Data science is an interdisciplinary field combining mathematics, statistics, and computer science with business knowledge. Since the term was coined in finance, it has naturally been associated with that field for a long time.
However, today, it has spread everywhere. Due to the wide scope of data science, it may be used in practically any industry. According to statistics, the data science market is expected to be worth USD 16 billion by 2025.
How data science contributes to organizations
Introducing data science into your business activities can significantly impact productivity, decision-making, and product creation – all in a positive light. It can assist you in reducing or eliminating the risk of fraud and error, increasing efficiency, and providing better customer service. Data scientists can also assist in automating time-consuming functions in your business, freeing up human hands and minds for more critical tasks.
Top industries that benefit from data science
The following are a few top industries using data science:
Finance and Securities
The so-called big names in the banking and financial markets, such as hedge funds, retail trade, and large banks, have deployed big data technologies to monitor trade analytics used in high-frequency trading, predictive analytics, sentiment measurement, pre-trade decision-support analytics, and so on. Other areas that heavily rely on data and analytics solutions include risk analysis, anti-money laundering, KYC (know your customer), fraud reduction, and demand enterprise risk management.
Banking and security organizations monitor financial market movements utilizing data analytics techniques and solutions. For example, stock exchanges employ big data and analytics in conjunction with NLP (natural language processing) and network analytics to detect and monitor illicit stock market trading methods and catch wrongdoers.
Media and Entertainment
People’s entertainment consumption habits have shifted dramatically, particularly after the global pandemic. Consumers today expect rich media content in various formats whenever and wherever they want it. Examples of entertainment-streaming services are Instagram, Spotify, Netflix, HotStar, and Amazon Prime Video. These channels provide users with on-demand material that is personalized.
These businesses, for example, utilize web scraping to collect data from social media networks and discover popular topics. Data scraping solutions enable real-time data access and aid in discovering insights such as user concerns, favorites, etc.
These data are used by businesses to generate better content for various target audiences, measure content performance, and recommend on-demand material based on individual interests. Spotify is a company that has used Hadoop’s big data analytics to analyze data from millions of customers to provide them with better music choices.
Pharmaceuticals and Healthcare
The pharma and healthcare sectors are investing in modern cloud technology and big data to improve medical services and consumer satisfaction through analytics. Wearable trackers and RPM (remote patient monitoring) are only two examples of advancements in the healthcare business.
Data science also aids in determining whether patients are adhering to the treatment plan correctly. Data accumulated over time provides clinicians with extensive information on their patient’s well-being and actionable insights. It assists medical practitioners in providing better service and reducing wait times.
The education sector is among the top data science industries. Whether in schools, colleges, or corporate coaching, modern technologies and solutions have been used to provide data that administrators can graph and chart to gain insights into learning and teaching patterns and work on improving the gaps.
Data analytics is a great method to improve teaching strategies, identify areas students find difficult to learn, and see how this could be changed to make courses more interactive and encouraging.
The education industry employs data analytics to improve education and learning systems outside the classroom. For example, some educational institutions utilize data analytics to design school bus routes or improve classroom hygiene.
Manufacturing industries of various types of natural resources, such as oil, gas, minerals, metals, agricultural products, and so on, have generated a large amount of data during the previous few years. The data is massive, complex, and difficult to manage, making them an ideal target for data analytics.
The sector is aggressively investing in predictive analytics technologies and embracing digitization to become a data-driven decision-making industry. Companies are ingesting and integrating various important data types, such as geospatial, text, graphical, IoT, and temporal data, into datasets to provide usable information.
Insurance is another industry that is aggressively investing in predictive analytics. They are utilizing data to boost sales and profitability. Data is being collected from a variety of sources by the industry.
Property and casualty insurance firms use telematics, agent interactions, customer contacts, smart homes, and social media campaigns. They do this to understand and manage their connections with clients regarding claims, underwriting, future consumer requirements, and much more. Companies leverage data insights to create new goods and improve customer service, allowing them to maximize revenue.
Data analytics has shown to be extremely beneficial to the government and its many agencies. Whether it’s financial market analysis, energy exploration, health-related research, environmental protection, or fraud detection, the government is leveraging big data to improve services and satisfaction across the board. The application of data science in food and drug administration is one of the best instances of applying data analytics and data science tools in the government sector to detect and evaluate patterns connected to food-associated disorders and illnesses.
The following table shows the top data science companies in India.
CompanyAverage salary (INR – LPA)Accenture Analytics10,50,000Fractal Analytics17,00,000Swiggy22,21,285 Latent View9,46,769 Tiger Analytics15,00,000Genpact9,88,804TheMathCompany10,20,000MuSigma7,27,390IBM6,00,275Oracle14,98,611Source
Data analytics provides the technologies and tools needed to create a big data world with organized and structured data collections. Companies can utilize these technologies to optimize efficiency and avoid resource and time waste by strengthening their decision-making capabilities using data-driven insights. The industries listed above are the most advanced in terms of using data analytics at every stage.
If you enjoy patterns, numbers, and analytics and have the necessary skill sets, Online Manipal is a quick and easy platform to get started in data science. You can find top-rated online degree and certificate programs from prestigious institutions like Manipal Academy of Higher Education on Online Manipal. Enroll in our online programs today!
Participate in online competitions and supervised workshops to master the art of reducing data into meaningful information if you are interested in data science.
Data scientists are in high demand across many industries, and some large corporations pay excellent salaries to attract talented candidates.
Data science job positions are among the highest-paying jobs in India.
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