30Jun - by aiuniverse - 0 - In Data Science

Source – https://www.analyticsinsight.net/

The future of Data Science is Growing with the Advancement of AI and Machine Learning.

Data science in simple words means the study of data. It entails developing methods of recording, storing, and analyzing data to successfully bring out useful information. Data Science put together and make use of several statistical procedures. The procedures cover data modeling, data transformations, machine learning, statistical operations including descriptive and inferential statistics. For all data scientists statistics is the primary asset.

With the biggest innovation of the time, that is a cryptocurrency, the demands for controlling data online have become a crucial challenge. Various techniques are put forward by Data Science to identify a group of people and providing them with the best possible security from fraud activities.

However, the application of data science is not just concerned with one field rather its application disseminated across various sectors.

Major Future Developments in Data Science-

Healthcare sector- The biggest application of Data Science is in healthcare. The accessibility of large datasets of patients can be used to build a Data Science approach to identify the diseases at a very early stage. Healthcare is one of the biggest sectors for providing opportunities for the professional who can use their medical expertise with Data Science and provide immediate help to the suffering patients.

Arms and Weapons- Data Science can help in building various automated solutions to identify any attack at a very early stage. Other than that Data Science can help in constructing automated weapons that will be smart enough to identify when to fire and when not to.

Banking and Finance- Data Science in the Banking and Finance sector can be used in managing the money effectively to invest in the right places based on Data Science predictions for best results.

Other than the above sectors Data Science is also applied in Automobile Industry like self-driving cars, Fixed destination cabs as well as in Power and Energy. Data Science can predict the maximum safest potential and can help in building AI bots that can easily handle enormous power sources.

The implementation of Data Science cannot be ignored as it is already in action in the present stage. When you look for something in Myntra or Flipkart and then you get similar recommendations or similar advertisements for whatever you have searched on the internet is all about Data Science. The whole world is operated by Data Science. For every single search in Google, the process of data science is activated.

The future of data science is growing. According to Cloud Vendor Domo even when a person accounts for the Earth’s entire population, the average person is expected to generate 1.7 megabytes of data per second by the end of 2020.

An overreaching motif today and moving ahead, big data is assured to play an authoritative role in the future. Data will stipulate modern health care, finance, business management, marketing, government, energy, and manufacturing. The scale of big data is truly staggering as it has already entwined itself in the fundamental aspect of business as well as personal life.

The Dominance of AI and Machine Learning in near Future of Data Science-

Like almost all businesses prime concern is tech, there is a high possibility of the growth of data science jobs.

Artificial Intelligence is the most impactful technology among others that data scientists will run up into. Today Ai is already refining the business operations and assures to be a major trend in the near future. The applications of AI in today’s world have driven the adoption of other AI applications such as machine learning, deep learning and this will lead the way as the future of data science. Machine learning is the aptitude of statistical models to develop the capabilities and improve the performance with time in the absence of programmed instructions. This principle can be seen in the chess machine that is developed by Google’s DeepMind unit – the AlphaZero. The AlphaZero improves on its other computerized chess-playing peers in the absence of instructions is an example of how it learns from its movements to reach the most desired outcome.

As a greater number of businesses are merging with AI and data-based technologies at a high rate there is a need for a greater number of data scientists to help guide the initiatives.

Data science is a leviathan pool of multiple data operations that include statistics and machine learning. Machine Learning algorithms are very much dependent on data. Therefore, machine learning is the primary contributor to the future of data science. In particular data science covers the areas like Data Integration, Distributed Architecture, Automating Machine learning, Data Visualisation, Dashboards and BI, Data Engineering, Deployment in production mode, Automated, data-driven decisions.

While IT-focused jobs have been all the rage over the last two decades the rate of growth in the sector has been projected to be about 13% by the Bureau of Labor Statistics. It is still higher than the average rate of growth for all other sectors. However, data science has seen an explosive growth of over 650% since 2012 based on an analysis done on LinkedIn. The role of a Data Scientist has projected forward to one of the most in-demand jobs and ranks second to machine learning engineer- which is a job that is adjacent to a data scientist.

In the upcoming time, Data Scientists will have the ability to take on areas that are business-critical as well as several complex challenges. This will facilitate the businesses to make exponential leaps in the future. Companies in the present are facing a huge shortage of data scientists. However, this is set to change in the future.

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