Data science is a “concept to unify statistics, data analysis and their related methods” in order to “understand and analyze actual phenomena” with data. It uses techniques and theories drawn from many fields within the context of mathematics, statistics, computer science, domain knowledge and information science.
Next up in the list of latest technology concepts is Data Science. Data Science is the technology that helps to make sense of complicated data. The data is produced in a humungous amount every day by companies, this includes business data, sales data, customer profile information, server data, and financial figures.
Most of these data is in the form of huge data sets that are unstructured. The role of data scientists is to convert these unstructured data sets into structured datasets. Then, these data sets can be analyzed to identify patterns and trends. These patterns are useful for understanding the company’s business performance, customer retention and how these areas can be improved.
The data science platform market size is expected to grow from USD 37.9 billion in 2019 to USD 140.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 30.0%.
Data science methodologies can explore historicals, make comparisons to competition, analyze the market and ultimately make recommendations of when and where your product or services will sell best. This can help a company understand how their product helps others and as needed.
Major players in data science are Oracle, JP Morgan, Fractal Analytics, Crayon Data and Amazon.
Data science is emerging as a field that is revolutionizing science and industries alike. Work across nearly all domains is becoming more data driven, affecting both the jobs that are available and the skills that are required. As more data and ways of analyzing them become available, more aspects of the economy, society and daily life will become dependent on data.