With zettabytes of data being collected on an almost daily basis, there is no question that the demand for qualified data scientists will grow at an unprecedented rate.
It is an exciting time to be a data scientist, but there are some major predictions and trends that you need to watch out for.
1. Artificial Intelligence
Artificial Intelligence is a computer system that uses algorithms to learn and think. AI systems are used in industries such as health care, retail, and financial services to perform specific tasks.
Using machine learning and deep learning, AI is able to learn from the data it is exposed to. It also has the ability to recognize data trends and outliers in the data.
As technology continues to develop, it is important for organizations to understand the potential of artificial intelligence and how it could be applied to their business. It is also crucial to consider the ethical implications of the use of AI and its impact on the world.
Artificial Intelligence has a broad range of applications in the industry, from robotics to cybersecurity to customer relationship management. These AI applications help improve business processes and boost productivity in a variety of ways.
2. Big Data
Big data is a growing trend that has been driving digital transformation. This includes using big data to enhance business operations and reduce costs.
A lot of data is being generated from a variety of sources, including cloud systems, web applications, social networks, text messages and media files. Another huge share of data is coming from IoT devices and sensors.
In addition, many organizations are leveraging data analytics to improve customer experience and improve product performance. These data analysis efforts allow businesses to create customized offerings for their customers.
3. Machine Learning
Machine learning is a form of artificial intelligence that allows computers to learn from experience and make predictions based on data. It’s a process that requires a mathematical model to be built based on “training data” and then evaluated.
Businesses use machine learning to analyze data and identify patterns or trends that can inform business decisions. It can also help predict outcomes or identify risks that might not be obvious based on historical data.
Among its most popular applications are online recommendation engines, speech recognition (in Siri and Google Assistant), and fraud detection. These systems can sift through large volumes of information and then create personalized suggestions that encourage better engagement or reduce churn.
Despite its potential for automation, business leaders should understand the limits of machine learning and what it can and cannot do. For instance, machines can be fooled or undermined easily, and even humans may not be able to do some tasks that require machine learning.
4. Data Science Careers
Data scientists use their specialized knowledge of statistics, machine learning and other technical fields to turn data into valuable insights for business decisions. They work to improve performance across industries.
They are in high demand, and they can earn a high starting salary. According to a report from Robert Half, the median start-up salary for data scientists is $95,000.
A bachelor’s degree in a STEM field (science, technology, engineering and math) is a prerequisite for most data science jobs. However, a master’s or doctoral degree is also common.