Not IT, BFSI Sector Commands Over One-third Of India's 2023 Data Science Jobs
A new report has revealed that Banking, Financial Services and Insurance (BFSI) accounted for over one-third of all such job openings in India in 2023. This surge can be attributed to the sector's increasing reliance on cutting-edge technologies like AI/ML and big data analytics to optimise functions such as risk management, fraud detection, and customer service.
Conversely, the Information Technology (IT) sector, traditionally a bastion of data science and analytics opportunities, has encountered headwinds. Global economic uncertainties, particularly in the United States and Europe, have had a knock-on effect on IT sector clients, leading to a noticeable reduction in job openings within the industry.
While multinational IT and KPO (Knowledge Process Outsourcing) companies still command the lion's share of data science and analytics jobs, their dominance has waned compared to the previous year. In stark contrast, domestic non-IT firms have reported a substantial uptick in job openings, signaling a notable shift in the employment landscape.
Experience Matters
The Great Learning report also underscored the significance of experience levels. Mid-level professionals with two to five years and five to seven years of experience continue to be highly sought after due to their adaptability and cost-effectiveness. However, senior-level professionals (over seven years) have experienced a drop in job prospects, as organisations prioritise upskilling their existing workforce over costly external hires.
Salary Ranges Reflect Experience
The majority of data science and analytics positions fall within the salary ranges of Rs 6–10 LPA (Lakh Per Annum) and Rs 10–15 LPA. This reportedly aligns with the demand for professionals with two to five years and five to seven years of experience, reflecting their significance in the job market.
Infographic: Great LearningRegional Dynamics, Education And Roles
While Bengaluru remained a key hub for data science and analytics jobs, other cities like Delhi NCR, Hyderabad and Chennai are witnessing increased demand. Chennai's automotive and manufacturing sectors and Hyderabad's burgeoning pharmaceutical and biotechnology industries are driving this regional growth.
The report also highlighted a growing trend of data science and analytics roles requiring MBA degrees, showcasing a stronger fusion of business acumen with technical expertise. MBA degrees with specialisations in data science and analytics are increasingly favoured by employers.
Meanwhile, Business Analysts continue to be the most sought-after professionals in the field. Additionally, roles related to Natural Language Processing (NLP), data architecture, and AI/ML engineering are on an upward trajectory, driven by their critical importance in applications such as virtual assistants and sentiment analysis.
Interestingly, roles related to deep learning and data engineering have seen a decrease in demand, reflecting shifting priorities within the industry.
