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May 26, 2021

Scope Of Data Science In India | Data Science Daily | Episode 27

Data rules the age we live in, owing to the growth of IoT, social media, and smartphones, the quantity of data at our disposal today is beyond imagination. Data Science is an amalgamation of mathematics, programming, statistics, data analysis, and machine learning. 

So to talk about the scope of data science let me give you top industries that make the most use of data science:

1. Healthcare

From electronic health information, clinical trials, along with genetic information to billing, wearable data, care management databases, scientific articles, etc., data science has made it much simpler to manage all the data. Few areas with enormous scope for data science applicability are

Drug Discovery

Recognizing health risks and recommend prevention plans

Diagnosis of diseases

Delivering more precise prescriptions and customized care

Post-Care Monitoring

 2. BFSI

There are many ways data science and AI can help financial institutions to be more efficient in providing services like:

Fraud detection

Lending and loan appraisal management

Risk modeling

Securing and managing customer data

Lifetime value prediction

 3. Media & Entertainment

Data science strategies have scaled up the media and entertainment industry through

Customer sentiment analysis

Hyper-Targeted Advertising

Smart Recommendations & Personalized Content Experiences

Real-time analytics

Optimized Media Scheduling

 4. Retail

This consumer-focused industry thrives on increasing personalization and relevance, with the aim to understand the shopper’s behavior and patterns through data.

Data science in retail helps to –

Analyze individual’s past purchases and help them discover relevant products

Create a recommendation and personalization system

Analyze customer behavior and market insights

Predictive analytics 

 5. Telecommunications 

Useful classification and utilization of humongous data have been groundbreaking for telecom companies and have helped them cater to their more extensive range of consumers more accurately.

Data science enables telecom companies to

Make personalized offers to customers

Allocate network resources

Predictive maintenance

Smarter network deployment

Optimization of the networks

 So now let’s look at some of the exciting Data Science trends that may soon become a reality in the near future:

·         While the IoT is already a reality that connects smart devices, in the near future, we might anticipate being a component of an Intelligent Digital Mesh – a connected hub of apps, devices, and individuals operating collectively in sync.

·         Product advertising and customer service is likely to be revolutionized by advanced chatbots, Virtual Reality, and Augmented Reality.

·         Blockchain might become mainstream – it won’t be just restricted to the finance sector, but blockchain will become a part of healthcare, insurance, and other industries.

·         Augmented Analytics and Automated ML systems together will enhance Predictive Analytics and take it to a higher level.

·         The job title of a ‘Data Scientist’ will have an enormous transformation to include a variety of roles. Data Science and AI will continue to advance and data scientists have to keep themselves up to date to cope up with the ever-changing tech scenario.

 


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