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BFSI sector saw highest rise in data science, analytics jobs in 2023: Study

2023-09-16 00:00:00.0 商业标准报-经济和政策原网页

In 2023, over one-third of data science and analytics jobs in India were in the banking, financial services and insurance (BFSI) sector, according to a report by edtech firm Great Learning. The adoption of emerging technologies like artificial intelligence, machine learning, and big data analytics has propelled this growth, particularly in areas such as risk management, fraud detection, and customer service.

However, the report also noted a decline in the overall number of data science and analytics jobs over the past year. This downturn, particularly in the IT sector, is attributed to various factors including global macroeconomic uncertainty, especially in key markets like the US and Europe.

"India is in the midst of a massive digital transformation supporting global business operations. Although this year's report shows some unexpected trends, a revival in economies will likely accelerate job growth in data science and analytics," said Hari Krishnan Nair, co-founder of Great Learning.

The report indicates that while job openings for mid-level professionals are on the rise, there is a decline in vacancies for senior-level professionals. Jobs in this field are predominantly aimed at professionals with 2–5 and 5–7 years of experience, who are preferred for their adaptability and lower cost to organisations.

In terms of remuneration, jobs offering an annual income between Rs 6–10 lakh and Rs 10–15 lakh accounted for nearly 60 per cent of all data-related positions in 2023. This trend aligns with the higher number of jobs aimed at those with 2–5 and 5–7 years of experience, underscoring that organisations are less inclined to hire freshers and more seasoned professionals this year.

Geographically, Bengaluru continues to dominate the job market for data science and analytics, despite a marginal decline since 2022. Cities such as Delhi NCR, Hyderabad, and Chennai are emerging as alternative talent hubs. Specifically, Chennai’s automotive and manufacturing sectors, along with Hyderabad’s burgeoning pharmaceutical and biotechnology industries, are fuelling the demand for data science professionals.