The rise of Data Science

Marked as the highest paying job in the year 2016 by Glassdoor, the field of Data science has witnessed an immense growth in recent years. Employers are in the search of data scientists more than ever. A report by Indeed indicated a 29% increase in the demand of data scientists in a year. However, the increase in people skilled in data science grew at a slower pace which observed a rise by 14% only. The gap in the demand and supply has increased the value of a data scientist in the market. 

The Cause

Not only is the rise of data science prevalent in the realm of software but also in fields of marketing, education and manufacturing. Internet acted as the catalyst in the very beginning. Actions taken by internet users were trackable which led to enormous amounts of stored data. This further encouraged research where computer scientists indulged in real-time analytics. They deciphered how people used certain products.  

One other reason which helped data science gain limelight was the rise in the related fields of Artificial Intelligence and Machine Learning. As found by LinkedIn, around the year 2005, the rise of data science witnessed a change. This focussed on building new products according to the user needs instead of mere tracking of their online activity. 

The Demand

The demand for professionals in data is increasing due to the rise in the popularity of data-driven decision making. Where people used Excel to work on data earlier, tools like Hadoop have nowadays secured a place for managing Big Data. With frequent advancement in technology, several other tools find meaningful use for organizations to make impactful decisions. The usage of a few is listed below:

• Tools like Python and R have witnessed exceptional improvements in their codes. These allow users to solve complex problems with only a few lines of codes. 

• Google Analytics is another effective tool for the marketing department.

• Tools like Tableau, Microsoft Power BI and Sisense have found relevance in the business intelligence departments for the purpose of data visualization.

Data Science is revolutionizing standard techniques of data analysis

Apart from the above-mentioned uses, data science has proven to solve many complex real-time problems. A few examples of the real-world problems which have found peace in the modern-day data-driven solutions are:

• Advancement in the field of data science has made it is easier to detect fraud and abuse in insurance firms now. The credit card fraud detection system works on similar grounds. It protects the security of customers, thus, minimizing losses due to fraud. 

• Automated piloting: The concept behind self-driven vehicles runs on data science. Still in its nascent stage, this will change the functioning of the automobile industry entirely. 

• Prediction of short term (local) and long term (global) weather. 

In addition to these, social networking sites like Facebook generates revenue via ad by showing content according to the user’s preference. They utilize users’ data to personalize their feed. On similar basis functions the system of ad recommendation of Amazon. Amazon stores the data of products searched by consumers and displays relevant ads on its website which attracts customers. Google, on the other hand, has redefined the data ecosystem by making use of it in every domain. From their search engine to Youtube to advertisements, everything runs on data. 

A pinch of sugar in the ocean, these aren’t sufficient to describe what the vast field of data science incorporates. Even though the rise of data science isn’t sudden, the potential in this field is here to stay. Where until lately, only large enterprises were willing to invest in data scientists, now, almost every firm is. The growth is tremendous which obviously has a considerable effect on an individual’s growth aspects, the ones skilled in this discipline. 

So, just in case you’re looking forward to give your skills an edge for employment purposes, it is time to lay hands on something else. Yes, you got us right, data science is here to your rescue!