Data rules the age we live in, owing to the
growth of IoT, social media, and smartphones, the quantity of data at our
disposal today is beyond imagination. Data Science is an amalgamation of
mathematics, programming, statistics, data analysis, and machine learning.
So to talk about the scope of data
science let me give you top industries that make the most use of data
From electronic health information, clinical
trials, along with genetic information to billing, wearable data, care
management databases, scientific articles, etc., data science has made it much
simpler to manage all the data. Few areas with enormous scope for data science
Recognizing health risks and recommend
Diagnosis of diseases
Delivering more precise prescriptions and
There are many ways data science and AI can help
financial institutions to be more efficient in providing services like:
Lending and loan appraisal management
Securing and managing customer data
Lifetime value prediction
3. Media & Entertainment
Data science strategies have scaled up the media
and entertainment industry through
Customer sentiment analysis
Smart Recommendations & Personalized Content
Optimized Media Scheduling
This consumer-focused industry thrives on
increasing personalization and relevance, with the aim to understand the
shopper’s behavior and patterns through data.
Data science in retail helps to –
Analyze individual’s past purchases and help
them discover relevant products
Create a recommendation and personalization
Analyze customer behavior and market insights
Useful classification and utilization of humongous
data have been groundbreaking for telecom companies and have helped them cater
to their more extensive range of consumers more accurately.
Data science enables telecom companies to
Make personalized offers to customers
Allocate network resources
Smarter network deployment
Optimization of the networks
So now let’s look at
some of the exciting Data Science trends that may soon become a reality in the
While the IoT is already
a reality that connects smart devices, in the near future, we might anticipate
being a component of an Intelligent Digital Mesh – a connected hub of apps,
devices, and individuals operating collectively in sync.
Product advertising and
customer service is likely to be revolutionized by advanced chatbots, Virtual
Reality, and Augmented Reality.
Blockchain might become
mainstream – it won’t be just restricted to the finance sector, but blockchain will become a part of
healthcare, insurance, and other industries.
Augmented Analytics and
Automated ML systems together will enhance Predictive Analytics and take it to
a higher level.
The job title of a ‘Data
Scientist’ will have an enormous transformation to include a variety of roles.
Data Science and AI will continue to advance and data scientists have to keep
themselves up to date to cope up with the ever-changing tech scenario.