The global data mining tools market is expected to grow at a CAGR of 11.9% and reach $1431.5 million in 2023 from $546.2 million in 2018. This substantial growth in the data mining tools market is expected to be driven by two important factors – an increase in the volume of data and awareness amongst businesses to make the most data assets that are available to them.
In the period between 2019 and 2026, the APAC region is expected to grow at a rate of 17.3% due to the adoption of data mining tools. This growth rate is even better than North America and Europe that are the leaders when it comes to the global data mining market share. Small and medium-sized businesses are expected to grow at 14.4% in the forecast period.
So, as you can clearly see, the data mining market is going to get bigger in the time to come. This would lead to the creation of even more opportunities that we have now in the field. This is a great chance for people to get skilled in data mining and make the most of the growth that the industry is expected to undergo in the next few years.
Data mining analysts can be found everywhere. Different companies belonging to different industries need to utilize their data in a better way. A data analyst does this job for them. These professionals analyze all the data and help their employers make better investment decisions, assess risks, target customers, and determine capital allocations.
Let us first understand what data mining is before we move onto what actually data analysts do, the salary they earn, and the skills they require to do well in the industry.
What is Data Mining?
Data mining can be simply defined as the techniques and tools that are put to use to extract information in identifying trends, patterns, and useful information from all the data that is available to a business in different forms. Data mining helps businesses to take decisions backed by data. We can also say that data mining is the process of finding hidden information in data for the purpose of putting it in the category of useful data.
This categorization is done to collect and organize data for different purposes, such as data analysis, storage in data warehouses, or for use in data mining algorithms. The ultimate objective of the categorization of data or data analysis or data mining for that matter is to enable businesses to make decisions that can help them in generating more revenue and reducing costs.
Data mining is not the usual analysis that we do on data. It is an automatic search of data that leads to extraction and then identification of trends and patterns. This is done by putting complex mathematical algorithms to work for evaluating the possibilities of the occurrence of future events based on data. Data mining is also known as knowledge discovery of data or KDD.
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Data mining can be also called data science that is done by a professional, on a given data set, in a particular situation, to fulfill a pre-defined objective. Data mining can be of different types based on the data that is being mined – text mining, pictorial mining, web mining, social media mining, audio mining, and video mining. Software that is either specific or simple is used for this purpose.
Data Mining Salary in India
The salary of a data mining analyst is dependent on several different factors. And as we alluded to a little earlier in the blog, the demand for data mining analysts is much higher than the supply. So if you are thinking about whether there are enough jobs available, there is nothing to be worried about.
There aren’t enough qualified data mining analysts to fill the available open positions. Now coming to the compensation part, you can earn a decent enough salary along with other benefits. Your experience will have a major impact on your compensation. Also, your location and the company you are working with will also affect your salary.
The average base salary for a data mining analyst in India is around 4,96,000 per annum that includes around 50,000 in bonuses and 4,000 on a profit-sharing basis. This figure can go up to 9,98,000 per annum depending on your experience, additional skills, location, and employer. On the other hand, it can even come down to as low as 2,33,000 per annum, if these conditions are not met.
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Data Mining Analyst Salary based on Experience
If you are just starting out as a data mining analyst or have less than one year of experience in the field, you can expect to earn somewhere around 3,50,000 per annum. If you have around 1-4 years of experience, you can expect to make 4,83,000 per annum. For data mining analysts with 5-9 years of experience, the compensation is somewhere around 7,20,000 per annum. Experienced candidates with 10-19 years of experience are paid around 1,275,000 per annum.
|3,50,000 per annum||4,83,000 per annum||7,20,000 per annum||1,275,000 per annum|
So how much impact does your experience really have on your salary? If you are an experienced data mining analyst, you will earn a salary that is around 157% higher than inexperienced candidates. Mid-level experience holders can also earn 45% more than others with lesser experience.
Data Mining Analyst Salary Based on Skills
Any additional skills or those that you are not taught during your certification can contribute to a higher salary. If you are skilled in data analysis, you can earn something around 4,32,000 per annum. If you can work with SQL, you can get a salary of around 4,92,000 per annum. Proficiency in statistical analysis is also an added bonus.
