Data science and analytics jobs in the non-IT sector have witnessed the highest increase in 2023, with the banking, financial services and insurance sector accounting for a third of these job openings, according to a report by professional and higher education platform Great Learning.
The report indicates that although data-driven decisions remain critical to organisations, the overall number of jobs in data science and analytics has witnessed degrowth in the last 12 months. Factors like global macroeconomic uncertainty are impacting these roles especially in the IT industry.
BFSI Reports Highest Share Of Data-Analytics Jobs
The BFSI sector accounted for more than one-third of all data science and analytics positions in India in 2023, and its share increased 19% since last year. The adoption of technologies like artificial intelligence, machine learning and big data analytics to improve operations like risk management, fraud detection and customer service has been the main driver of this growth, the report said.
The share of IT-sector jobs saw an 18% reduction since last year. According to the report, this can be attributed to global recessionary trends, especially in the U.S. and Europe, where a lot of IT sector clients are located.
The share of energy and utilities jobs dropped 7% compared to 2022, whereas those in pharma and healthcare rose 5%.
Drop In Share Of Multinationals, Domestic Companies Rise
With regard to company type, job openings for data and analytics in multinational IT and knowledge process outsourcing companies have gone down 21% since 2022. However, those in domestic non-IT firms and domestic IT and KPO firms have increased by 20% and 8% respectively compared to the previous year.
The drop in the share of MNC IT and KPOs can be attributed to the recessionary macroeconomic scenarios in the western world impacting the sector, the report said.
Mid-Level Jobs Growing, Senior Level Declining
Most data science and analytics jobs show a tilt toward professionals with two–five and five–seven years of experience because of their adaptability and lower cost to organisations compared to more senior-age groups.
While there has been an increase in the share of jobs in both groups since 2022, the two–five-year experience bracket saw a higher jump (13%) in openings as a consequence of cost-cutting measures by companies.
Opportunities for more experienced individuals (seven+ years) have reduced. Because of the tough macroeconomic conditions, organisations prefer to upskill their employees internally instead of making fresh, expensive hires, the report said.
Open data science and analytics jobs in the income ranges of Rs 6–10 lakh per annum and Rs 10–15 lakh per annum make up close to 60% of all data-related jobs in 2023. This statistic is in line with the rising number of jobs for those with two–five and five–seven years of experience.
The share of jobs for MBA graduates has risen this year by 7% as companies hire candidates with not just data science skills but also managerial skills to handle existing teams. Business analyst was the most sought-after job role—with a 25% share—while natural language processing, data architect and AI/ML engineer roles rose in 2023.
Jobs Growing In Chennai, Hyderabad
Bengaluru continues to hold the largest share (26%) of data science and analytics jobs despite a slight drop of 3% from 2022. The National Capital Region, Hyderabad and Chennai reported an increase in their share of 3%, 1% and 2%, respectively as organisations migrate towards new talent hubs.
Chennai's automotive and manufacturing sectors and Hyderabad's pharmaceutical and biotechnology industries are generating greater demand for data science professionals as these sectors adopt data-driven approaches, the report said.
"India is in the midst of a massive digital transformation supporting business operations globally, and there is a considerable push towards embracing data-driven decisions to achieve more efficient business operations," Great Learning co-founder Hari Krishnan Nair said. "Once economies rebound, we can expect data science and analytics jobs in India to grow further."
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