Data Science Salary trend in India & USA [2024 Updated]

Discover 2024 data scientist salary trends in India and the US, with insights for freshers & experts. Find salary benchmarks according to the country now!

Data science jobs are attracting more salary than ever in India as well as in the US. With an average annual compensation of Rs 5 lakhs to Rs 50 lakhs. The compensation can vary and fluctuate because of factors like cities, experience level, company type, etc.

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Data science is growing exponentially because of the need for data and processing to make decisions. In this guide, we'll delve into the latest salary data, exploring how factors like experience, location, and specialization impact earnings.

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Let’s take a look.

Average Data Scientist Salary in India

Entry-Level Salaries

In India, entry-level data scientists can expect to earn between ₹5-8 lakhs per annum. This range varies based on factors like educational background, skills, and location.

Cities like Bangalore, Mumbai, and Hyderabad typically offer higher salaries due to their thriving tech ecosystems.

Mid-Level and Senior Positions

As you gain experience, your earning potential increases significantly. Mid-level data scientists with 3-5 years of experience can command salaries ranging from ₹10-20 lakhs annually.

Senior positions, often requiring 7+ years of experience, can fetch upwards of ₹25 lakhs, with some top professionals earning ₹50 lakhs or more in leadership roles.

Factors Influencing Salaries

Expertise in specific domains (e.g., finance, healthcare)
Proficiency in cutting-edge technologies (AI, machine learning)
Company size and funding
Performance and impact on business outcomes

Remember, these figures are averages, and individual salaries may vary based on your unique skill set and negotiation abilities 😉.

Let’s take a look at 5 companies compensation for data science.

1. Visa

A global financial services corporation, Visa facilitates electronic funds transfers worldwide, primarily through credit, debit, and prepaid cards. It heavily relies on data analytics to improve transaction security and payment solutions.

Salary Range: ₹15 LPA – ₹42 LPA
Experience Level: 2 - 9
Basic Qualifications: Skills in Python, computer science, SQL, operations research, financial services, data analysis, predictive modeling, data science, business analytics, and learning.

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Source: https://www.ambitionbox.com/salaries/visa-salaries/data-scientist

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2. Microsoft Corporation

A multinational tech company, Microsoft provides software, cloud computing, and AI services. Data science is critical to optimizing products like Azure, Office 365, and LinkedIn.

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Salary Range: ₹14 LPA – ₹54 LPA
Experience Level: 2 - 9
Basic Qualifications: Skills in machine learning, Microsoft, computer science, Python, SQL, data science, analytics, C++, data mining, system design, coding, debugging, product management, monitoring, and data analysis

Source: https://www.ambitionbox.com/salaries/microsoft-corporation-salaries/data-scientist

3. Franklin Templeton Investments

A global investment firm, Franklin Templeton specializes in asset management. It uses data science to predict market trends and create investment strategies.

Salary Range: ₹15 LPA – ₹ 60 LPA
Experience Level: 2 - 9
Basic Qualifications: Skills in machine learning, predictive modeling, investment, data mining, data science, analytical skills, Python, asset management, SQL, computer science, data analytics, data visualization, data analysis, econometrics, analytics

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Source: https://www.ambitionbox.com/salaries/franklin-templeton-investments/data-scientist

4. Walmart

One of the world’s largest retailers, Walmart integrates data science into supply chain management, customer analytics, and e-commerce operations.

Salary Range: ₹ 18 LPA – ₹ 54 LPA
Experience Level: 4 - 9
Basic Qualifications: Skills in machine learning, Python, SQL, information technology, computer science, data science, analytics, monitoring, forecasting, coding, agile methodologies, analytical skills, data analysis, data mining, SEZ

Source: https://www.ambitionbox.com/salaries/walmart-salaries/data-scientist

5. Uber

A transportation and delivery company, Uber uses data science to optimize ride matching, surge pricing, and route planning.

Salary Range: ₹ 16 LPA – ₹ 45 LPA
Experience Level: 2 - 9
Basic Qualifications: Skills in SQL, computer science, Python, analytical skills, machine learning, product management, data analysis, analytics, operations research, coding, bioinformatics, and data visualization.

