Tech Salary Trends: Data-Driven Insights for Competitive Hiring

The Data Talent Race: Insights to Attract & Retain Top Professionals

The rapid expansion of the tech industry has intensified competition for top data professionals, making it more challenging for companies to attract and retain the right talent. Roles such as Data Scientists, Machine Learning Engineers, and AI Specialists are pivotal in driving innovation and fueling data-driven decision-making. Yet, evolving skill demands, shifting work preferences, and rising compensation expectations add complexity to hiring strategies.

This report analyzes global salary data to uncover key compensation trends based on job roles, experience levels, work models, and company sizes. Armed with these insights, businesses can refine their hiring strategies, optimize salary structures, and position themselves as leading employers in the competitive data job market.

📌 Key Insights at a Glance

📊 Survey Insights

• 57,194 tech professionals surveyed
• 90.7% work for USA based companies, with 90.6% of employees residing in USA

📈 Tech Job Market Boom

• 448% increase in tech job openings from 2023 to 2024
• Data Scientists (19%) and Data Analysts (17.4%) dominate the job market

💰 Salary Growth & Compensation Trends

• Average annual salary jumped by 34.3% in 2022 to $134K, continuing its rise in 2023 & 2024
• 7 of the top 10 highest-paying roles in 2024 belong to Machine Learning, with 5 of them in managerial positions
• Machine Learning roles lead as the highest-paying category, averaging $192K per year
• 2024 salary distribution is more balanced, with a smaller gap between the highest and lowest-paying regions

🏢 Impact of Company Size on Salaries

• Larger companies consistently offer higher, more stable salaries
• Moving from entry-level in a small company to mid-level in a medium-sized company can double salary earnings

👨‍💻 Employment Type & Work Model Preferences

• Full-time roles dominate 99.6% of job opportunities and offer the highest salaries
• Onsite jobs pay slightly higher than remote roles, but the gap is minimal and offset by work flexibility

🌍 Regional Salary Trends

• USA is the only country consistently appearing in the top 10 salary-paying locations across 5 years
• 2023 saw a record-breaking salary peak—for the first time, salaries crossed 200K

Tech Hiring Boom: Explosive Growth in Job Opportunities

The tech industry has experienced an unprecedented surge in job opportunities, particularly from 2022 to 2024. After a slow rise in previous years, the number of tech jobs has skyrocketed, signaling a high demand for skilled professionals. This surge reflects the industry's rapid expansion and digital transformation.

Job opportunities remained relatively low from 2020 to 2022, showing only a gradual increase. The number of jobs started to increase more rapidly in 2023, marking a turning point for the industry.The most striking trend is the massive spike in 2024, where job openings quadrupled compared to previous years.

This rapid growth is likely driven by increased reliance on tech solutions, AI advancements, and a growing demand for data-driven roles. Data Scientists and Data Analysts dominating the job market. Data Engineers and Software Engineers also hold strong positions, reflecting the critical need for data infrastructure and software development. Meanwhile, Machine Learning Engineers and Managers see lower but notable demand, while Consultants appear to have the least job opportunities

Tech Salaries on the Rise: A Five-Year Growth Trend

As seen in the job opportunities graph, the number of tech jobs has skyrocketed. This correlates directly with the salary increase shown in this graph, as companies compete for top talent. The significant rise in salaries post-2021 by 34.3 % reflects the high demand for skilled professionals, pushing employers to offer more competitive compensation to attract and retain employees in an expanding market.

💰 The Highest-Paying Job Titles & Categories in 2024 – Who’s Leading the Salary Race?

Head of Machine Learning and Applied AI ML Lead leading the pack with salaries exceeding $300K. Engineering roles, particularly Engineering Managers and ML Performance Engineers, also command high compensation. Leadership positions in AI, such as Head of AI and Director of Machine Learning, continue to see strong salary packages, reflecting the increasing demand for AI expertise.