Nowadays, Data is regarded as Digital Gold. Yes, Bitcoin and other digital currencies are in the fray for being called the true digital gold but nothing can beat data.
Did you know? According to the inventor of the World Wide Web, Tim Berners Lee:
Data is a precious commodity that will last longer than the systems which were actually developed to generate the data.
According to the co-founder of Sun Microsystems:
In the next decade, Software & Data Science will bring in more benefits for Medicines than all the Biological Sciences combined.
As you can see, some of the leading personalities & innovators in the tech space are agreeing to the fact that data is essential for the growth of companies in the future and Data-related technologies like Big Data & Data Science will play a vital role in leveraging the
What is Data Science?
Data Science is a multifaceted field that leverages:
- Various Scientific Methods
- Processes &
All of the above are used to seamlessly extract insights & knowledge from complex, unstructured and structured data. The actionable insights & crucial knowledge is then applied across a wide range of industries and application domains to achieve desired results.
So, what does the future of Data Science look like? Read on to find out!
Future Applications of Data Science for Various Industries
Data science & allied technologies have a wide range of applications that aren’t simply limited to a particular industry or field. Data Science can be applied across a myriad of industries. Let’s look at some future
- IT Industry
Many people think that Data Science and IT is the same. But they are entirely different.
Data Science pertains to purely mathematical capabilities which are combined with cutting edge software solutions to develop Machine Learning Algorithms and allied solutions.
Many leading IT organizations, enterprises and SMEs are actively leveraging the benefits of Data Science to transform into successful data-driven companies. This Data Science future trend is likely to continue for years to come.
Data science will play a major role in decision making as it offers a ton of insights into business processes and day-to-day activities. By leveraging these insights, one can understand whether making certain changes in a particular process can result in profits or losses.
- Automobile Industry
The automobile industry is embracing digital transformation to digitize a wide range of internal processes. In the last few years, the entire industry has witnessed a radical shift and is still undergoing development.
Future innovations of the Automobile Industry include Autopilot Flying Cars, Self-Driving Cars, Automatic Public Transport, Fixed Destination Cabs and many more. These groundbreaking solutions can be made possible by leveraging Data Science, Machine Learning, Ai Technology and other cutting-edge technologies. That is why the Automobile Industry will become a major hub of opportunities and jobs in Data Science.
This is why many organizations are availing
- Healthcare Industry
Did you know? Around 28-30% of warehoused data of the world comes from the healthcare sector. With the help of Data Science, healthcare institutions all over the world can improve healthcare services which in turn will result in annual cost savings of around 300 Billion Dollars.
But, this can only happen if Data Scientists fully use the huge troves of data and data sets to identify potential areas for improvement and then encourage evidence-based care.
Even if this is done, most of the healthcare industry still depends on outdated systems and technology. Here’s a simple example to help you understand the technology gap in the healthcare industry:
Almost 60-65% of communication in the healthcare industry is done via fax machines (in an era where data science is being used in self-driving cars and robots that will someday work on Mars).
But with innovations in technology like Artificial Intelligence, Machine Learning, Blockchain, IoT, Cloud and others, Data Science will be seamlessly integrated into healthcare institutions. This will result in deeper insights into various ailments, faster diagnosis and better treatment!
- Banking & Finance Industry
The banking industry has already embraced digital transformationby offering online banking& mobile banking services.
But as you may know, the online world is a treacherous place and hackers are on the lookout for loopholes to carry out fraud and malpractices. This is where Data Science can help the Banking & Finance Industry.
However, Data science is helping financial organizations do more than that. Fraud detection, Risk Modeling for Investment Banks, Managing Customer Data, Lifetime Value Prediction, Personalized Marketing, Customer Segmentation & Predictive Analytics are a few applications of Data Science. These solutions will improve overtime as technologies advance. So, Data Science has a lot of scope in the Banking industry for the future.
These are a few reasons why Data science will have a bright and auspicious future. ARSR is a software development company in San Francisco that holds expertise in Data Science & Analytics and offers a wide range of services like EIM, Business Intelligence, Data Warehousing and Data Management.