How Much Does It Cost to Hire a Data Scientist? Salary Comparison
Everyone is talking about big data software development and the ways to manage it effectively and use in actually any industry. According to Forbes, 59% of all data job demand is in IT (17% of all openings), finance and insurance (19% of all openings) and professional services (18% of all openings). By 2020, annual demand for data scientist and devs will reach nearly 700K job openings. Meanwhile, IBM predicts that in the United States, the number of jobs will grow to 2,720K openings.
Predictions for the Future of Big Data Developers
Big data quickly began to take the workforce by storm as developers grew in demand. Big data developer salary also grew, marked by substantial yearly increases. Companies were storing and managing more data than ever and that was not expected to change. From 2015-2017, the projected growth prediction totaled 18.9%. Knowing big data is critical for lots of web developers, including Hadoop and Cisco Spark developers.
Big data developer salary projected a 5.8% increase in 2017. Salary for big data developer in the United States last year was $135,000-$196,000. This was an increase from 2016, where big data engineers made were projected to see an 8.9% increase to a salary range from $129,500-$183,500. So, what can we expect for 2018 and the future for big data developers? After three years of rapid growth it is sure to even out this year and we can expect to see a decrease in salary, right? Not if recent surveys submitted by Forbes are correct.
Skillset of Data Scientists
Data science is a relatively new sphere, so the pool of data experts needs more and more specialists. There is a specific set of skills and knowledge that good data experts should be able to use. Forbes tells about the most common skills for data scientists: R, SQL, Python, Java, Hadoop, Spark, SAS, Matlab, Hive, Tableau. Besides, knowledge of R, Python and SQL will allow you to apply for more than 70% of vacancies, since they are the most widely asked-for.
As for the analytic skills, the most lucrative ones include Apache Pig, Apache Hive, MapReduce, Machine Learning, and Apache Hadoop. Big data scientist salary of data analytics and science professionals with MapReduce skills is $115,907 annually, so these skills became the most in-demand, according to Forbes. Annual big data salary of professionals with expertise in Apache Pig, Hadoop and Hive is over $100K. In general, in data science, earning depend on the industry and specialization, for example, database analyst salary varies from the Hadoop developer salary, as well as data scientist vs software engineer salary are absolutely different.
SiliconRepublic also suggests that data scientists should be aware of the following trends of this sphere:
- Specialize despite all open industries
Data scientists are of demand in various industries. Logistics, manufacturing, IT, financial services are considered to be in trend as emerging markets. However, companies are in search of industry-specific experience.
- Balance between academic knowledge and on-the-job learning
PhD in math or statistics is required by most of the job vacancies for data experts now. But this level is not actually a must for all the big data roles. At the same time, candidates should have specific skillsets to meet the industry needs. They can develop skills by taking online classes, visiting professional development courses, and bootcamps. Upskilling is vital in the career of any data expert.
- Machine learning helps to get data analytics experience which is important
Quantitative analysis is an essential important skill to analyze big datasets. It helps to scale data strategies, run experimental analysis, and use machine learning. Machine learning is what helps to develop necessary skills and borrow new effective techniques.
- The GDPR will increase data governance demand
The upcoming General Data Protection Regulation (GDPR) will strengthen the data protection rights in the European Union and the companies that cooperate with the countries of EU. The GDPR is expected on 25 May 2018. It is expected to create demand for minimum 75K data protection positions all over the world.
- Business intelligence foundation is essential
Business intelligence (BI) is expected to have a rapid movement to changes due to data science. For this purpose, some crucial skills for BI like communication (soft skill) to describe and explain the data and analytics, or SQL programming hard skill to manage data, and Tableau as a key BI tool for data visualization. Business intelligence analyst salary depends on the skillset of the expert.
- Update of technical skills
Now R, SAS, Python are common tech skills for any data expert with Apache Hadoop emerging as the framework. HBase, NoSQL, and MongoDB databases are also used to store large volumes of sophisticated data. ETL (both Informatica and SSIS), IBM Db2, Power BI, and Teradata are all important tools in the data management.
Data Scientist Salary in Different Countries
Data science salary as well as any other salary of the data expert depends on the experience and skills of the candidate, and of course on the industry. International corporations are more likely to offer bigger wages than small organizations. At the same time, data scientist has a very broad meaning and includes many professions that have narrow specializations, such as data researcher, big data scientist etc. Depending on the experience and number of obligations, there are also junior or senior data scientists.
Big Data Analyst Salary in Different Countries
Big Data Developer Salary in Different Countries
Although big data skills bring higher salaries than most technologies, they still vary throughout the world. Big data developer salary in USA, for example, averages $85,000 per year. In the UK, Big data developers have an annual average salary of $76,100. With such a high demand for Big data skills, some businesses have chosen to hire in-house employees to handle all their technical needs. Although there are benefits to hiring in-house developers, it comes with a large, unnecessary expense.
The most popular choice for hiring big data developers is outstaffing to close the gap in supply and demand. Many businesses have recognized the advantages of outstaffing to Ukraine because of the highly qualified developers available at much more affordable rates. With over 90,000 IT professionals, hiring Ukrainian developers is one way to handle the influx of big data developer jobs with the limited supply of workers.
Below is a comparison of big data developer salary in different cities of Ukraine.
|Ukrainian City||Annual Salary|
As more and more developers jump on the big data skills bandwagon to improve their work life and increase their salary, businesses are looking for developers with all types of knowledge and experience. Simple projects may only require entry level developers who can complete projects within the lower salary range and more complex projects may require an expert whose salary is markedly higher. For example, a junior level data integration developer salary averages around $80,000 per year while a senior level developer averages about $105,000 per year. So, developer costs truly depend on what type of project you have, what level of expertise your need, and where you go to hire your developer.
How to Hire Data Analysts
Data analytics are hired in a couple of ways. Freelance, local hire or outstaffing. Freelance is good for one-time projects, because freelance workers often are engaged into a few projects, and cannot become devoted employees as you would like them to be. Local hire is good, but expensive, plus you may not find the needed expert in your area. Remote job is a great option in the case of hiring data experts, many companies have undertaken this experience worldwide. If you need to hire data experts, browse their wages online, such as business analytics salary or annual data developer salary, analysts, researchers and scientists, and you will find out that hiring data professional remotely is a great option.
Why Hire Data Experts at Mobilunity
Hire experienced data analysts at Mobilunity, where you will be offered only the top-rated experts experienced in various industries, such as IT, financial, medical, spheres. Well-trained in statistic and having deep quantitative analysis skills, our experts are able to scale data strategies and analyze big datasets using machine learning. They work with Hadoop, Spark and other big data platforms, have great insight into data visualization and have strong communication skills to deliver information to the top management of the company.