure to top the list. Some of the best-paying states for Data Scientists are California, Washington, and New York. A senior-level data scientist commands a package of $150,000 to $250,000 or more annually. The best cities in the USA for data scientists are San Francisco, NYC, Washington, Seattle, and San Jose.
ii)Next in the queue is the UK, where a data scientist earns a competitive package of £59,592 per year. However, the package is variable based on other factors like experience, location, and the last yearly compensation. The best city in the UK for data scientists is certainly London. Other notable names are Birmingham, Cambridge, Manchester, etc.
iii)Germany is next on the list, offering the highest salary of €76,000 per year to qualified data scientists.
iv)Switzerland is one of the promising nations for data scientists and offers a generous remuneration of CHF 203,137.
v)At last, but not the least, we feature Australia in our sorted list as the best destination for data scientists. A senior data scientist in Australia earns somewhere between $110,000 to $130,000. Sydney is the most popular hotspot for data science jobs in Australia. Other significant names are Melbourne and Brisbane.

Conclusion

Data science presents a vast array of opportunities both in India and abroad. In India, with the skyrocketing tech industry and rapidly growing economy, the demand for skilled data scientists continues to rise - spanning sectors from finance to healthcare. While abroad, eminent tech hubs like Silicon Valley offer a rich ecosystem for data scientists to thrive, with ample opportunities for research, development, and collaboration.
So are you ready to dive into the limitless seas of data science opportunities? Explore our data science course to give wings to your aspirations.