Salary of Data Scientist

by Barry Allen | Jan 5, 2023 | Interview, Salary

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Preface – This post is part of the Salary series.

Table of Contents

Introduction

Data scientists utilize data to comprehend and analyze occurrences in their environment and assist businesses in making better decisions. A data scientist may be intellectually requesting and analytically fulfilling, and the technology can put you at the edge of new technological developments. As the use of big data in organizational decision-making keeps growing, data scientists are becoming more critical and in demand.
An analytics expert is responsible for gathering, analyzing, and evaluating data to support organizational decision-making. It involves the application of data analysis methods, including machine learning and predictive modeling.
In this article, we will discuss the Salary of a Data Scientist.

Responsibilities

As a Data Scientist, you will be given these responsibilities:

Manage problem-solving on the client’s behalf, create and enhance frameworks for business solutions, and boost productivity.
Strong technical judgment abilities are needed.
Establish non-functional criteria and a delivery timeline, and ensure they are followed.
Skilled in knowledge graph solutions, cross-language model building, OCR, PDF recovery, and transformer expertise.
Knowledge Machine translation, phonetic and morphology analysis, language recognition, categorization, and summarization are necessary.
Knowledge of NLQ and interactive AI is a must.
Working knowledge, FAIR principles, comprehensible AI, and AI deployed across various clouds.
A specialist in model improvement, evaluation of correctness, and error is required.
Working knowledge of integration/API techniques.
Deep learning and computer vision expertise are required.

Scope

Data Science is a field that is expanding and using cutting-edge technology. The next ten years are far from saturated with job opportunities for data science specialists, safeguarding the future of data scientists. The industry’s constantly expanding possibilities and shifting data scenario can be cited as a factor.

The US Bureau of Labor Statistics projects a 36% growth in data scientists’ occupations between 2021 and 2031.
The industry for data science platforms is expected to increase from USD 4.7 billion in 2020 to USD 79.7 billion in 2030, expanding at a CAGR of 33.6%.
Due to the increased demand, the typical pay for data scientists and machine learning roles are now nearing USD 176,213 and USD 166,992, respectively.