Job Trends: BFSI Sector Witness 33% Surge In Data Science Jobs

As per the online sources, there is a surge in the hiring of students pursuing data science, data analytics, AI & machine learning. Read on to learn more about the report.

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Job Trends: BFSI Sector Witness 33% Surge In Data Science Jobs

As per online sources, the banking, financial services, and insurance (BFSI) sector in India saw a growth of one-third of the positions related to data science and data analytics this year.

Artificial intelligence (AI) refers to the capacity of digital computers to conduct activities that are typically carried out by people in order to create computer systems with problem-solving, decision-making, and deductive reasoning capabilities similar to that of the human brain.

Data Science includes everything that has to do with data, such as selecting, preparing, and analyzing data in order to obtain meaningful patterns and insights from vast volumes of raw data that really are relevant to organizations.

Why Job Surge In AI, Data Science & Machine Learning?

The surge in jobs in this domain of learning is attributed to the increasing implementation of emerging IT such as AI, machine learning, and data analytics. These rapidly emerging technologies are particularly used in areas such as customer service, fraud detection, risk management, etc.

Nonetheless, the report indicated that jobs in the IT sector experienced a fluctuating trend over the past few years. The fluctuation is caused mainly due to factors that include global financial uncertainty coming from key markets situated in developed countries like the US and Europe.

As India strives towards a massive overhaul in digital transformation that supports global business operations, a revival in economies will likely accelerate job growth in data science and analytics despite recent declines in these areas.

Hiring Trend & Salary: Professionals Vs Freshers

Online sources also point out that job openings for data scientists and data analytics tend to favor mid-level professionals eventually leading to a surge in this category. On the other hand, a decline in senior-level professionals is noticed. Professionals with specific years are preferred as provide easy adaptability and reduce the financial burden of the organization.

As far as the salary package is concerned, data scientists and data analytics jobs offered in this organization start with decent pay ranging from INR 6–15 lakh. Employees' pay falls into this range making up for nearly 60% of all data-related positions in 2023. This trend indicates organizations’ preference for seasoned employees with specific years of expertise as compared to freshers.

Job-Specific Locations For Data Science & Analytics In India

Going by specific hiring location, Bengaluru leads as the dominant job market for data science and analytics. Emerging cities for data science and analytics are Delhi NCR, Hyderabad, and Chennai. Automotive and manufacturing sectors located in the southern states like Chennai along with pharmaceutical and biotechnology sectors located in Hyderabad continue to fuel the demand for professionals in AI, machine learning, and data analytics.

With the trend of job surge continuing for students pursuing data science, analytics, AI & machine learning, there is a silver lining for both freshers and professionals to be alert and positive while looking for their dream job.