In 2023, the non-IT sector will have the biggest growth in data science and analytics employment, with the Banking, Financial Services, and Insurance (BFSI) sector contributing to one-third of these job vacancies in India. This accounted for a 19 per cent increase in the BFSI sector from 2022 to 2023. The ed-tech platform Great Learning published a report that provided these insights.
The key driver of this rise, according to the report, has been the use of technologies like artificial intelligence (AI) , machine learning (ML), and big data analytics to enhance operations like risk management, fraud detection, and customer support.
Since 2022, the proportion of IT-sector jobs has decreased by 18 per cent. The report claims that this is a result of worldwide recessionary tendencies, particularly in the U.S. and Europe, where many clients in the IT sector are based. In the domestic non-IT companies, there are now 20 per cent more vacancies for jobs in analytics and data science than there were in the year 2022.
The ‘Analytics and Data Science Jobs Report 2023’ observed that financial institutions are starting to recruit a lot more individuals as a result of data science being utilised in practically every function to help them make better decisions.
While businesses still rely heavily on data-driven choices, there has been a decline in the number of employment in data science and analytics over the past year. The survey said that a number of variables, including the current state of global macroeconomic instability, have an influence on these professions, particularly in the IT sector.
Furthermore, compared to 2022, the share of employees in the energy and utility sectors has decreased, whereas this year has seen increases in jobs in the retail and consumer packaged goods, pharmaceuticals, and healthcare sectors. Due to the fact that MNC IT & KPOs often work with larger clients and manage significant volumes of data, these businesses will have the most vacancies for data science and analytics positions in India in 2023. However, their percentage of data jobs has decreased over the last year, mostly as a result of the industry being affected by recessionary macroeconomic conditions in the West, according to the research.
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