The technological advancements that we see today are far more superior & complex as compared to the advancements that were done a decade ago.
Current technological developments in IoT, Cloud & Blockchain has led to a massive rise in data generation. But with the help of trailblazing technologies like Artificial Intelligence, Machine Learning as well as Data Science & Analytics, this huge trove of data can be seamlessly managed & leveraged by enterprises to achieve excellent operational efficiencies, improve sales & ensure business continuity. Let us briefly know about Data Science, Data Analytics & 5 emerging trends in the field of Data Science & Analytics
What is Data Science?
Data Science is a comprehensive field that deals with structured & unstructured data in terms of data cleansing, preparation & analysis. It is a seamless blend of mathematics, statistics, programming & problem-solving techniques to help enterprises address multifaceted business challenges. The applications of data science are found in internet search, digital advertisements & product recommendation systems.
What is Data Analytics?
Data Analytics deals with the process of examining raw data to find actionable data that can be used to develop solutions for business problems. It comprises a systematic application of the mechanical or algorithmic process to obtain data insights. This data is worked upon to address organizational challenges & improve efficiency. Some applications of data analytics are found in healthcare, travel, gaming & energy management fields.
How do Data Science & Analytics go hand in hand?
Top technology Trends 2021 such as Big Data, Artificial Intelligence & Machine Learning fostered Business Intelligence i.e Rise of BI tools that can effectively address business needs. In addition to that, the evolution of data analytic tools helped businesses to analyze data efficiently. So, analytics isn’t just an algorithm-based analytic tool anymore. It leverages Data Science & Big Data to help organizations understand data in a much better way & use it to scale businesses & maximize productivity.
5 Analytics & Data Science Trends for 2021
Here are 5 amazing trends in Analytics & Data Science in 2021 that enterprises should look out for:
Robust & Responsible AI Solutions
Leading reports state that almost 40% of businesses are using AI. By 2024, more than 70% of businesses will operationalize Artificial intelligence which will lead to a dramatic increase in streaming & analytics infrastructures. Groundbreaking AI techniques such as Natural Language Processing, Machine Learning & Optimization are already providing valuable insights & critical predictions for the spread of the novel coronavirus. These solutions are also helping healthcare facilities & government understand the effectiveness & countermeasure impact. Such technological solutions will become common in 2021 & the years to come.
Accelerated Growth in the IoT
Business analysts state that the number of IoT devices will surpass 25 billion by 2021. Another leading report suggests that investments in IoT technology will reach USD 1 trillion by 2021. This certainly shows that IoT enabled devices are here to stay. People are also using apps that help them control their home appliances like thermostats, refrigerators, climate control systems, air conditioners & TVs. So, we can expect more technologies like Google Assistant to help us automated our daily tasks for enhanced comfort & productivity.
Enhanced Business Value
A valuable report by IDC regarding data states that the data generated will rise to 175 zettabytes by 2025. Managing & analyzing such huge data is a complicated task since it comprises the complexity of data generated & requirement of robust data governance. This results in high analysis costs which affect the business productivity & revenues. In addition to these issues, deriving valuable data to drive business growth is another challenging task. However, advancements & innovations in AI & ML technologies are accelerating computational time & reducing workloads. This will be evident in 2021 & the next few years that will result in highly scalable AI solutions offering amazing business growth.
Rise of Edge Computing
Edge computing simply means computing data at its source rather than computing it on the cloud or with the help of a dozen data centers. This doesn’t mean that the cloud will go away. But, it will help enterprises leverage the cloud more efficiently. Currently, edge computing is done with the help of sensors. However, with the rapid growth & adoption of IoT, edge computing has the potential to take over mainstream cloud systems. Edge computing also enables businesses to store streaming data close to the data sources & analyze it in real-time. Edge computing is helping businesses improve data connectivity, bandwidth & latency which results in minimized data analysis & management risks along with improved productivity of an enterprise.
Increased demand for Data Scientists & Security Professionals
As trends in data analytics, AI & ML are evolving, it will give rise to different roles in the industry. Some of these roles include Data Scientists, Analysts & Data Science Security Professionals. Nowadays, the security of data is being talked about by consumers & enterprises. Hence it is of paramount importance to process customer data securely which can instil a sense of the reliability of your enterprise among customers & clients. This is why Security professionals & allied personnel will be required by enterprises in the coming days to ensure data security & reliability.
These are 5 amazing Data Science & Analytics that enterprises can leverage to drive business growth. ARSR holds expertise in the Data Science and Analytics domain & offers Business Intelligence & Data Warehousing, Data Management & EIM services to Enterprises for enhancing their organizational efficiency & productivity.