Technology

Future of Data Science Industry- What Can Be Expected?

Future of Data Science Industry

In this densely populated world, with around 3.5 billion internet users, 328 million terabytes of data are generated daily. To convert this humorous data into assets for the company, the data must be analyzed and processed for the organizations. Therefore, since its introduction, data science has been an integral tool for businesses. It focuses on figuring out the hidden insights in the data.

Craig Mundie, Co-founder of Alliant Computer Systems said, “Data are becoming the new raw material of business”. The data science industry has huge potential to grow and thus has huge demand in the job market. A recent report submitted by IBM shows the demand for data science surging by 28% in 2024.

Let’s discuss the growth of data science in the industry for the year 2024 and beyond.

What is Data Science?

The data science field focuses on working on big data to extract hidden insights, knowledge, trends, and patterns for businesses to make data-driven decision-making. It uses a combination of concepts like artificial intelligence, machine learning, data analytics, etc. to make sense of big data.

Every app, brand, or content one uses on the internet utilizes data science. The US Bureau of Labor Statistics states growth in employment in data science by 35% from 2022 to 2032, making it one of the fastest growth ratios compared to other fields.

Let us look at a few factors that lead to a surge in the growing scope of careers in data science.

Factors Leading to the Growth of Data Science

  • Push Towards Digitalization 

Developed as well as developing nations are focusing their efforts to make an ecosystem of digitally-led markets. Governments as well as private companies are launching apps and websites to let people use technology for their day-to-day work. This leads them to depend on data science algorithms, increasing the scope of growth in the field.

  • Increasing Amount of Data 

The vast amount of data produced by users on the internet leaves businesses with unstructured data that can’t be directly used by businesses. Professional data scientists make use of data science algorithms and models to make sense of this data.

  • Expertise in Valuable Startups 

There are around 4000 startups that work on researching data science challenges and aim to solve them before they hinder the growth of businesses. These startups are experts in innovation and problem-solving, making data science roar higher in the job market.

These factors push the growth of data science and also encourage individuals to go for data science certification programs.

Future Growth of Data Science- Industry-wise

Data science is predicted to grow in the below-mentioned industries of the economy:

  • Retail & E-commerce Industry 

Data science has the power to perform demand forecasts, provide personalized marketing solutions, and predict consumer behavior for better user satisfaction. Business owners can use data science algorithms to maintain online inventories and study consumer behavior.

  • Healthcare 

Data science in the industry of healthcare is worth every second. The industry is a field of huge amounts of data from patient’s personal information to health information. Data science can aid in managing the data, studying it, and also predict health problems by spotting patterns.

  • Manufacturing 

The manufacturing industry has ample decision-making to do, and data science can aid in data-driven decision-making, leading to an increase in the growth of units. Data science algorithms can help improve efficiency, productivity, and performing operations.

  • Banking & Finance 

Banking institutes utilize data science to understand consumer behavior like the needs of their customer, understand them, and even attract new customers. On the other hand, the finance sector uses data science to detect fraud and manage risk in investments and plans. a career in data science

Apart from these, data science careers be built in more industries like education, transportation, and energy. The rapid growth of data science industries leads individuals to go for data science certification programs.

Growing Future of Data Science – Parting Words 

Data science is applicable among various industries and thus has immense potential with exponential growth. Evolving fields like technology, education, and banking are facing an acute shortage of skilled professionals with careers in data science.

Interested in Data Science? Now is the best time to explore data science certification programs and avail the skill. Lastly, advancing technology helps to stay updated with the latest trends to stay competitive in the market.

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