All the organizations daily generate a huge volume of new data in the form of digits, texts, audio, video, images, etc., that we call Big Data that traditional processing software cannot manage.
Such constantly growing big data needs thorough, critical as also timely analysis to create actionable insights for solving company or customer problems and also to generate ideas for the future growth of the company.
Data Science has therefore become one such industry that is growing by leaps and bounds.
This requires skills drawn from various fields such as computer science, statistics, mathematics, graphic design, information visualization, domain knowledge, etc.
Therefore every major company with large-scale operations would require people with data science skills to manage their big data in order to have a competitive advantage in the growing markets and hence such people will always be in high demand by various industries that are growing in the near future.
Industry Uses
Finance/Banking: data science helps in risk assessment and monitoring, avoiding fraudulent behavior, tracking all payments, claims, customer analysis, customer experience, among many other such business operations.
Manufacturing: data science helps the manufacturing process in a big way to streamline the whole manufacturing process implementing artificial intelligence and predictive analytics etc. and for avoiding any major equipment failure.
Healthcare: with the help of pattern recognition, analytics, statistics, and deep learning algorithms, data science makes healthcare more efficient.
Travel Industry: creating customer profiles based on segmentation, offering personalized experiences to the customers according to their needs and preferences has been made possible by using data science.
Energy: since this industry is prone to major fluctuations in project cost and prices in the market, data science is employed to minimize such risks by using various predictive models.
Pharmaceuticals: data science is used extensively for all clinical trials and choosing people for such trials other than using it in the process of developing new drugs.
Gaming: data science is used to figure out customer reactions to various games and accordingly making improvements in gaming models.
It finds its application also in various other fields, including consumer goods and retailing, construction, communication and media, education, government, etc.
Top Companies
According to Builtin (builtin.com), the following are the top Data Science companies:
- Numerator
- Cloudera
- Splunk
- SPINS
- Alteryx
- Civis Analytics
- Sisense
- Oracle
- Looker
- Teradata
Market Size
As per grandviewresearch.com, the global data science platform market size was valued at USD 3.93 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 26.9% from 2020 to 2027.
Learning Resources
Data Science uses the knowledge of Probability, Statistics, Excel, Business Analytics, and software languages such as Python and R.
- LinkedIn Learning: Foundation Course in Data Science (linkedin.com/learning).
- edX (edx.org): Basic and Advanced Courses from Harvard, MIT, UC SanDiego and other universities.
- Coursera (coursera.org): Basic and Advanced Courses from IBM, Google and some reputed universities.
- Udemy (udemy.com): Basic and Advanced Courses.
- Udacity (udacity.com): Basic and Advanced Courses.
- Purdue University: Post Graduate Program in Data Science.
- University of Michigan: Applied Data Science with Python Certification.
- Berkeley Executive Education: Data Science Online.
