Published in THE HINDU February 24, 2016
Analytics and Big Data sector is on a roll and is expected to see robust hiring and handsome pay packets as startups and established firms look to attract talented data scientists, says a report.
Unlike large companies, which pay around Rs. 9.6 lakh, Indian startups are willing to pay over Rs 10.8 lakh per annum to attract the best talent in the analytics industry, according to the Analytics and Big Data Salary Report 2016 by Jigsaw Academy and Analytics Vidhya.
The analytics and big data sector has seen a consistent growth over the last five years despite an increasingly uncertain global outlook and the market for advanced analytics is expected to grow at a compound annual growth rate (CAGR) of 33.2 per cent and big data at a CAGR of 26.4 per cent.
“The demand for data professionals has grown but a corresponding surge in supply has failed to happen. Experts estimate a shortfall of around 2,00,000 data analysts in India by 2018. The extremely competitive pay scales reflect this incongruity,” Jigsaw Academy CEO Gaurav Vohra said.
“In 2005, entry-level salaries were around Rs 2-4 lakh per year but today, pay scales have gone up phenomenally. With data being generated at such a furious pace, I don’t see the demand for big data analysis or analysts slowing down anytime soon,” added Vohra.
Kolkata seems a clear winner for analysts in terms of earnings as they enjoy a better quality of life there than in other cities.
The average pay for analysts in Kolkata is projected to be Rs 9.35 lakh per annum.
According to the report, analysts get the biggest jump in salaries once they have clocked 5 years in the industry and can expect a raise of up to 70 per cent with an average pay of Rs. 12.3 lakh per annum.
“This is one of the most exciting times to be alive for data science professionals.
"We are standing at an inflection point in history, after which analytics and data science will become an integral part of any product or service available,” Analytics Vidhya Founder & CEO Kunal Jain said.
Experts estimate a shortfall of around 2,00,000 data analysts in India by 2018.