In this article, we will look at the 15 highest paying countries for data scientists. We have also covered key trends and companies related to data. If you want to skip our detailed analysis, head straight to the 5 Highest Paying Countries for Data Scientists.
How Important is Data?
They say data is the new oil and rightly so because data has permeated and tweaked every corner of our lives, much like a secret ingredient in a recipe that works wonders. It’s the powerhouse behind industries today, enabling tasks after tasks to facilitate and empower humans. Just as oil fueled the past industrial revolutions, data drives today’s digital age by bringing innovation, strategic decisions, and operational efficiency.
Similar to oil refining, data undergoes extraction, processing, and application phases. Unlike oil, however, data’s potential is boundless, that inspires breakthroughs in artificial intelligence, internet of things (IoT) and deep learning. To read more about deep learning, do check out our article on deep learning courses for high salary jobs.
Are Data Jobs Still in Demand in 2023?
While data scientist was the sexiest job of 2021, the job of a data scientist is not only one of the most needed jobs in America in 2023, but also one of the most in-demand jobs for the future with a growth rate of 36% between 2021 and 2031. It is also worth noting that technology, finance, and healthcare are the highest paying industries for data scientists.
However, utilization of data is not restricted to data scientists’ jobs alone. In the dynamic media landscape today, the importance and subsequent rise of data in journalism has undergone an equally profound transformation, which has shaped the way news is produced and consumed. Just as the Guardian’s Datablog heralded a new era of data-driven journalism, we witness today an incredible shift towards data’s pivotal role in reinforcing trust and combating misinformation.
Data journalism has evolved into a formidable weapon against misinformation, rooted in the ethos of credible sources and transparent reporting. This pronounced transformation can be attributed to the pandemic when governments started banning fake news through the proliferation of laws against disinformation and only statistically rooted, direct information was prioritized. The accurate data-driven reporting not only informs the public during crises but also safeguards journalism’s integrity in a cacophony of online voices. The metamorphosis of journalism into the 2020s underscores the symbiotic relationship between data and news that enables nuanced insights, fact-checking, and credible reporting that resonate with audiences.
Key Trends and Companies in Data in 2023
Data democratization is a key trend in 2023, which empowers entire workforces to utilize analytics, not just data experts. This shift towards data democratization enables augmented working which further pushes insights to all employees for more effective decision-making,
Here is an example, let’s say there is a Company X. For this company, data democratization unfolds through tailored data literacy training for all employees. A centralized data hub grants access to varied data types, which addresses data availability challenges. Specific tools, like data visualization for marketing and collaboration platforms for product and engineering, cater to distinct team needs. The outcome is a more efficient cross-functional collaboration, informed decision-making, and improved customer experiences. For instance, customer support gains real-time insights for personalized assistance, while sales employs predictive analytics to identify promising leads during trials.
Salesforce Inc (NYSE:CRM), one of the biggest internet of things companies in the world, is introducing Einstein Studio as part of its Data Cloud service, which also exemplifies another pertinent trend in 2023 where companies leverage AI and generative AI for tailored model training. Einstein Studio is essentially a user-friendly “bring your own model” solution that empowers businesses to deploy their unique AI models across various Salesforce Inc (NYSE:CRM) applications. It capitalizes on the Salesforce Inc (NYSE:CRM)’s Data Cloud platform utilizing its real-time data capabilities and curated AI model ecosystem, which includes Amazon.com, Inc (NYSE:AMZN)’s SageMaker and Alphabet Inc (NASDAQ:GOOG)’s Vertex AI. This trend is also in line with data democratization that allows data scientists and engineers to efficiently maintain and deploy AI models while offering zero-ETL connections for streamlined data transfer.
On the other hand, Alphabet Inc (NASDAQ:GOOG) has consistently capitalized on its power to enhance search precision and ad targeting. Through billions of searches, Google Search continually hones its algorithms, while data analytics personalize experiences in Google Maps, amplify ad effectiveness, and incubate innovations like Google Home. By parsing search history, trends, and locations, Alphabet Inc algorithms yield ranked outcomes, which refinesrelevance. Moreover, the Translate service taps into extensive translations for accurate renditions, and Alphabet Inc (NASDAQ:GOOG)’s ad services benefit from rapid and efficient data processing.
