Can you ever think that an airline company can save $100 million just by leveraging data? Yes, it happened, Southwest airlines, at one point was able to do it just because of data science. They could reduce their planes and ideal times through data conclusions and reports.
Today, it is almost impossible for any business to imagine a world without data. Data science is becoming crucial for companies of all sizes as it brings together the expertise from mathematics, programming, computer science, machine learning algorithms, inference, predictive analysis, statistics, and many new technologies to find meaningful insights and make sense of data. Data science is a revolutionary industry and gaining popularity speedily with a whopping 37% hiring growth over the past few years.
In today’s digital era there is a high demand for data science experts who can transform businesses and help them make sharper, smart, and critical decisions. So there are many professionals and freshers who are seeking the best online data science courses to become skilled data scientists. Data science courses in Bangalore, Mumbai, etc. can help them kick start their career in the dynamic field of data science where they can explore their expertise and showcase their skills. Data science is considered one of the most sought-after and the most popular emerging career options.
In this article, let’s take a look at what is data science and the future of this domain in the IT market and highly advanced digital world.
What is Data Science?
Data Science is a field of the IT sector that involves scientific methods, statistics and maths, advanced analytics, specialized programming, AI, and also storytelling to discover and explore the business insights hidden in data. It extracts actionable insights from huge and ever-increasing volumes of data collected and created by organizations.
Data science is known as a multidisciplinary approach that encompasses preparing data for processing and analysis, performing advanced data analysis, and showcasing the results to reveal the hidden patterns that help stakeholders to reach informed conclusions and make better decisions. It is also considered one of the most in-demand and promising career paths for skilled professionals.
Data science includes processes such as cleansing, aggregating, and manipulating the data to get it prepared for specific types of processing. Here data analytics requires the development and use of algorithms, AI models, and analytics to uncover useful intelligence for their organizations. So data scientists must master the full spectrum of the data aggregation. Data science life cycle to possess a stage of flexibility and understanding to increase returns at each level of the process.
Data Science Life Cycle- Data scene is a vast field that involves several complex processes. Following mentioned points are some of the crucial steps and processes of the data science life cycle, so one can understand data science better.
- Maintain- Data maintaining process includes data warehousing, data cleaning, data staging, data processing, and data architecture.
- Process- Data processing includes data mining, clustering or classification, data modeling, and data summarization.
- Analyze- Data analysis involves confirmatory/exploratory, regression, predictive analysis, qualitative analysis, and text mining.
- Communicate- The communication process involves data reporting, data visualization, business intelligence, and decision-making processes to communicate with other teams and members of an organization.
- Capture- This process involves data acquisition, data entry signal reception, and data extraction.
After a short introduction to data science, let us know about the future of data science with some interesting facts.
Future Of Data science?
“ Opportunities don’t happen, you create them.”
Data science is a vast field and is expected to provide enough opportunities for everyone. It is the result of facts where the insights out of data and mathematical approach merged together to form an automatic solution for current problems. Several organizations are seeking the right talent (skilled data scientists) for their data to drive more value from it. Even data scientists are one of the most sought-after roles in corporate in the USA today, so many freshers and professionals want to become an expert in data science.
Data science provides endless possibilities and opportunities that it seems impossible to believe as it has tremendous application not just limited to one field. Data science applications are categorized among various sectors. Let’s have a look at a few major future developments in Data Science.
- Power and Energy Sector- We have witnessed that there is a high demand for power and energy because of rapid growth in the population. Data science can help in this sector by predicting the effects of Nuclear Power sources and the maximum safest potential. It also can help in building AI bots that can easily handle huge power resources.
- Healthcare- We can see the biggest wonders and applications of data science in the health care sector. With the huge amount of patient data, data science can identify the hidden diseases at a very early stage. It is considered as one of the biggest sectors for providing opportunities for the experts who can use their data science expertise with medical experience and provide immediate help to the suffering patients. This sector also provides possibilities that can approach to identify required organs and their availability in the region of the world.
- Automobile Industry- This industry is a field that always grows. The automobile sector is always in the development stage. There are several new inventions presented day-by-day that can change our lives. Autopilot flying cars, Self Driving cars, Automatic public transport, and many more applications are relevant examples of the coming future. This sector demands experts who can not only code but also think of added advantages. So the automobile industry is becoming a new space for jobs and opportunities in Data Science.
- Information Technology- IT sector has shown enormous growth in the world’s GDP and Data science is becoming a key aspect of any successful data-driven company. When we talk about any changes in the website or existing application then here data science is a very important part to identify what impact will new changes have. It has several applications and tools in the IT sector that too with Network Safety.
- Banking and Finance- The aspect of data science in the banking and finance sector is to manage the money effectively to have invested in the right places based on data science predictions for better results. Cryptocurrency is the biggest innovation in this sector that demands managing data online which is the biggest challenge nowadays. Here data science can also offer many new techniques to find a similar group of people and provide them the best possible security from fraud and unauthorized activities.
Bottom Line
In this digital age, data is everywhere. Almost every major and small organization is running successfully with data science applications. Data scientists predict unbelievable data insights that can help stakeholders to make best solutions and decisions in the future. Therefore we can think of a bright future with data science in this drastic and dynamic digital world.
