Data is the oil for today’s world. According to market intelligence company IDC, the ‘Global Datasphere’ in 2018 reached 18 zettabytes. The vast majority of the world’s data has been created in the last few years and this astonishing growth of data shows no sign of slowing down. In fact, IDC predicts the world’s data will grow to 175 zettabytes in 2025. With the right tools, technologies, algorithms, we can use data and convert it into a distinctive business advantage
Data Science is the area of study which involves extracting insights from vast amounts of data by the use of various scientific methods, algorithms, and processes. It helps you to discover hidden patterns from the raw data. The term Data Science has emerged because of the evolution of mathematical statistics, data analysis, and big data.
Data Science is an interdisciplinary field that allows you to extract knowledge from structured or unstructured data. Data science enables you to translate a business problem into a research project.
Data Science can help you to detect fraud using advanced machine learning algorithms. It helps you to prevent any significant monetary losses. Allows to build intelligence ability in machines. You can perform sentiment analysis to gauge customer brand loyalty. It enables you to take better and faster decisions. Helps you to recommend the right product to the right customer to enhance your business.
Data Science Components
Statistics:
Statistics is the most critical unit of Data Science basics. It is the method or science of collecting and analyzing numerical data in large quantities to get useful insights.
Visualization:
Visualization technique helps you to access huge amounts of data in easy to understand and digestible visuals.
Machine Learning:
Machine Learning explores the building and study of algorithms which learn to make predictions about unforeseen/future data.
Deep Learning:
Deep Learning method is new machine learning research where the algorithm selects the analysis model to follow.
Data Science as a Career
Over the last five years, the job vacancies for data science and its related roles have grown significantly. Glassdoor has named data scientist as the number one job in the United States as per its 2019 report. The U.S. Bureau of Labor Statistics predicts the rise of data science needs will create 11.5 million jobs by 2026.
There are several job roles that you can look for in the data science domain.
Some of the important job roles are:
- Data Scientist
- Machine Learning Engineer
- Data Consultant
- Data Analyst
According to Glassdoor, the average salary of a data scientist in the United States is $113,000 per annum and in India, it’s 907,000 Rupees per annum.
