The demand for data science courses has spiked up in recent times. The reason is that companies are actively looking for skilled data scientists. Students, as a result, want to acquire skills that can guarantee a lucrative career in data science. With demand in both learning and jobs, the average salary for a data scientist has also jumped by a few notches.
However, the data science job industry scene looked gloomy when the covid-19 pandemic hit in late 2019.
The covid-19 pandemic caused a severe blow to economies around the globe which, in turn, had a direct impact on the job sector. The Indian data science industry was no different. In early 2019, World Bank predicted the Indian GDP to grow by 7.5%. However, it hit an all-time low with the surge of covid, crashing by 23.9%.
Like all other industries, the data science job sector felt the brunt of the low GDP, and the churn in hiring and job creation hit rock bottom during this time. By May 2020, the number of job openings for data science roles fell to a mere 82,500.
However, tables turned, and in June 2020, the total number of recorded data science job openings touched 1,37,870. That was a huge jump.
What led to this spike? Researchers and analysts have pointed out that the turning point for the Indian data science job sector was the seismic shift in the world’s digitization. People had no option but to browse everything online. To reduce contact, even the smallest vendor shifted to digital payment modes like PhonePe or PayTM. As eCommerce boomed, data generation also grew manifold times.
As a consequence, the need to manage and derive insights from this data increased, leading to newer data science job roles. The chain continued with more and more students showing interest in opting for data science courses, online and offline.
Download a free copy of the Data Science Salary Report 2022 powered by AnalytixLabs to understand how the data science job domain moved from an all-time low to a “steadily hiring” industry in just two years, what is the salary trend for several data science job roles, companies hiring, which cities are at the top, and what roles you can pick.