Data Science is Changing the Way Businesses Compete and Operate

July 27, 2019 0 comments

Data Science

Data 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.

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