Data Science Latest Technology Advancements,Growth and Future Scope
Data Science is a buzzword in the technology world right now and for good reason, it represents a major stepLearn more
Data Science is a buzzword in the technology world right now and for good reason, it represents a major step forward in how computers can learn. The need for Data Scientists are high in demand and this surge is due to evolving technology and generation of huge amounts of data aka Big Data. So, Let’s discuss the Future Scope of Data Science in the following order:
What is Data Science?
- Data Science’s Contribution to the Future
- Future Scope of Data Science
- Data Science Careers
What is Data Science?
Data science is referred to the process of collecting, storing, segregating and analyzing data which serves as a valuable resource for organizations to carry out data-driven decision making. It is often used by highly skilled computing professionals.
future-of-data-science-edurekaData Science exists everywhere, to be honest, every exchange and interaction on any technological domain includes a certain set of data, be it Amazon purchases, Facebook/Instagram feed, Netflix suggestions or even finger and facial recognition facility provided by phones.
Amazon is a key example of how data influences all our lives and shoppers particularly. Its data sets store every buyer’s data; what you have bought, the amount paid and your search history is all remembered in Amazon’s system by virtue of data collection. This greatly enables Amazon to personalize and customize its homepage according to your preferences and shopping history.
Data Science’s Contribution to the Future
Data Science encompasses many breakthrough tech concepts like Artificial Intelligence, Internet of Things, Deep Learning to name a few. With its progress and technological developments, data science’s impact has increased drastically.
The importance of gathering and collecting data is crucial as it enables retailers to determine and thus influence our purchasing habits. Hence, it exercises major control through its purchasing power.
Future Scope of Data Science
Let’s have a look at a few factors that point out to data science’s future, demonstrating compelling reasons why it is crucial to today’s business needs.
- Companies’ Inability to handle data
Data is being regularly collected by businesses and companies for transactions and through website interactions. Many companies face a common challenge – to analyze and categorize the data that is collected and stored. A data scientist becomes the savior in a situation of mayhem like this. Companies can progress a lot with proper and efficient handling of data, which results in productivity.
- Revised Data Privacy Regulations
Countries of the European Union witnessed the passing of the General Data Protection Regulation (GDPR) in May 2018. A similar regulation for data protection will be passed by California in 2020. This will create co-dependency between companies and data scientists for the need of storing data adequately and responsibly. In today’s times, people are generally more cautious and alert about sharing data to businesses and giving up a certain amount of control to them, as there is rising awareness about data breaches and their malefic consequences. Companies can no longer afford to be careless and irresponsible about their data. The GDPR will ensure some amount of data privacy in the coming future.
- Data Science is constantly evolving
Career areas that do not carry any growth potential in them run the risk of stagnating. This indicates that the respective fields need to constantly evolve and undergo a change for opportunities to arise and flourish in the industry. Data science is a broad career path that is undergoing developments and thus promises abundant opportunities in the future. Data science job roles are likely to get more specific, which in turn will lead to specializations in the field. People inclined towards this stream can exploit their opportunities and pursue what suits them best through these specifications and specializations.
- An astonishing incline in data growth
Data is generated by everyone on a daily basis with and without our notice. The interaction we have with data daily will only keep increasing as time passes. In addition, the amount of data existing in the world will increase at lightning speed. As data production will be on the rise, the demand for data scientists will be crucial to help enterprises use and manage it well.
- Virtual Reality will be friendlier
In today’s world, we can witness and are in fact witnessing how Artificial Intelligence is spreading across the globe and companies’ reliance on it. Big data prospects with its current innovations will flourish more with advanced concepts like Deep Learning and neural networking. Currently, machine learning is being introduced and implemented in almost every application. Virtual Reality (VR) and Augmented Reality (AR) are undergoing monumental modifications too. In addition, human and machine interaction, as well as dependency, is likely to improve and increase drastically.
- Blockchain updating with Data science
The main popular technology dealing with cryptocurrencies like Bitcoin is referred to as Blockchain. Data security will live true to its function in this aspect as the detailed transactions will be secured and made note of. If big data flourishes, then Iot will witness growth too and gain popularity. Edge computing will be responsible for dealing with data issues and addressing them.