While data-driven decisions remain vital to organisations, a recent survey shows that the overall number of positions in data science and analytics has decreased in the previous year. Several variables, including the current global macroeconomic uncertainties, influence these roles, particularly in the IT industry. Great Learning, a professional and higher education platform, has published the ‘Analytics and Data Science Jobs in India 2023’ report. It provides insight into the evolving job landscape in this industry and can assist professionals in better leveraging available possibilities.
In 2023, the BFSI industry will have the most significant proportion of data analytics positions
According to the estimate, the BFSI industry will account for over one-third of all India’s data science and analytics positions by 2023. This expansion has been fueled by the implementation of new technologies such as AI/ML and big data analytics to improve operations such as risk management, fraud detection, and customer service. With data science being employed in nearly every function, financial organisations are beginning to hire much more individuals to make better judgments.
Since last year, the proportion of IT jobs in total data science and analytics jobs has decreased significantly. This is due to worldwide recessionary patterns, particularly in the United States and Europe, where many IT sector clients are headquartered. Similarly, positions in energy and utilities fell as a percentage of total employment in 2018 compared to 2022, but those in retail & CPG and pharma & healthcare increased.
Data employment is expanding in major cities such as Chennai and Hyderabad, but Bengaluru continues to dominate
Despite a minor decrease from 2022, Bengaluru remains the country’s tech powerhouse, with the highest share of data science and analytics jobs. Other regions, such as Delhi NCR, Hyderabad, and Chennai, have increased their share as companies shift to other talent centres, with Bengaluru gradually approaching saturation. Data science personnel are in high demand in Chennai’s automotive and manufacturing sectors and Hyderabad’s thriving pharmaceutical and biotechnology industries as these companies adopt data-driven techniques.
MNC IT and KPOs continue to account for most job openings
MNC IT & KPOs had the most opportunities for data science and analytics positions in India in 2023, as these organisations often work with larger clients and, as a result, manage vast amounts of data. However, their share of data occupations has decreased over the previous year, owing primarily to the sector’s influence from recessionary macroeconomic conditions in the Western world. While data and analytics job vacancies in MNC IT & KPOs have decreased by 21 percentage points (pp) compared to 2022, those in domestic non-IT enterprises and domestic IT & KPO firms have climbed by 20 pp and 8 pp, respectively, compared to the previous year.
While the number of open opportunities for mid-level professionals is increasing, the number of available jobs for senior-level professionals is decreasing. The number of data science and analytics jobs was predominantly skewed towards individuals with 2-5 years of expertise and 5-7 years of experience. Firms have historically preferred these two work-ex categories due to their adaptability and reduced cost compared to more senior age groups. Furthermore, specialists in these fields have appropriate skills and practical experience, providing them an advantage over newcomers. The share of positions for the 2-5 year and 5-7 year work-ex brackets was the same in 2022.