Today we are living and working in a digital age where data is the backbone of almost every organization. Several experts predict that India will have more than 11 million jo0b opportunities by 2026. And the recent interesting fact of the data science field is that the industry has grown by almost 46%, sounds quite fascinating. According to a report of Glassdoor’s annual ranking from 2016 to 2019, a data science career was the top job in America. So there is a global value of the data science industry that can provide insights and then use algorithms and machine learning to make predictions and informed decisions.
According to Grand View Research, in 2019, the global data science platform market size was valued at $3.93 billion and is expected to rise with every passing year. Therefore the role of a data scientist is one of the most in-demand jobs in both the US and the UK, in fact, all over the world in the present scenario. It leads to the increased demand for certification courses like data science courses in Kerela and many other reputed courses to start a career and understand the value of data science.
In this article, we will focus on the importance of data science.
What is Data Science?
Generally, Data Science is known as a domain of study that deals with a huge volume of data and involves the use of advanced techniques and tools to find hidden patterns, provide useful information and make meaningful decisions. It includes several complex machine learning algorithms to create predictive models. Data science also refers to an interdisciplinary domain that includes scientific methods, algorithms, processes, and systems to extract knowledge and insights from structured and unstructured data. We can relate data science with big data, data mining, and machine learning. Actually, data science is all about examining questions to be answered and where to find the related data.
Data science encompasses data analysis, statistics, informatics, and their related methods in order to understand and analyze the data. It involves preparing data for analysis including cleansing, arranging, aggregating, and manipulating the data to perform advanced data analysis. Those who practice data science are called data scientists. They crack complex data problems with their strong expertise in certain scientific disciplines and combine a wide range of skills to analyze data collected from the web, customers, smartphones, sensors, and other sources to derive actionable insights. They can also review the results to get hidden trends and patterns that enable business leaders to draw informed insights.
Data scientists follow a specific data science lifecycle that has five stages: Maintain, Process, Analyze, Communicate, and Capture. Each stage has several different processes tools and techniques.
Why is Data Science Important?
In the world of data, Data Science is considered one of the most in-demand and promising career options for skilled professionals. It is also one of the most exciting fields out here today. Data science has become a very important strategy for every big and small size organization as companies are sitting on a treasure trove of data. All because of modern technologies the creation and storage of data have increased amounts of information and data volumes have exploded. For example, Facebook users upload almost 10 million photos every hour that is all possible with new and advanced data science technologies.
Data science tools and technologies collect and store the wealth of data and can bring transformative changes and benefits to societies and organizations around the world. Here comes the actual importance of data science that can interpret these benefits perfectly. It can also reveal trends/patterns and provide meaningful insights that business leaders can use to make improved decisions, and create more innovative products and services.
It is witnessed that data science is revolutionizing almost every industry and becoming popular day by day. In a recent report by LinkedIn, Data Science dominates its emerging job ranking with a whopping 37% hiring growth over the past three years. Data science helps organizations understand their data and enhance their processes to save money and time. It also helps companies efficiently use data and enables the business to reduce wastage by analyzing different marketing platforms’ performance and focusing on those factors that provide the highest ROI. So here data science helps companies to generate more leads without increasing their advertising spend.
Nowadays data science is becoming more crucial as it converses data into valuable information. It is not only important for organizations but it provides us a huge variety of advantages in our daily lives such as our assistants Siri and Alexa that can help us at any moment, or driverless cars that are great examples of data science innovations.
Data science is being utilized in many sectors such as fraud detection, risk management, marketing optimization, public policy, etc. in order to resolve complex problems within individual sectors and budgets. Today data science has extensive ramifications in several sectors such as theoretical and applied research areas like speech recognition, machine interpretation, advanced economy, health care, medical informatics, social science, etc.
Data science uses data analysis and data mining processes that can enhance growth and improve the products by providing a lot of intelligence about customers and operations.
As we know that the importance of data science is increasing rapidly so the demand for data scientists is also rising. These experts are becoming a crucial part of trades, products, public agencies, and many non-profit organizations. They are important for the successful management of digital data collection and conducting analysis and reviews that can enable organizations to utilize the data properly and effectively in all the domains. They work hard to get meaningful information from massive datasets and determine applicable designs and patterns.
Data science has become a significant part of the global world economy today as it allows products to showcase their story engagingly and powerfully. One of the important features of Data Science is that its results can be applied to almost all types of industries such as travel, healthcare, and education. So it is the right time now for the freshers as well as professionals to make their dream come true in this drastic domain of Data Science.
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