For the ones who don’t know about data science, Lets start with the most basic question
What is Data Science?
Data Science is the process towards analyzing and deciphering the concealed trends, experiences and patterns which are encoded in the data. Data Science can be defined as the study of data, which is generated from varied sources, and how this data can be transformed into a significant resource that can fuel the dynamic cycle in business. Data Science makes use of several statistical procedures. These procedures range from data transformations, data modeling, statistical operations and machine learning modeling. Statistics is the primary asset of every Data Scientist. Furthermore, optimization techniques can be utilized to meet the business requirements of the user.
What do Data Scientists do?
A Data Scientist enhances business decision making by introducing greater speed and better direction to the entire process with the help of their data visualization capabilities. Compared to data analysts, data scientists are much more technical. Strong communication skills are strongly recommended for the aspiring data scientists as they need to instigate and collaborate with different teams in the organization.
After understanding about data science and data scientist lets step a little further and discuss some more important questions related to data science.
What is the Future of Data Science?
In next 5 years, we can expect that organizations will develop the ability to use all sorts of data in real-time. Companies will use more data for important business decisions which will lead to the emergence of new data science models. Innovations like “Deep Learning” will emphasize on accurate predictions and decision making. More and more companies will manage data science and analytics teams, while the existing teams will grow larger. While data science roles are starting to become more specialized, there will be a blending of Predictive Analytics & Data Science soon. Skilled data scientists, business analysts and statisticians will be the key to the endless possibilities of big data.
Big Data, Big Paycheck
Businesses around the world are going digital at a rapid pace and have huge growth potential. Data is driving force behind this growth. According to the DATA from the survey, companies are serious about their big data analytics – the global big data analytics market, was at USD 37.34 billion in 2018 is expected to reach USD 105.08 billion at a CAGR of 12.3% by the year 2027. The scope of big data analytics is huge in the future.
Data scientists and data engineers are one of the the most sought-after job roles across countries in recent times. Every industry, be it healthcare, finance and insurance, retail, telecommunication, or information technology, has opened its doors for data analytics professionals and have teams dedicated to data analytics. Acc to a study, around 70% of the business leaders would prefer professionals who have data skills by 2021. More and more aspirants are now taking data analytics training to upskill and capitalize the job opportunities available in the market.