In today's world, data is the king. Over the past few years, there has been a continuing upsurge in data. In fact, many call it the "oil" of the 21st century. Thanks to the Internet of Things, social media, and smartphones, we have a ton of data at our disposal. According to Alphabet's Eric Schmidt , we generate the same amount of data as produced by humanity since the dawn of civilisation up until 15 years ago every 48 hours. So, what are we doing with such a massive amount of data?
With each passing year, we are producing more and more data. And this will only increase in the future. The traditional are not capable of analyzing such large volumes of unstructured data. What they need is an intelligent and advanced system which can store, process, and analyze data. In such a situation, Data Science can help make a difference.
What is Data Science?
Data Science combines mathematics, statistics, programming, machine learning, and data analysis to help make sense of the data. Combining these, data science professionals can use advanced scientific methods and algorithms to extract insights and information from structured and unstructured data. The advent of Machine Learning and Big Data has fueled data science growth in the modern world. Today, data science has become an integral part of various industries like healthcare, business, education, and finance etc.
Since Data Science is continuously evolving, there is much that can be expected from the future. Here are some of the exciting trends of the data science field that might become a reality soon:
- The Internet of Things ( ) is already used for connecting smart devices. In the future, there is a possibility that these devices will become a part of a Digital Mesh, an intelligent connected hub of people, devices, and apps working together in sync.
- Customer Service and Product Marketing will be revolutionized because of Virtual Reality (VR), Augmented Reality (AR), and advanced chatbots. There might be a time in the future when customer experience will be personalized and include interactive demos, live simulations, and visualization of proposed solutions. Thus, enhancing business marketing.
- Another expected trend in the future is mainstream Blockchain. Currently, it is only limited to the finance sector. In the future, one might use it in healthcare, insurance, banking, and other industries.
- Automated Augmented Analytics and ML systems will transform Predictive Analytics and take it to a new level. It will also further help change the field of healthcare.
- The role of a data scientist will have a massive transformation. As AI and data science continue to advance, data scientists will have to keep pace with this dynamic learning curve.
These were just a few of the many possibilities of data science that might become a reality in the next couple of years. However, there is so much more than data science will witness in 2021.
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Data Science - The Fuel of the Century
Simon Quinton once said, "If Analytics is the Engine, then Data is the Fuel of the 21st century." If businesses didn't have access to data, they wouldn't have been able to get useful insights to streamline their operations. After all, data is what provides them with all the important customer information. Without it, creating personalised recommendation lists and improving customer satisfaction will be an impossible feat.
Demand and Supply Paradox
The demand for qualified and experienced data science professionals like data scientists, AI, and ML engineers is increasing. However, the supply of skilled professionals is still slow. There are tons of job vacancies that remain vacant because of a lack of qualified applicants. The fields of data science, big data, and machine learning have some of the most challenging recruitment processes. And if the demand and supply gap is not filled soon, it can create great disruption. To make a career in this field, one needs to up-skill themselves by obtaining a data science course in Chennai . There are tons of opportunities waiting for talented individuals there.
A High-paying Job
It is a known fact that data science is an exclusive and highly advanced field of study. That is why the professionals working in this field can make big money. According to PayScale, the average income of a data scientist is $96,289. All the different roles in the area have almost similar scales. And the best part is that since the field is continuously evolving, no one will have a stagnant career. The field is filled with opportunities to upskill, learn and earn more money online.
Abundance of Positions
The field of data science is known for its versatility. It has found applications in all industries, including business, banking, eCommerce, consultancy services, and healthcare. However, only a few individuals have the required to become successful in data science. So, there are a lot of vacant positions but not enough candidates to fill these positions. Also, all the different job roles of data science have overlapping skills that give a certain degree of agility and flexibility to data science professionals.
Final Words
Data Science has been helping companies in getting an understanding of their markets, target audience, and associated risks. With the help of data, it has also ensured that the company is close to the customer. It is a promising field that offers great career opportunities to talented individuals. It is high-paying, less-saturated, and is continuously emerging as a field with constant growth and development.
