Machine Learning in India 2024
The World Economic Forum states that AI and ML specialists are one of the most emerging jobs in India. There has been a threefold increase in the demand for Machine Learning specialists in India as well. Owing to this, companies in India are not shying away from increasing machine-learning expert salary packages.
It is said that if we imagine machines as a baby, currently, in terms of ML, we stand where the machines are just learning how to crawl. However, soon, the machines will not just walk but fly.
But before we get into machine-learning expert salary packages, let us look at what ML is all about in India.
What is Machine Learning?
Machine Learning is a method that uses data analysis to automate analytical model building. This branch of artificial intelligence is based on the idea that systems can learn from data. They can identify patterns and make decisions with minimal human intervention.
Although machine-learning expert salary packages are getting hiked today, ML is not a new concept. In fact, during World War II, Alan Turing developed the Enigma machine to break Germany’s code. Machine Learning is everywhere today. This has caused an increase in machine-learning expert salary packages.
Why is Machine Learning important in India today?
Before we see what has caused the increase in machine-learning expert salary packages in India, we need to understand the importance of ML in India.
The most important aim of ML is to enhance the overall productivity, functioning, and decision-making processes of organizations. As machines begin to learn through algorithms, businesses will unravel patterns within data. They offer high machine-learning expert salary packages to ensure that pattern recognition and performance enhancement is done without human intervention. Apart from these, ML has the following benefits which have caused a hike in machine-learning expert salary packages-
1-Time Analysis and Assessment-
ML makes it easier for one to sift through large customer feedback and interaction databases. It helps organizations to conduct timely analysis and assessment of their strategies. When organizations hire specialists at high machine-learning expert salary packages, they create business models that browse through the data to see relevant variables.
2-Real-time Predictions through Fast Processing
ML algorithms are super fast which makes data processing from multiple sources easy. This makes real-time predictions easy for organizations causing a hike in machine-learning expert salary packages in India.
Churn Analysis:
Another instance of reason for the rise in machine-learning expert salary packages in India is the ability to identify customer segments that are likely to drop your brand. This saves a lot of money for businesses.
Customer leads and conversion- Another way in which high machine-learning expert salary packages helps is that ML provides valuable insights into buying and spending patterns of customer segments. This enables businesses to minimize losses.
Customer Retention- With the help of high machine-learning expert salary packages, ML specialists can improve the strategies to improve customer experience.
3-Transforming Industries
ML has started transforming industries with the ability to provide valuable real-time insights. Hence, it is obvious with increasing demand, there is a stark increase in machine-learning expert salary packages. Finance and insurance companies are leveraging ML to prevent fraud and provide customized financial plans to different customer segments by hiring at a high machine-learning expert salary package.
ML is also entering the healthcare sector in the form of wearables and fitnesses packages. This has caused a hike in high machine-learning expert salary packages in the healthcare industry to enable individuals to take charge of their health.
Owing to the above, there is a substantial need for ML engineers which, in turn, has caused an increase in machine-learning expert salary packages. However, there is one another major reason that has led to this spike in India.
What has caused an increase in the machine-learning expert salary package?
Aspiring Minds’ Annual Employability Survey states that 80% of engineers in India are not well-suited for our knowledge economy. Only 2.5% of engineers possess the skills to get high machine-learning expert salary packages.
So, we need to understand what machine-learning engineers do and why there is an increase in machine-learning expert salary packages.
What does a Machine Learning Engineer do?
A machine learning engineer is a job role similar to that of a data scientist. Both data scientists and ML specialists work with large data sets and need to possess excellent skill sets. Hence, both data scientists’ salaries and machine-learning experts’ salary packages are high.
However, ML engineers heavily focus on designing self-running software for predictive model automation. They ensure that the models used by data scientists extract meaningful insights leading to an increase in machine-learning expert salary.
There are several other reasons that have led to the spike in machine-learning expert salary such as the additional responsibilities they have.
Machine-learning Expert Salary in India
The demand for ML is high but companies require candidates with the right skill sets. Hence, there is a demand to hike machine-learning expert salary packages.
The average machine-learning expert salary in India is Rs. 686,281 according to Payscale.
However, your machine-learning expert salary package depends on your skills and experience.
The machine-learning expert salary package can go as low as Rs. 303,000.
Similarly, the highest machine-learning expert salary is as high as Rs 2 million.
Factors Affecting Machine-Learning Expert Salary in India
1-Company
The bigger the brand, the higher the salary people can expect. Tata Consultancy Services Ltd. offers about Rs. 4,42,000 whereas Intel Corporations offers a machine-learning expert salary package of 20,00,000.
2-Experience
Entry-level machine-learning expert salary in India is Rs. 501,058.
Mid-level machine-learning expert salary in India is Rs. 1,142,459.
Experienced machine-learning expert salary in India is Rs. 1,999,619.
3-Location
Being the Silicon Valley of India, Bangalore offers the highest machine-learning expert salary packages that are 21% higher than the national average. Whereas, Chennai, another city competing to be the silicon valley of India, offers machine-learning expert salaries.
4-Skillset
Some skills get you a higher package such as-
- Machine Learning- Rs 706,169
- Python- Rs 612,686
- Deep Learning- Rs 754,250
- Natural Language Processing – Rs. 697,670
- Computer Vision- Rs. 736,976
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