Data Science

Data Science: Fueling Businesses of the Future

According to IDC‘s “Data Age 2025” whitepaper, the current total data in the world is expected to grow from 33 zetta-bytes in 2018 to 175ZB by 2025 at an astonishing 61% CAGR. The major drivers responsible for this growth are the Internet of Things (IoT) devices, big data, and productivity data. The amount of data that we are set to generate exceeds our current abilities to store and/or process it in full.

As we become more and more dependent on data for running the core aspects of life and business and big data becomes the basis for businesses to drive a competitive edge; data science and management will become critical to the survival of businesses. The scope and potential of the field are literally limitless as their application spans across the entire sphere of human life and activity. From healthcare, finance, governance, business management, marketing, manufacturing, energy, biotechnology to the increasingly important fields of cybersecurity and data privacy – the applications of data science are as diverse as our imaginations. It should come as little surprise that the U.S. Bureau of Labor Statistics projects a 27.9 percent rise in data science employment scope through 2026.

Data Science and Information Technology

Data from IBM makes the picture even clearer – data science job openings in just the US by 2020 is set to surge by 364,000 getting the total to 2,720,000. This is an average growth rate that overshadows all other occupations – with data science career opportunities growing aggressively. As business hunger for big data and business intelligence solutions to inform critical decisions increases, so will the demand for capable data scientists. These skills are needed to overcome core challenges presented by data analytics and make informed improvements in offerings such as products and services, as well as on a larger organizational and societal scale. You can get to know more about the scope of data science applications by getting in touch with your local IT Support 24×7.

Why Data Science Is Critical for The Future of Business

There are a few core reasons behind the emergence and exponential growth of data science. These include:

  • Data is quickly outgrowing business capacities for management, storage, and utility

Most companies realize the importance of data for present and future growth and are aggressive about data collection. But the analysis and categorization of such humungous amounts of data stored on company servers or in the cloud is another matter entirely. Companies need efficient strategies for the most value-driven management of data that can inform critical business decisions, drive productivity, and improve its value quotient for end-consumers.

  • Changing Data Privacy Environment

With fairly stringent laws to determine data privacy like the General Data Protection Regulation (GDPR) in the EU and the Consumer Privacy Rights Act (CPRA) in California and many other countries and cities the following suit; companies will be increasingly dependent on data scientists to help them chart out a proper course in the responsible storing and management of data. Rising incidences of data breaches have made both the public and governments wary about responsible handling of data and companies can no longer afford to keep callous or inefficient data practices on board. Their very survival may depend on it both from compliance as well as company goodwill and reputation management perspectives and many companies are choosing to rely on Managed IT Services providers to meet compliance requirements.

  • AI and big data will drive a host of new technologies

As we witness the increasing presence of Artificial Intelligence (AI) in daily lives and business, it’s only logical to expect that big data prospects will also progress simultaneously with advanced applications, such as Deep Learning and neural networking. Machine learning is slowly getting to be a part and parcel of nearly every application. Extended Reality (XR) that includes components such as Virtual Reality (VR) and Augmented Reality (AR) will also become far more predominant as machine-human interfaces become more and more ubiquitous.

Future of Data Science Technology

Data Science is essentially a colossal pool of multiple data operations that may interact with each other driving even further data channels. The algorithms that feed machine learning and statistics (that inform training and test sets) are also built on data. In other words, the future of data science is very much entwined with advancements in Machine Learning.

Data Science is also evolving to cover distinct fields of operations,
such as:

  • Data Integration.
  • Distributed Architecture.
  • Automating Machine learning.
  • Data Visualisation.
  • Dashboards and BI.
  • Data Engineering.
  • Deployment in production mode
  • Automated, data-driven decisions.

The key to understanding the future trends lies in also acknowledging the fact that currently, the field cannot be strictly defined due to the sheer enormity of data operations that fall under its ambit. As the field grows in definition, however, it will enable businesses to take exponential leaps and possibly skip many of the currently defined growth cycles. Data scientists will be able to drive not just business-critical decisions but also help businesses overcome more intrinsic operational and other complex challenges. A reputed IT support 24×7 in the USA should be able to help you realize the potential of data science management at your company.

The real problem stunting progress somewhat in the field is the worldwide shortage of talent with requisite data science skills. Being a data scientist requires a varied set of skills that are currently hard to match with existing curricula. While industries and educational institutions have joined hands to offer highly application-oriented data science courses, degrees, and boot camps – we are still a long way off from addressing the acute talent shortage in data sciences. In order to address this, many companies are scoping out career paths and training programs that can effectively transform professionals from a quantitative background or even a software background to that of a qualified data scientist. IT Outsourcing services are pitching in with awareness and training programs in data science as well as to help businesses understand the scope and application of data science in their daily operations.

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About the Author

NoraNora Erspamer is the Director of Digital Marketing at New Charter Technologies, a group of companies specialized in managed IT support services. She is an experienced marketer and sales strategist with a demonstrated history of working in various technology industries. Skilled in strategic campaign development, lead generation, and marketing automation software. Her blog can be found at https://newchartertech.com/blog/.

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