Big data analysts and artificial intelligence have been major buzzwords lately. Especially with COVID-19 ravaging the world, governments and organisations across the globe have been striving to capitalise on and gain critical insights from data. Not only that, studies also show that the more data analysis enterprises employ, the more they stand to gain.
In this blog, we look closely at jobs in the top industries, the average data analyst salary in each industry, and the future of the field in India.
Top Industries That Pay Lucrative Data Analyst Salary
With an impressive array of skills like Tableau, data modelling, Python, R, and SQL coupled with the right soft skills, you could be well on track to get a high-paying data analytics job. Here are some of the best-paying industries for data analysts.
The Banking, Financial Services and Insurance (BFSI) sector is arguably one of the most data-dependent industries. Not only do these organisations need data to promise better and faster customer service, they also need protection from fraud and risk. Just in 2019-20, frauds in banking went up by 159%. Plus, with the growing realisation that India’s BFSI sector could only be more profitable the more they invest in data professionals, the outlook for data analytics jobs in financial services looks incredibly promising,
According to LinkedIn, finance is the highest paying industry as well as the one most actively hiring data analysts.
Data analysts in this sector get paid in the range of ₹2,50,000 – ₹14,00,000, with an attractive median salary of ₹6,50,000 per year.
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2. Data Analyst Salary in Retail
We all have experience of receiving recommendations from retailers that pertain to our specific interests and purchase history. Interestingly enough, research from Gartner suggests that, on a daily basis, companies collect so much data from their customers that data privacy becomes a concern. What’s more, for the amount of data customers provide, there isn’t nearly enough personalisation or advantage that they get in return. Therefore, it’s not surprising that retail has been on the fast track in AI adoption to make optimum use of all the data going unleveraged and in order to gauge customer behaviour.
Second only to finance, retail is another top industry where data analytics jobs are paid highly, with a range of ₹3,00,000 – ₹12,00,000 and a median salary of ₹6,00,000 per year.
3. Hardware and Networking
Hardware and data go hand in hand: Hardware impacts the infrastructure of data centres and more, while data guides efficiency and automation in hardware and networking. And several companies such as Cisco, Dell, and Bosch have been stepping up their investment in India, owing to the emerging advancements in 5G and other technologies.
Data analysts in the hardware and networking sector are paid anywhere from ₹2,49,000 – ₹11,00,000, with an average salary of ₹4,00,000 per year.
4. Data Analytics Salary in Manufacturing
Automation and modernisation of factories has long remained a key goal for the manufacturing industry. Analytics is an important player in improving productivity, cost efficiency, predictive maintenance, warehouse management, etc. In fact, in the next 1-2 years, data and analytics are a top investment priority for the industry. This only shows the urgent demand for data analysts to help with the evolution of manufacturing.
Manufacturing analytics professionals are paid in the range of ₹2,00,000 – ₹11,00,000, with a median salary of ₹4,30,000 per year.
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5. Utilities, energy and mining
The utilities, energy, and mining sector is poised to experience a big data boom in the upcoming years. Here’s why:
- The power and utilities industry in India has turned to data analytics to match the evolving expectations of electricity consumers.
- In 2020-2025, the big data analytics market in the energy sector is expected to grow by 10.22%. And Asia-Pacific is the fastest growing market, with India being a leader.
- The mining industry is not far behind: In recent times, advanced analytics in the mining industry has helped with ore extraction, processing, and transportation.
It’s no wonder, then, that this sector is ready to employ more data analysts in the coming years.
The average salary for data analysts in utilities, energy, and mining is ₹3,35,000 per year, with the range being ₹2,20,000 – ₹9,65,000.
6. Software and IT Services
The surge of data analytics is steadily revolutionising software development. Plus, the global Analytics as a Service (AaaS) market will reach $126.48 billion by 2026. Data analysts in this sector will continue to grow and focus on identifying customer-centric metrics, monitoring business performance, track brand perception, eliminate security issues, and simplify business processes.
Software and IT services data analysts are paid in the range of ₹1,80,000 – ₹9,00,000, with a median salary of ₹4,00,000 per year.
7. Data Analyst Salary in Entertainment
The data buzz has not left the Indian entertainment industry untouched. Here’s an exciting example: From using predictive analytics to forecast box office collection to using social media data to precisely target films to the right audience, Bollywood has also been at the forefront of a data-driven adventure.