26 Interesting Statistics around Big Data, Data Science, and Analytics Market, Jobs, and Salaries
A MUST-READ for Those Interested in a Career in DATA!
Win with Data Science!
LinkedIn’s emerging jobs report states that data science has emerged as the fastest-growing job requirement world-wide, with more than 650% growth since 2012.
According to a 2021 report by the World Economic Forum, data science was identified as the skill with the largest skill gap.
In 2020 the number of data science job postings exceeded the number of people searching for data science jobs by a ratio of 3 to 1.
It is clear from the above points that data science is one of the most in-demand skills and the supply of skilled data professionals sadly fall behind the demand.
A lack of awareness has led to less competition in the data science field. Hence, an individual interested in a career in this field and armed with right skill sets can have a very promising and lucrative future.
In this article, we present some interesting statistics around the following, that should help you decide for yourself as to where you are headed for with job in data science :
Big Data, Data Science, and Analytics Market;
Data Scientist — Job and Salary.
Big Data, Data Science, and Analytics Market
- Further IDC studies into global big data potential have found that the USA is the largest market for data and analytics, followed by Western Europe.
- According to a report by the Times of India, India is the 2nd topmost country in the world with regard to recruitment of youths for data science and related research.
- The global data as a service (DaaS) market is expected to grow and reach a revenue of US $10.7 billion in 2023.
- By 2023, the big data analytics market is anticipated to reach $103 billion.
- According to Statistica, by 2025, the global big data analytics market’s annual revenue is likely to grow to $68.09 billion.
- According to Analytics Insights, India will secure 32% of the global big data market. It is estimated to reach $16 billion by 2025 and $20 billion by 2026.
- As per Allied Market Research, by 2025, the market for big data analytics in healthcare might reach $67.82 billion (Source: Global Newswire).
- According to Healthcare Big Data Analytics Market Report 2022, by 2027, big data in healthcare is predicted to reach $71.6 billion.
- By 2025, the market of big data analytics in banking is predicted to grow to $62.10 billion (Source: KR Elixir).
- By 2027, the use of big data application database solutions and analytics is estimated to reach $12 billion.
Data Scientist — Job and Salary
- According to LinkedIn’s 2021 Report for Jobs on the Rise, hiring for data scientist and machine learning job roles increased by 46% and 32% respectively between 2019 and 2020.
- According to a report by Monster.com, 96% of companies plan to hire individuals with big data skills (Source: Analytics Insight).
- The demand for composite data analytics professionals will increase by 31% by 2030.(Source: Forbes)
- As per 2022 technology predictions, data science jobs will increase by approximately 28% by 2026. This equates to around 11.5 million new jobs for data scientists by 2026 ! (Source: Towards Data Science)
- As per prediction by analysts, by 2026, there will be approximately 11 million data science job openings in India alone.
- As per Intellipaat, the below table shows the five countries with maximum opportunities for data scientists and the corresponding estimated annual salary ranges.
7. According to Glassdoor, the average base salary for data scientists in the United States is $117,212 per year. There is a very high degree of confidence in this estimate, as it has been created from a sample of 18,000 incomes.
8. As per Intellipaat, the average salary of a data scientist in India for freshers ranges between INR 600,000–700,000.
9. As per Intellipaat, the average data science salaries are dependent on location and compensation and varies within India. In 2019, the annual salary for a data scientist was highest in Mumbai, followed by Bengaluru, Chennai, Hyderabad, and Pune.
10. According to PayScale, the average compensation for prospective data scientists seeking their first position in the industry is $85,000. Data scientists salary statistics by experience are as below:
However, the average annual salary for senior data scientists, is more than $121,759.
11. As per the data from the U.S. Bureau of Labor Statistics, the average data science salaries are dependent on location and compensation varies significantly within the United States. In general, the average salaries tend to be higher in states along both the East and the West Coast of USA, with average salaries highest in the following locations:
12. As per the O’Reilly 2016 Salary Data Science Salary Report, the data science salaries increases with company size and the average data science salaries by company size are shown below:
13. As per Glassdoor, the annual salary statistics for different data roles, are as follows:
14. According to PayScale, below are the list of skills that affect data scientists’ salaries:
15. According to the O’Reilly 2021 Data/AI Salary Survey, cloud training, particularly in Amazon Web Services (AWS) and Microsoft Azure, was the skill most strongly associated with higher salary increases.
Concluding Thoughts and The Path Ahead
Data science has been termed as “one of the sexiest jobs in 2021” by the Harvard Business Review. Indeed, data science and analytics are the most sought after fields and skills and there is a huge demand for skilled professionals.
This article gives a wholistic picture of the future growth of the big data and analytics in different geographies, in the next few years, the different data roles, the expected salaries based on different factors such as locations, company size, experience, and data roles.
Data science is a highly evolving and disruptive field, with new tools and technologies constantly coming into the picture. My future articles will focus on the data science skill sets, tools and technologies and learning resources.
You may be interested in the articles in the following lists-
Free Resources for Data Analysis, Data Quality, etc…
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Thank you for reading! Take care!
Please do let me know whether this article was helpful, and what more you would like to read with respect to data. Please leave a comment here or connect on LinkedIn.
Biography: Rupa Mahanti is a consultant, researcher, speaker, data enthusiast and author of several books on data (data quality, data governance and data analytics).