Source: https://www.ambitionbox.com/salaries/uber-salaries/data-scientist

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Top Paying Cities for Data Scientists in India

Let's explore some of the top-paying cities for data professionals.

1. Bangalore: The Silicon Valley of India

Bangalore continues to lead the pack when it comes to data science salaries. With its thriving tech ecosystem and numerous multinational corporations, the city offers competitive compensation packages.

On average, data scientists in Bangalore can expect to earn between ₹12-20 lakhs per annum, with experienced professionals commanding even higher salaries.

2. Mumbai: The Financial Hub

Mumbai, India's financial capital, comes in as a close second. The city's strong presence in finance, e-commerce, and analytics drives the demand for skilled data scientists. Salaries here typically range from ₹10-20 lakhs annually, with top performers earning significantly more.

3. Hyderabad

Hyderabad has rapidly grown into a major tech hub, attracting both startups and established companies. This surge in the tech sector has led to increased demand for data scientists, with salaries ranging from ₹9-16 lakhs per year.

4. Delhi NCR

The National Capital Region, including Delhi, Gurgaon, and Noida, offers numerous opportunities for data scientists. With a mix of startups, IT services companies, and government initiatives, salaries in this region typically fall between ₹8-15 lakhs annually.

5. Pune

Known for its strong educational institutions and growing IT sector, Pune offers competitive salaries for data scientists. While slightly lower than Bangalore or Mumbai, you can still expect to earn between ₹7-14 lakhs per year in this city.

Average Data Scientist Salary in the US

The data science job market in the United States continues to offer lucrative opportunities for skilled professionals. As of 2024, the average annual salary for data scientists in the US ranges from $95,000 to $165,000, depending on factors such as experience, location, and industry.

Entry-level vs. Senior Positions

Entry-level data scientists can expect to earn around $85,000 to $110,000 annually, while those with 5+ years of experience often command salaries upwards of $130,000.

Senior-level positions and management roles can reach $200,000 or more, especially in tech hubs like San Francisco and New York City.

Industry Variations

Data scientists in the finance and tech industries typically earn higher salaries compared to those in healthcare or education. However, these sectors are rapidly growing up as they know the value of data-driven decision-making.

Data Science Salaries by Industry

Data science salaries can vary significantly across different industries. Let's explore how your paycheck might change depending on where you apply your skills.

Tech Giants Lead the Pack

It's no surprise that tech giants like Google, Amazon, and Facebook offer some of the most competitive salaries for data scientists.

In these companies, you can expect base salaries ranging from $120,000 to $200,000+, with additional bonuses and stock options that can push total compensation well over $300,000 for experienced professionals.

Finance and Banking

The financial sector isn't far behind in the data science salary race. Banks, investment firms, and fintech companies are increasingly relying on data-driven insights.

Here, you might see base salaries between $100,000 and $180,000, with potential for significant bonuses based on performance.

Healthcare and Pharmaceuticals: Growing Demand

As healthcare becomes more data-centric, salaries in this sector are on the rise. You could earn between $90,000 and $150,000 as a data scientist in healthcare, with the added satisfaction of contributing to life-saving innovations.

Retail and E-commerce

In the age of personalized shopping experiences, retail giants are willing to pay top dollar for data expertise.

Expect salaries ranging from $85,000 to $140,000, with higher compensation at larger companies or for those specializing in areas like recommendation systems.

Startups and Small Businesses: Risk and Reward

While startups might not match the salaries of larger corporations, they often offer equity compensation that could be extremely valuable if the company succeeds.

Base salaries typically range from $70,000 to $120,000, but the potential for growth and impact is significant.

Always research the latest salary trends in your target industry and region to negotiate effectively.

Conclusion

As you navigate your data science career path, remember that salaries are just one piece of the puzzle. While the US generally offers higher compensation, India's rapidly growing tech sector presents unique opportunities.

Think of factors beyond salary, such as cost of living, work-life balance, and professional growth potential. Understand the above insights from this salary comparison, and equip yourself to make informed decisions about your future in this dynamic and rewarding field.

Happy Hunting.

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