Furthermore, incorporating Stream Analytics, which encompasses Cloud Pub/Sub, Cloud Dataflow, and BigQuery, Alphabet Inc (NASDAQ:GOOG) extracts real-time insights from massive datasets. The Google Cloud Platform hosts diverse services like the facilitation of automated ETL tasks by Google Cloud Dataprep. Alphabet Inc (NASDAQ:GOOG)’s capabilities are also underscored by the utilization of BigQuery and Bigtable which ensure minimal latency and achieving high throughput. Alphabet Inc (NASDAQ:GOOG) is one of the highest-paying companies for data scientists, with an expected average salary of $236,000 per year.
Photo by Luke Chesser on Unsplash
Our Methodology
To list the highest paying countries for data scientists, we identified the countries with the highest demand for data scientists and then made a list for 23 countries with the average salaries for data scientists. Of those 23, the 15 with the highest average salaries were selected and have been ranked. We acquired the data for average salaries of data scientists for each country from ERI Economic Research Institute. The list is presented in ascending order.
Here is a list of highest-paying countries for data scientists.
15. Norway
Average Salary: $86,253
Norway provides an incredible space for data scientists owing its strong focus on technology, high digital literacy, progressive policies, and investment in research. Moreover, the abundant job opportunities, quality education, work-life balance, and a flourishing tech community make Norway the best country for data science field.
14. New Zealand
Average Salary: $91,201
As one of the countries with the highest standard of living, New Zealand beckons data scientists with its innovation-driven economy and burgeoning tech sector. The country’s pristine environment and quality education create an ideal setting for data professionals to succeed in their careers while enjoying a high quality of life.
13. Italy
Average Salary: $93,395
According to StudyPortals, the popularity of data science degree programs has increase to a huge margin, particularly for European universities. In fact, interest in Italy for higher education surged by 20.5%, making it as the second-most viewed European country for education. Moreover, data science programs are gaining traction in Italy, which reflectits growing prominence in the field. Italy’s blend of high class universities and cutting-edge research make it one of the best countries for data scientists.
12. United Kingdom
Average Salary: $97,338
In the UK, the demand for data science skills is booming. In fact, it is predicted that by 2030, AI-driven analysis could raise UK’s GDP by up to 22%. However, a supply-demand gap persists, with around 178,000 vacant data specialist roles and an annual supply of less than 10,000 data scientists from UK universities. The initiatives to address the issue of data scientists’ shortage in the UK include upskilling platforms and efforts to attract as many international students as possible. UK is one of the highest paying countries for data scientists.
11. Canada
Average Salary: $101,674
Canada’s Express Entry system now allows skilled individuals with STEM expertise, including data scientists. This policy is aimed to meet the country’s demand for talent in Science, Technology, Engineering, and Mathematics fields, driving economic growth and technological advancement. High living standards and lucrative salaries in Canada coupled with a focus on innovation and welcoming communities, makes it one of the best countries for data scientists immigrate to.
10. France
Average Salary: $106,998
In 2022, France and Imperial College London joined forces to pioneer groundbreaking research at the CNRS-Imperial International Research Centre. With a focus on vital areas like artificial intelligence, climate change, and medicine, this partnership harnesses the institutions’ world-leading expertise in mathematics and data science. The collaboration not only addresses pressing global challenges but also emphasizes early-career researcher training and global sustainability efforts, making France one of the best countries for data science.
9. Finland
Average Salary: $108,922
Finland nurtures data science excellence as it promotes innovation through its quality education, research, and industry collaboration. Its supportive ecosystem makes it a popular hotspot for skilled data scientists and cutting-edge research.One of the highest paying countries for data scientists.
8. Netherlands
Average Salary: $109,883
The Netherlands is also rapidly becoming a popular hotspot for data center colocation due to its robust digital infrastructure. It houses the renowned Amsterdam Internet Exchange which enables high-speed and secure connectivity crucial for data-intensive operations. Moreover, the Netherlands has a highly skilled workforce, particularly in fields like data science, cybersecurity, and artificial intelligence that ensures companies can access the expertise needed to manage and optimize data center operations effectively. Netherlands is also one of the highest paying countries for neurosurgeons.
7. Australia
Average Salary: $110,152
Becoming a data scientist in Australia open doors for innovative projects, competitive salaries, and a flourishing tech ecosystem with abundant job opportunities. With this role, one can contribute to impactful solutions and shape the future across industries in Australia. Australia is also one of the highest paying countries for dentists.
6. Germany
Average Salary: $122,418
Data scientists in Germany often leverage AI, supercomputing, and Earth observation data for research. For example, collaborations between institutions like DLR and LRZ drive innovations across geoinformation, environmental analysis, and AI applications. Germany is considered the best country for data science.
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Disclosure: None. 15 Highest Paying Countries for Data Scientists is originally published on Insider Monkey.