D
ata science is a technology that utilizes scientific methods, processes,
algorithms, and systems to extract information and insights from
different datasets. The combination of artificial intelligence, machine
learning, and big data when enter the landscape of data science, produces
a world of algorithms and insights that drives efficiency and productivity in an
organization.
A number of businesses today are leaning towards data-empowered
approaches and embracing unique and innovative methods to attain success.
Running a business without data science seems like a chess game without
the king on board. Yes, data science technology behaves like a king in a
business. With a great volume of data generated every day, the technology
churns out the meaning from them and assists the organization in making the
right decisions, improving customer engagements and in several other tasks.
To produce an innovative product and drive its success in the market is the
ultimate goal of data science.
From data collection to data storage, from data cleaning to data analysis and
from data visualization to data-driven decision, every step of data science carry
its own gravity in operating business projects.
Therefore, it has become impossible for companies to ignore the marvels of
data science rather its high time they should inculcate and implement systems
and strategies extracting quantifiable results for their upgradation.
Companies all across the globe are encompassing data science strategies into
their system. In fact, China, the US, Switzerland, Canada, and Australia are the
top five countries which lead the data science adoption in recent years. Other
countries which are levelling up their game to win the race are Japan, Sweden,
Singapore, UK, Netherlands, Germany, and India.
Well, in India alone the data science and analytics industry is moving at a fast
pace with a hefty revenue generation. According to a report, the growth of
data science and analytics industry was around US$2.5 billion crores annually
during the financial year 2018 and is continuously growing at a rate of CAGR of
33.5 percent. Out of the annual circulation of this industry, nearly 11 percent is
dedicated to advanced data analytics and data science. It has been projected
that India will become Rs 1,30,000 data science and analytics industry by 2025.
Beyond the boundaries of India, the global data science market is expected to
reach up to US$115 billion with a CAGR of around 30 percent by 2023.
A number of factors drive the global data science market including rapid
advancement in data science and analytics technology, demand for
data scientists, need and ease of using data science tools in carrying out
technological operations.
Data science as a whole provides an astonishing association across business
analysts, data engineers, data scientists and developers in a business
ecosystem. Such a collaborative approach while conducting data-driven
operations catalyzes the better success probabilities ahead.
The fondness of this particular technology has made the profession of data
scientists most in-demand job of today. Most of the companies are diversifying
their work operation in order to embrace more and more data science
professionals to process voluminous data in order to frame potentials of the
company.
SMRITI SRIVASTAVA
CONTENT LEAD
EDITORIAL
