Data Science is a subject of study that has gained popularity over the last few years. With 2.5 quintillions bytes per person per day of data created daily from multiple resources in both structured and unstructured format, there arises the need to analyze it to run a business successfully. To be conscious of the technological trends to look forward to in 2021 related to data science,let us know before something about data science itself. Let us discuss some important aspects of data science, its advantages, uses in the present day world, and how it results from technological advancement.
Something About Data Science
Data Science involves the combination of statistics, maths, programming languages in capturing, mining, and analysis of the data. For example, predictive analysis of the data can help in the detection of fraud in the case of the banking industry, customer feedbacks of a particular product, improving the trends of selling any product, etc. Broadly, data science offers various advantages, about which you will come to know further below.
Advantages Of Data Science
A few advantages offered by data science are
- An increasing demand- Due to the quintillion bytes of data created every day, the demand for data scientists is constantly increasing. Therefore, data science in itself is becoming a sought out career field by both the freshers as well as experienced professionals to advance their career growth. There is a prediction that around 11.5 million jobs related to data science will be created by 2026. Almost every organization related to any field will require data scientists as per its increasing demand in the coming years.
- Contribution towards saving lives- A field of data science known as machine learning contributes towards the early detection of cancerous cells that can help in the treatment of such deadly diseases at an earlier stage.
- Benefits for business growth- Data science can help grow a business by making decisions regarding when and how to sell its products to the right place and before the deadline.
- It can help in the prediction of future data trends, which can help in reducing the potential financial losses of many organizations.
- The quality of services and products can be improved.
- Data Science opens the door for high paying jobs.
Technological Trends To Look Forward In 2021 Related To Data Science
What upcoming trends can we expect that are related to data science? A few of them mentioned below are
- Analytics will be moved to the cloud- The cloud services are already making our lives easier due to the feasibility of data stored there. You will witness the multi-clouds take over soon, which implies using cloud services of different vendors. The cloud capabilities are expected to improve in the future, allowing real-time analytics on the cloud itself.
- There will play significant roles of automation and intelligent machines- Technology like Robotic Process Automation(RPA) will help in automating data collection and processing, thus contribute towards a reduction in time to focus more on data analytics and modeling. Humans nowadays rely more on machines to do the simplest of tasks as well as major ones. You can expect in the future that with the help of Artificial Intelligence(one of the domains of data science), the process of candidates screening, interaction with employees on an organization’s portal, and directing them to FAQ answers will all become automated. Besides that, there has been an increase in people learning a few of the Machine learning courses like PyTorch, TensorFlow, and OpenCV.
- NLP Models will be bigger than before – NLP or Natural Language Processing will witness more importance in the coming times ahead. Using NLP, people can ask questions using the chatbots in the natural language, and they will receive the reply in the natural language. The algorithms of Artificial Intelligence in 2021 will become more popular in answering FAQs to help lawyers, medical practitioners, and loan officers with every kind of answer.
- Major security loopholes will be addressed by Artificial Intelligence- With the pandemic taken over, the cybersecurity issues have increased because of remote working. The organizations are now thus more prone to cyber-attacks, data thefts, and service outages. Artificial intelligence and machine learning will play a vital role in the early detection of such attacks and thus addressing the security loopholes in any organization. More organizations are expected to keep a strong check on intra-, and inter-organizational data flow using security analytics and automation.
- Real-time actionable data consumption will be there- Due to digital transformation, the data obtained now is mostly real-time. This has been made possible using NLP, AR (Augmented Reality), and VR (Virtual Reality). Still, the majority of the data is unstructured and under-analyzed. You will require data scientists and analysts to obtain real-time actionable data shortly.
- Customers will remain the priority- The use of chatbots using artificial intelligence technology is already there. In the times ahead, Artificial intelligence-powered tools are going to be used by the E-commerce industry for analyzing the catalog in real-time to serve its customers with similar products. This will lead to the growth of the E-commerce industry to a higher level.
- All processes will be streamlined by AIOps (Artificial Intelligence Operations), MLOps (Machine Learning Operations), and ITOps (Information Technology Operations)- By the combination of big data and machine learning, AIOps will help automate the IT operations. Since the majority of the workforce still works from home, IT companies will reconsider the new normal, and AIOps will see thus a great rise to prevent cyber crimes and automatic resolution of most of the IT problems.
Thus, we came to know how data science is going to revolutionize the technology sector. The different branches of data science like machine learning, artificial intelligence, data analytics, statistics are going to see a vast improvement in their implementation after the digital transformation that has started occurring in the year 2020. The major thing to be kept in mind is like any other IT field, and data science is continuously evolving. Thus, lies the challenges ahead of being adaptable to whatever comes next to survive in this industry.