The Growth Rate of Data Science Applications
So, what is Data Science? Essentially, it is an interdisciplinary field that involves the combination of statistical analysis, computation, and domain expertise. It aims to discover relationships and patterns in data to drive informed decision-making and solve complex problems in various industries of business. Though many people in recent times have mentioned and reinforced the popularity of computer science, Data Science is a relatively unknown pathway that revolutionizes modern machine learning and Artificial Intelligence (AI).
It may appear that both computer science and data science fall under the same category technologically-wise, but there is a crucial difference: “Data science operate[s] on existing data to make it useful”, while the other utilizes “technologies to compute data” (Sugandhi, 2023). A real-world application of the former may consist of when a retail company utilizes extraction methods with customer transaction data to analyze buying patterns and preferences, enabling them to personalize marketing strategies and boost sales accordingly. In the same scenario, the latter would develop the infrastructure and systems to handle the vast amount of data generated on a daily basis.
As many of today’s big businesses rely on data-driven decision-making, such as Amazon, Google, and Netflix, they are required to leverage data science tools in optimizing user experience. According to studies done by Precedence Research, “the data science platforms market size was estimated at USD 96.3 billion and it is expected to hit around USD 378.7 billion by 2030…growth rate of 16.43%” (2022). This staggering number is bound to grow even more, as many more firms are wanting to enforce model-driven campaigns” in many “…functional divisions, including sales, operations, manufacturing, and human resources.” (Research, 2022).
Large enterprises will account for a bigger market size over the projection period based on organizational size (Research, 2022).
More specifically, “the segment that generated the most income in 2021 more than 35% was marketing and sales” (Research, 2022). In other words, this specific sector of an enterprise accounted for the most amount of money, and what was the main factor in this? Data Science. Through careful analysis of buyer’s purchases, businesses could gather crucial information about the favored type of products or services, in return leading to higher revenue in general.
Armed with this information, one should actively seek to become involved in this ever-growing field of deep data examination, for its involvement in today’s world is inevitable.
Works Cited
Sugandhi, Abhresh. Data Science vs Computer Science: Which Tech Career Is Right for You?, KnowledgeHut, 13 July 2023, https://www.knowledgehut.com/blog/data-science/data-science-vs-computer-science#an-overview-on-computer-science-and-data-science%C2%A0. Accessed 2 Aug. 2023.
“Data Science Platform Market (by Component: Platform, Services; by Application: Marketing & Sales, Logistics, Finance and Accounting, Customer Support, Others; by Industry Vertical: BFSI, Retail and E-Commerce, It and Telecom, Transportation, Healthcare, Manufacturing, Others; by Organization Size: Small and Medium-Sized Enterprises, Large Enterprises; by Deployment Mode: Cloud, on-Premises) — Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022–2030.” Precedence Research, www.precedenceresearch.com/data-science-platforms-market. Accessed 2 Aug. 2023.
