Why Do Data Scientists Get Paid So Much?

Ever wondered why do data scientists get paid so much? A deeper study into this matter and you realise how impressive the salary is. No doubt, data science is one among the highest paid jobs across the world. But that's just the positive side to it. The real struggle lies in converting the raw unstructured data to something that makes sense. The job is critical and thus the salary offered is attractive. Data is humungous and it just doesn't stop there. It is increasing exponentially and this hence calls for a better implementation of data science.

Now addressing the real topic – why do data scientists get paid so much?

Below are the main reasons as to why you see data scientists drawing an impressive package.

• Demand: We all are familiar with the demand concept of Economics – Higher the demand, higher is the price. Same is applicable here as well. The demand for data scientists at a global level is immense and that forms a base for an attractive data scientist salary.
• Analytics positions: Two countries are considered to be hubs for analytics – one being the United States and the other being India. India has a number of positions in the field of data science. Right from top banks like HSBC and Citibank to high-tech companies, all employ data science. Hence, the demand for data scientists is insane.
• E-commerce industry: This industry is at an all-time high as of now. The dependence on this sector is huge – be it for daily essentials or for those luxury and comfortable products. The amount of data that the e-commerce industry generates is immense. Now that everyone is showing an inclination towards e-commerce, the task to address the data generated out of this is the need of the hour. With every passing day, more and more people shift their gear to the world of e-commerce. The pace at which this industry is growing is what draws attention. It is because of this that more and more data scientists need to be deployed.

Data Scientists are extraordinarily hard to find for the sole reason that the skills necessary to become a data science are not that easy to build. There's a lot of hard work and efforts that go behind becoming a proficient data scientist. The demanding nature of the role of a data scientist is yet another reason why you won't be able to find many data scientists today. To be a data scientist, one needs to be exceptional at maths, programming and statistics. No second thoughts to the fact as to how difficult this is. Hence, the attractive salary package comes as no big a surprise.