While demands in the field are rising, confusion and less clarity are still prevalent about data science and associated jobs. In this uncertainty, it is apparent that Big Data and a data-driven environment throughout the industry are becoming increasingly important.
The US Bureau of Labor Statistics states growth of 28% in the number of jobs in the data science field by 2026, with around 11.5 million new positions. Organizations are now struggling to understand an excessive quantity of conflicting data.
The capability to change a sea of data into actionable insights can have a tremendous effect – from forecasting the best new treatment for diabetes to recognizing and combating national security threats. That is why companies and government bodies are willing to recruit individuals from data science who can help with this.
Let’s discuss roles and responsibilities and data science salary ranges of various job roles.
Data scientists are analytical specialists using their technical and social science skills to identify patterns and data handling. They provide solutions to corporate problems with collective industry experience, contextual understanding, and skeptical assumptions.
The profession of a data scientist involves a mix of computer science, statistics, and mathematics. They collect and analyze vast sets of organized and unstructured data. They explore the results of data analysis, processing, and modeling to provide initiatives for companies and other organizations.
Data scientists are, therefore, a blend of computer scientists, trend analysts, and mathematicians. Due to huge demand, the data science salary in India stands highest.
A data scientist has a leading role in analyzing data, which begins with data collecting and finishes with business decisions based on the conclusions of data analytics from the data scientist.
Data, also referred to as Big Data, is analyzed by data scientists from various sources. Big Data is divided into two sorts of data: structured and unstructured data. Structured data are often grouped by categories that facilitate computers to sort, read, and organize automatically. The fastest expanding form of Big Data, unstructured data, is usually obtained from customer videos, emails, reviews, and media posts. In general, organizations employ data scientists to handle unstructured data, while other IT personnel carry out the management and maintenance of structured data.
- Data Scientist: As per the PayScale report, the minimum data science fresher salary for an entry-level data scientist in India is ₹42,000. The range for skilled persons can be from that to anything of up to ₹2,000,000. In India, it is stated that the average pay of data scientists for newbies is over Rs. 700,000 a year. With five to nine years of experience, data scientists can receive suitable salaries of INR 12 and 14 lakhs per annum. In the USA, on average, a data scientist earns $100,560 in a year.
- Data Analyst: The data analyst is the individual responsible for analyzing data. The task includes the collection, processing, and analysis of statistical data. However, this process involves the development of technologies to help business users learn and ensure data quality. The data analyst finds valuable data and uses R or SAS from accessible data. It is not just the IT industry that needs Data analysts to run their firm, but also companies of all types in healthcare, automobile, financing, retail, and insurance. Data analysts in the US have an average annual pay of $62,000.
- Data Architect: Data architects are acquiring great importance with the rise of big data. They aim to build data management systems for integrating, protecting, and maintaining data sources and information for enterprises. They are responsible for the architecture of databases, design, construction, and data optimization. For this career, the average annual salary (US) is $100,000.
- Data Engineer: They do not analyze data but create a specific software architecture for others to work. They can achieve this because they have a complete experience of Hadoop and Big Data technologies such as MapReduce, Hive and Pig, NoSQL, and SQL. He is responsible for developing, testing, and maintenance of large-scale processing systems. More than 50% of the work is Data Wrangling, with data engineers supervising who are familiar with software technology. This job receives an average compensation of $95,000.
- Statistician: A statistician’s role is to understand the evolving trends in the market that influence business growth. The work is to collect the data and to make it worthwhile. They are capable of handling various forms of data, whether structured or unstructured. These standard tools include SAS, SPSS, Matlab, Python, Scala, SQL, and R. They have an excellent statistical background covering descriptive and inferential subjects. Statisticians are paid an average salary of US$75,000.
- Database Administrator: These people are trained to store and manage the data of the firm. Database Administrators carry out and conduct all actions related to data protection, monitoring, maintenance, and security. It helps users, especially staff, always to make databases accessible. For this position, the typical average pay (US) is $68,000.
- Business Analyst: A business analyst’s role is the same as a data analyst. Business analysts, however, have particular business expertise. They use their abilities to help the company improve its products and services. They collect and analyze the fundamental business demands and needs and are accountable for managing the change in the organization. For this data science job, the average pay (US) is $65,000.
- Data & Analytics Manager: The Data & Analytics Managers shall build efficient data analysis, interpretation, and reporting processes. They provide guidance and decision-making services to the data analyst team. They need to have 7-10 years of data science expertise. They can advise business leaders to make improvements based on market trends. The average salary (US) for this career is 16,000 dollars.
Data science is currently, internationally and in India, one of the most rewarding careers in IT. Organizations properly recognize and reward their data scientists for the human technological characteristics of the data platform and the sophisticated nature of their work.