The non-IT sector is seeing the highest growth in data science and analytics employment, with the BFSI sector accounting for one-third of these job openings in India, according to a report by ed-tech platform Great Learning. 

Driven by use of new tech such as AI/ ML

This growth has been driven by the use of new technologies such as AI/ ML and big data analytics, to enhance operations such as risk management, fraud detection, and customer service. 

With data science being used in almost every function, financial institutions are beginning to hire a lot more personnel to make better decisions, the ‘Analytics and Data Science Jobs Report 2023’ noted. 

De-growth in overall numbers

While data-driven decisions remain critical to organisations, the overall number of jobs in data science and analytics has seen de-growth in the last 12 months. A combination of factors — including the prevailing global macroeconomic uncertainty — impacts these roles, especially in the IT industry, the report noted.

Open jobs for analytics and data science in domestic non-IT firms increased by 20 percentage points compared to last year. The share of IT sector jobs among the overall data science and analytics jobs has seen a significant reduction since last year. This can be attributed to global recessionary trends, especially in the US and Europe, where a lot of IT sector clients are located. 

Similarly, jobs in energy and utilities as a percentage of the whole dropped compared to 2022, whereas those in retail & CPG and pharma & healthcare have risen this year. The maximum openings for data science and analytics jobs in India in 2023 were in MNC IT & KPOs as these organisations typically work with larger clients and, as a result, manage large amounts of data. However, their share of data jobs has dropped over the previous year, due mainly to recessionary macroeconomic scenarios in the western world impacting the sector, the report said. 

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