Data science salary continues to see an upward tick even as the world economy stares at a global slowdown and financial recession. Many IT companies have cut down on their traditional hiring budgets for regular job titles but are evidently scared to follow the suit when it comes to slashing the package of data science professionals. There are many reasons that have led to a cumulative growth in the salary trends of data scientists and AI engineers around the world. According to a research finding on the salary trends in the data science industry, the average rise in salaries for entry level jobs for data scientists in India and US varied between 12% and 18%, the highest for any job title in the whole technology driven marketplace. The salaries of AI and machine learning project managers easily outpace the trends when compared to those of IT and Cloud DevOps architects working in similar projects. If you are looking to build a career in data science, you must understand the underlying factors that drive such salary trends in the data industry.
In this article, we have tried to put the puzzle together and help you identify the biggest trends in data science that influence salaries at all levels of operations.
Explosive Innovations in Healthcare Data Management
If you follow the trends between 2011 and 2021, one thing is evident and startling that Big Data Ops has exploded with the growth in healthcare service management platforms. Today, we have thousands of online platforms that provide software and cloud services to healthcare companies, enabling these companies with “just in time” capabilities and customer experience delivery models. The phenomenal rise of big data ML ops teams in the healthcare industry has pushed the boundaries for salaries offered to data scientists, and that invariably makes healthcare data management projects so attractive to start a lucrative career in data science and big data analytics.
If It’s Retail, You Can’t Fail
Many analysts studying the online retail and e-commerce markets have come to a conclusion that data is a kingmaker for companies that have a solid foundation for data management and analytics used for customer behavior intelligence. Retail companies around the world hire talented data scientists to lead analytics teams and customer service departments for global locations who can develop Big Data Machine Learning algorithms for respective products and solutions. Innovations in retail have prompted organizations to build an information-driven environment that helps create hyper-personalization and immersive product experience channels for in-store buying and online shopping habits. The rise in retail commerce is definitely one of the reasons why data scientists are getting paid so handsomely compared to other job titles in the same industry.
Flying cars, driverless trucks, drones, pilot-free airplanes, and rocketships always featured prominently in the “smart city” envisioned for the future. Back in the early 2000s, despite tremendous engineering capabilities, smart mobility was out of the question as far as reality was concerned. But in 2021, we are here with the likes of SpaceX, Tesla, Delair BMW, and Samsung driving the next era of self driving cars and trucks, AI drones, and rockets. By 2030, a majority of the automobile companies would switch to driverless and electric vehicle modes to meet the new age mobility needs that have superseded expectations of smart city infrastructure. Without skilled support from data scientists and AI engineers building software for mobility companies, this wouldn’t be possible, to say the least.
By 2030, a large number of internet users would be utilizing at least one cryptocurrency to make their payments.
Marketing, Sales, Advertising, Finance and Banking, Mobile applications, and Gaming –every industry is utilizing blockchain and crypto frameworks in the same way or the other to bring transparency to their workflow and transaction using decentralization finance. Banking, in particular, has witnessed a flurry of complex challenges in recent years, with 70 percent of the consumers switching to smart payment options such as digital wallets and app-based peer to peer transaction mediums.
The engineering teams that build blockchain technology with some of the best minds to redefine the data scientist salary trends for the industry.