You can earn around 4,80,000 per annum with this skill. With knowledge of Microsoft Excel, your salary will be around 3,89,000 per annum. The most popular skill out of all these is data analysis followed by Microsoft Excel and SQL. Statistical analysis is the least popular. However, all these skills pay you less than the market rate.
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Popular Skills for Data Analysts
Now let us look at a few skills that can help earn more. If you are skilled in data modeling, you can earn 15% more than other data mining analysts that don’t have this skill. If you know how Tableau Software works, you can earn 3% more than others. Similarly, skills such as big data analytics and R programming language can help in contributing 1% more to your salary.
Data Mining Analyst Salary Based on Location
In this section, we will take a look at the difference your location can make to your salary as a data mining analyst. There are certain locations that pay their data mining analysts higher than other locations. Out of these, New Delhi is at the top spot. The National Capital pays 21% higher salary to data mining analysts than other cities. Chennai and Bangaluru make the top three positions with 3% and 2% higher salaries. Now Mumbai tops the list of those locations that pay its data mining analysts lower salaries. It pays a 10% lower salary than the average. Hyderabad is not too far behind with 9%. Other names in this list include Pune (7%) and Gurgaon (4%).
Let us now take a look at a few related job salaries. A software engineer earns around 2,56,000-1,000,000 per annum based on experience, location, and employer. A data scientist is paid in the range of 3,42,000-2,000,000 per annum. A business analyst is paid a salary of around 2,78,000-1,000,000 per annum. An IT consultant earns compensation of around 3,90,000-2,000,000 per annum.
Who is a Data Mining Analyst?
Businesses receive huge amounts of data on a daily basis from different sources. All this data can work wonders for them if they utilize it to optimize their strategies and work processes. This is where a data mining analyst comes into the picture. This professional helps businesses to gain valuable insights from this massive data. A data analyst has to work on data related to customers, company performance, and products. The job is to come up with indicators that can help the decision-makers of a company take the right calls, at the right time.
Data analyst serves businesses valuable information that they can use to determine their market strategy, the product that they need to come up with based on customer needs, and the improvements that the production process needs to undergo.
Data mining analysts have access to three forms of data: metadata, transactional data, and non-operational data. Non-operational data is mostly industry forecasts that can be worked on to gain valuable information for a particular business. Transactional data includes all the data that comes on a regular basis from sales, inventory, operating costs, client visits, and other areas.
Metadata involves working with the database that stores the other forms of data. Data mining analysts need to comfortable working with all these forms of data and should know how mining these data forms can help their employers. Let us now discuss data mining analyst salary in India.
What does a Data Mining Analyst do?
Here are a few responsibilities that a data mining analyst is required to fulfill:
- Manage and store data in databases
- Gather data from different sources to identify patterns, trends, meaning, and summaries
- Find out the reasons behind the past success or failure of a business through analysis of data
- Predict future trends for a business or industry
- Come up with actionable business insights
- Help businesses in finding new markets and techniques to make improvements
Skills Needed to Become a Data Mining Analyst
- As a data mining analyst, you will be required to have a combination of interpersonal, technological, and business skills. Some of the technical skills that you will need to have include experience in working with different operating systems, working knowledge of data analysis tools like Hadoop, SQL, SAS, and NoSQL amongst others, and proficiency in a programming language, including Python, Java, and Perl.
- A data analyst needs to know how businesses work to identify and make use of the patterns that they find in business data. For a data analyst to flourish, they need to have a clear idea of their employer’s business model and their future goals. Knowledge of industry best practices and trends is also very important.
- Another important skill that data mining analysts need to have is the ability to present their technical findings in a way that even their non-technical colleagues can easily understand.
If you are a skilled data mining analyst, you are one of the most sought after professionals in the world at the current juncture. The demand for data mining analysts is growing by the day but there are not enough qualified and experienced people available to fill all those open positions. If you are thinking about a career choice or planning to switch careers, you should definitely give a career in data mining a thought.
Also Read: Data Analyst Salary in India
The limited availability of skilled professionals in the field can be a blessing in disguise for those who are willing to take the plunge. You don’t have to be worried about data mining salary in India as data mining analysts enjoy a lot of other perks as well in addition to a good salary.
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The demand for data mining analysts is going to grow substantially in the coming future as more and more businesses are now looking towards data to help them limit inefficiencies, increase sales, and compete in this technologically advanced world. The position of data mining analysts will be valued more in the coming years.
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