Data & Analytics Jobs Are In High Demand Outside of the IT Sector in Bengaluru, According To A Report

Despite the continued importance of data-driven choices to organizations, a recent survey claims that there has been a decline in the number of employment in data science and analytics over the last 12 months. These positions, particularly in the IT sector, are being impacted by a number of causes, including the current global macroeconomic uncertainties.

The ‘Analytics and Data Science Jobs in India 2023’ study has been released by Great Learning, a professional and higher education platform. It attempts to provide perspective on the shifting employment environment in this field and may assist professionals in making better use of the possibilities that are now accessible.

In 2023, the BFSI industry will employ the most people in data analytics.

The research states that in 2023, the BFSI industry would employ more than one-third of all data science and analytics workers in India. The adoption of cutting-edge technology like AI/ML and big data analytics to improve operations like risk management, fraud detection, and customer service has been the main driver of this expansion.

Financial institutions are starting to recruit a lot more staff as a result of data science being utilized in practically every function to help them make better choices.

Since last year, there has been a considerable decline in the proportion of IT employment in all data science and analytics occupations. This is due to worldwide recessionary patterns, particularly in the US and Europe, where many customers in the IT industry are based.

Similar to this, employment in energy and utilities as a proportion of all occupations decreased from 2022 to this year, but jobs in retail and CPG as well as pharma and healthcare increased.

In significant metro areas like Chennai and Hyderabad, the number of data employment is increasing, although Bengaluru still has the greatest proportion.

Bengaluru, the nation’s IT hub, still employs the most people in data science and analytics, despite a modest decline since 2022.

As businesses move to other talent centres, other areas, such Delhi NCR, Hyderabad, and Chennai, have seen a growth in their share, with Bengaluru gradually nearing saturation.

Particularly, as these businesses embrace data-driven strategies, the automotive and manufacturing sectors in Chennai and the burgeoning pharmaceutical and biotechnology sectors in Hyderabad are driving up need for data science personnel.

Domestic non-IT enterprises show the biggest increase in job vacancies compared to 2022; MNC IT & KPOs still make up the largest portion of employment this year.

Due to the fact that MNC IT & KPOs often deal with bigger customers and handle significant volumes of data as a consequence, these organizations will have the most vacancies for data science and analytics positions in India in 2023. However, owing to the sector’s negative effects of the recessionary macroeconomic situations in the western world, their percentage of data employment has decreased over the last year.

Compared to 2022, MNC IT & KPO job opportunities for data and analytics have decreased by 21 percentage points (pp), whereas those for domestic non-IT enterprises and domestic IT & KPO firms have grown by 20 pp and 8 pp, respectively.

While there are more mid-level professional positions available, there are less senior-level professional employment available.

Most data science and analytics positions were biased toward professionals with 2 to 5 and 5-7 years of experience. Due to their versatility and reduced cost to organizations compared to more senior age groups, these two work-ex categories have even traditionally been preferred.

Professionals in these categories also have relevant abilities and real-world experience, which gives them an advantage over newcomers. The proportion of employment for the 2-5 year and 5-7 year work-ex brackets was equal in 2022.

Both categories have now seen a rise in employment, however due to cost-cutting efforts during the recession, the 2-5 years experience category has seen a bigger surge in opportunities (13 pp).

With the challenging financial environment and the resultant tendency of organizations to upskill their existing workers rather than making new, costly recruits, opportunities for more experienced professionals (7+ years) have decreased.

For analytics and data science experts, there are more jobs in the 6–10 LPA income bracket accessible.

In 2023, open data science and analytics occupations with salaries between 6 and 10 LPA and 10 to 15 LPA will account for over 60% of all data-related employment. This data is consistent with the increase in employment opportunities for workers with 2–5, and 5-7 years of experience. The data also confirms that businesses are less eager to hire recent graduates and more seasoned workers this year.

An increasing proportion of data science and analytics professions need an MBA, demonstrating the field’s deeper corporate integration.

For engineering graduates, there are fewer open employment in the data science field, which is mostly attributable to the drop in recruiting of new employees across businesses as a result of macroeconomic circumstances.

Because organizations must train new hires before using them on projects, hiring them is an expensive process. But as businesses become more interested in recruiting people with not only data science abilities but also management skills to oversee existing teams, the number of data science and analytics positions for MBA grads has increased this year.

The goal of MBA programs with data science and analytics specializations is to meet this growing need.

The most sought-after job title is still “business analyst,” but demand for NLP, data architects, and AI/ML engineers is expected to increase in 2023.

The most sought-after occupation this year, according to volume, is “business analyst,” but since 2022, the proportion of data positions for AI/ML engineers, big data analysts, data architects, computer vision, and NLP has increased.

Since NLP positions are essential for applications like sentiment analysis and virtual assistants, their proportion has increased dramatically over the past year. Deep learning and data engineering positions have been on the decline.

“India is in the midst of a massive digital transformation supporting business operations globally, and there is a significant push towards embracing data-driven decisions to achieve more efficient business operations,” said Hari Krishnan Nair, co-founder of Great Learning. The survey for this year offers some unexpected findings, but if economies recover, we can anticipate that data science and analytics occupations in India would expand more and create more niche job profiles.