Who knew Data Science would grow so big even some years before! It has become one of the most in-demand capabilities that every enterprise wishes to harness. Apart from companies, Data Science is gaining massive popularity among students as well. More candidates are enrolling in relevant courses and getting trained to get lucrative jobs in reputed firms.
Ever wondered what the reason behind the buzz of Data Science among people is? Yes, you’re right! Data Science opens doors to tremendous growth, extensive adventure, and high-paying jobs. Besides, the Data Science umbrella is still expanding and will reveal more opportunities in the years to come. So, you are on the right road if you wish to become a Data Science professional.
Since you are a newbie in Data Science, you might feel confused by the salary data available on the Internet. So, before starting in the domain, you need to understand the pay trend prevalent in the Data Science realm.
Let’s not wait anymore and analyze Data Science salary trends right below!
A Glimpse of the Data Science Industry
You already know that Data Science is one of the most fruitful career domains nowadays. However, you might still be unaware of the entire landscape.
So, how does the Data Science industry appear? The Data Science sector is massive, and the Data Science platform market is booming at a healthy CAGR of 30% and flourishing day and night.
Experts predict that the industry will touch the milestone cap of $64 billion by 2027. Impressive, right? As the demand for Data Science is hiking, the industry’s future is bright with extensive growth prospects and returns on investment.
Data Science will not disappoint you when discussing the job market. According to a LinkedIn report, the role of data scientist came third in the list of leading jobs. They also said that it is growing by 37% in the USA. Besides, it has a scarcity of skilled professionals, creating more vacancies than ever.
Indeed, Data Science has a beyond-imagination scope in the IT sector.
Data Science Salaries: The Key Factors Working Behind!
Understanding the salary breakdown might be challenging if you do not know about the vital underlying factors. So, let’s have a look at the crucial parameters affecting the Data Science payscale right below.
- Work Location
Like any other domain, Data Science salaries vary according to the work location. Companies headquartered in metropolitan and prominent cities of the world have a higher pay package than those in small towns.
According to PayScale, the average annual wages of data scientists in some of the well-known locations are as follows:
- New York, USA: $106,205
- London, UK: £44,402
- Copenhagen, Denmark: 482,025 Kr.
- Bengaluru, India: INR 987,901
- Employee Experience
Data Science salaries vary according to your experience in the industry, and you can expect to get basic wages if you are a fresher in the market. As your experience in Data Science increases, your pay package will dramatically increase.
Let’s analyze the data scientist salaries by experience according to PayScale in the US.
- Entry-Level Data Scientist
The entry-level data scientist salaries are the lowest in the USA. Why so? It’s because the beginners have the least experience and require more exposure to earn a financial jump.
As a fresher data scientist, you can expect to earn an average pay of around $92,000 per annum.
- Early Career Data Scientist
As expected, you will make around $105,000 every year as a data scientist after gaining experience of 1-4 years. Also, you will require gaining more skills in the tenure to grab additional perks.
- Mid-Level Career Salary
A mid-level career refers to your professional journey of about 5-9 years of experience. After devoting so many years to the industry, you will make an average income of nearly $120,000 per year.
- Late-Career Data Science Salary
Your professional journey will peak when you have gathered an experience of around 10-19 years. At such a phase, you will receive a salary of about $144,000 per annum.
- Salary of an Experienced Data Scientist
Companies offer the highest salaries and numerous additional perks to professionals having experience of over 20 years in the Data Science domain. These experts make around $175,000 per annum when working in leading firms.
- Designation
Another factor affecting Data Science salaries is the job role in focus. Understandably, a Senior Data Scientist will make more than a Junior one. So, the salaries vary according to the designation when considering the Data Science industry.
According to PayScale, a junior data scientist earns an average salary of around $67,028 per year. In contrast, a senior professional will make approximately $127,456 every year on average.
- Skills Matter
The more you know, the higher you earn, and the Data Science industry abides by this rule. So, you will get a higher salary if you are well-familiar with numerous relevant platforms, tools, and concepts and have abundant hands-on experience. However, it will take you some years to reach the optimal package if you have considerably fewer skills.
The most desirable skills in data science are as follows:
- Python
- Data analysis
- Statistical analysis
- R
- Machine Learning
- Apache Hive
- Deep Learning
- Algorithm development
- Data visualization
- Statistical Analysis System (SAS)
- Big Data analytics
- Java
- Company in Focus
Data Science salaries vary from one company to the other. The leading and reputed companies in the industry will pay you more. In contrast, regional and small enterprises will offer a slightly lower package for the same job position.
Among all Data Science-driven companies around the globe, Meta, Microsoft, and Amazon offer the highest salaries to data scientists. Apart from these giants, Apple, Ford, JPMorgan Chase & Co., Cisco, and Intel provide the best packages to data professionals.
Data Science is on the verge of transitions, and it is likely to bloom into a more diverse sector offering various job roles, higher salaries, and tremendous employee growth prospects. Now is the ripest time to start your professional journey in the industry. So, grab a Data Science course and begin your preparations today!