Emerging Trends That Are Set to Define Data Science
About Data Science
Data Science covers a wide range of functions and domains, and is rapidly establishing itself as one of the most critical subjects of study in the digital age. Whether it's gathering Business Intelligence for predictive analytics or interpreting massive data sets for developing machine learning algorithms, Data Science is going to play a massive role in solving a multitude of business problems.
The development of Data Science is set in sand rather than stone, as innovation is constantly opening up new doors and avenues. We are still not able to completely comprehend the entirety of Data Science applications. Keeping this is mind, it is essential for any person with an interest in Data Science to monitor the emerging trends and technologies in this field.
Here's a list of the latest trends that are slowly defining how Data Science is being used today and can be used in the near future-
Artificial Intelligence is set to take the world by storm, or at least that's what everybody is saying. But robots don't think for themselves, we are the ones who make them do that, and how do we do it? By helping them analyze and interpret data. Hence, data science is playing a huge role in the development of machine learning algorithms that dictate how an artificial intelligence program interprets data sets.
Let's take the example of one of the most prominent instances of a commercial AI- Amazon Alexa. Alexa Data Services (ADS) is the organization that provides data creation, data curation, and analytics services to help develop, test, and train the Alexa AI. In order to improve Alexa’s Automatic Speech Recognition and Natural Language Understanding models along with domain features, they work closely with the Machine Learning Science modeling teams, providing the critical data they need.
The implementation of the General Data Protection Regulation (GDPR) in 2018 sent shock waves around the world of big data. The aim of the act is to basically put an end to companies fishing for personal data from unwitting customers. With the ethical usage of data becoming a big talking point the world over, we are likely to see even more rules and regulations come into effect.
As far as emerging trends go, this is one which is probably the most influential. It will be interesting to see how far the boundaries are laid for the usage of public data and how data mining for functions such as marketing and sales evolves from here.
Edge Computing is the process of gathering and computing data at the edge of the network, where the data is being collected. This is directly opposed to the traditional method where data is processed at a centralized location. With the rapid development of IoT devices, Edge computing is moving from strength to strength and becoming the data processing method of choice for leading companies working in multiple sectors across the world.
This utilization of data through Edge Computing will substantially boost efficiency and compliance of existing business systems. The information leak caused by slow relay of data to the center of operations will be eliminated and process managers will be enabled to take real-time decisions with real-time consequences.
Virtual Representations of Real-World Objects and Real-Time Innovations
Testing of new real-world objects and innovations will have far-reaching results for the future of the human race. Despite what we can currently achieve with forecasting and predictive analytics, there is still massive room for improvement. This is where virtual representations can have a revolutionary impact on development of new and innovative real-time appliances and tools.
Augmented Reality (AR) and Virtual Reality (VR) are already breaking new ground in terms of the human experience. But, their applications in machine development could lead to the rise of the next phase of the industrial revolution. And guess what it takes to run advance, highly accurate models of real world situations? Yes, that's right- Lots of data and advanced data science.
Huge Demand for Data Science Professionals
Data Science is fast becoming one of the most coveted jobs for a young, digitally tuned-in generation. While there is of course a demand for innovators and creators who will directly make the machines that will change the future, there is an equal demand for the data scientists who can guide these creators with accurate, actionable insights.
Glassdoor ranked 'Data Scientist' as the top job in America, with a median base salary of $108,000 and 6,510 job openings listed on the job aggregator site. Needless to say, as other countries build their technological capabilities, the demand for data scientists will grow proportionally.
These are some of the Data Science trends that are currently changing the face of the industry. As of now, it looks to be one with huge potential, and only a small portion of it has been tapped into. As devices and technology become increasingly influential and essential to our lives, the science of data is set to take on a highly critical role.
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5th March, 2021