What is Data Science?
We have advanced in the field of technology by leaps and bounds in the past few years and are continuing to do so every day. The number of people who are interested in technological developments has increased exponentially from what it was a couple of years ago.
This time in the history of mankind can be best described as the age of the internet. We have become very regular on the internet and in some ways very much dependent on it. If the internet goes down today we cannot imagine our lives without it. Meet your business objectives with the help of professionals at XIDA; the ultimate platform for digital marketing.
This huge increase in popularity has also led to an increase in the flow of data regularly. The amount of data we produce every moment of every day is beyond our imagination and researchers are working hard to deal with this exorbitant amount of data.
The first problem we had faced due to this boom in the popularity of the internet was the storage of this huge data. The concept of physical storage devices was highly impractical for this purpose as the sheer amount of data was overwhelming for storing in any kind of physical space. We would not have enough space for the data and the cost of maintenance for this large storage facility would practically make it very expensive.
So then the scientists and researchers came up with the idea of a cloud storage facility. It was the perfect solution for eliminating the need for any kind of physical space for the storage of large amounts of data that the commercial institutions had to handle daily.
The cloud services are now not only limited to commercial institutions but have also expanded to regular people like us thereby facilitating us to keep our data safe in an efficient manner and without requiring too much hardware for the purpose.
Now, this was not only beneficial for storing data, but also increased our effective consumption and generation of data. First of all, it’s very important to understand that whatever activity we do on the internet creates and generates data.
So we had a solution for storing our data, therefore we had no worries about limiting our internet consumption and the rising digitalization of the services also encouraged us to do so. Thus there came another tidal wave of increase in the amount of data produced.
So in all this mayhem, we have made one point pretty clear that whatever direction the innovation takes, data is the constant that keeps on increasing. The various commercial entities working through online platforms own terabytes of data generated by their consumers. Now the researchers had an idea of how to put these data to good use. Thus the concept of data science was born.
So to put in simple terms, data science refers to the application of different techniques and methods to obtain all the possible information from the given set of data and researching the various aspects of the data. It is a very vast field and requires very much dedication and hard work to excel at.
Since the usage of data is peaking every day, the popularity and relevance of data science are also reaching new heights every day. Thus we have a pretty clear of the modern market scenario that suggests that the field of data science is in a boom right now.
But for clarity, let’s have a detailed look at the different aspects of the modern market that contribute to the boom in data science that we are witnessing.
The aspects contributing to the boom of Data Science
Numerous aspects are crucial for increasing the demand for data science. Below are some of the carefully shortlisted reasons that are the most prominent contributing factors in the boom of data science.
- The modern data privacy regulations
We are living in a technologically advanced world as we have said at the very start of this article. However, as more, we become dependent on the internet the more of our data is stored in the online servers and digital mediums. That means today the majority of our data are present in the soft form unlike as it used to be a few years ago.
With our increasing dependency on the digital medium, the risk of any kind of online data breach has become very prominent. We as the users are very much aware that many online platforms have access to much sensitive information about us and all of them are prone to any kind of cyber breach.
To tackle these problems, various bodies all over the globe are devising new restrictions upon the extent of accessibility of the companies on the consumer data. These modern data privacy regulations have increased the difficulty of the companies tenfold as now they only have access to only a portion of the consumer data that makes it difficult for them to apply normal data analytics processes. So the need for data scientists is now more than ever. Because only data scientists are capable of discovering new avenues to apply data analytical processes on this kind of partial data.
- Organizations struggling to operate and utilize their data
The world is now more competitive than ever. Every company wants to have the upper hand over their opponents. Data analytics is the perfect tool for this purpose as it involves the utilization of the data at our disposal to process them and reveal useful information that can be utilized to modify the business plan of the company and get more fruitful returns from the ventures.
However, this is easier said than done. Most of the consumer data collected by the companies are mostly heterogeneous and are unstructured, so segregation is very important before any kind of operation or analysis can be done on them. This is precisely the point where the companies are struggling to succeed. According to a survey, a majority of the companies are clueless about how to utilize a large amount of consumer data at their disposal.
This tremendously increases the need for a data scientist as only they can utilize this data to its true potential.
- The tremendous increase in the amount of data generated
We have mentioned this at the very onset of the article. The amount of people using the internet has increased exponentially in the past few years and so has the amount of data generated. We are swimming in the ocean of data.
Many economists have correctly touted data as the ‘fuel of the future’. As each day passes more companies are relying on digital mediums to expand and facilitate their business and the data collected by them are also increasing. We are generating zettabytes of data every year and a major portion of them are accessible to various companies. As it is very clear that this trend is going to continue in the future, the global market in the coming years is going to be seriously dependent on data and that increases the value and importance of data scientists.
- Data scientists are already equipped with most sought-after skills
Since the job of data scientists is seeing a boom nowadays the number of people interested and learning the field is pretty high. Also as the field and trade are very difficult to master, successful data scientists are already equipped with the much-needed skills that are needed by the companies. So that makes the data scientists the most-sought after candidates for most of the jobs and not only for data science. This as a whole increases the desirability of data science and will continue to be so in the foreseeable future.
- Data science is an evolving field
We have already learned in this article that data science is a very vast field and is very difficult to attain mastery at. However, that’s also the beauty of the field. Since this is an evolving field the career opportunities in this field are never going to be stagnant, unlike other career options.
Innovations are being made every day and various segments are being discovered that offer various traits for specialization and it increases the number of interested people in the field of data science. This also has another advantage connected with it that takes us to the next reason for the increase in relevance of the data science field.
- Bright career opportunities for people with the required skill-set
Since, the opportunities of specialization in data science are increasing every day, as mentioned in the previous field, the career opportunities are also increasing along with them. The people with the required skill set for becoming a data scientist are exposed to a wide array of career opportunities for success in the future. This factor increases the attractiveness of data science as a professional career.
So we have gone through all the most probable reasons for choosing data scientist course as a viable career option. And let’s be honest, the opportunities offered by data science are well enough reasons to create a boom for the field. Analyzing the present market scenario, we can effectively say that there are plenty of reasons for the sudden boom in data science and the boom in this field will continue in the foreseeable future.
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Senior Data Scientist and Alumnus of IIM- C (Indian Institute of Management – Kolkata) with over 25 years professional experience, Specialized in Data Science, Artificial Intelligence, and Machine Learning.
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APMG, PEOPLE CERT and EXIN Accredited Trainer for all modules of ITIL till Expert
Trained over 3000+ professionals across the globe
Currently authoring book on ITIL “ITIL MADE EASY”
Conducted myriad Project management and ITIL Process consulting engagements in various organizations. Performed maturity assessment, gap analysis and Project management process definition and end to end implementation of Project management best practices.
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