Without data science and analytics, booming businesses all over the world would be completely lost. This fact rings true in today’s day and age where the emerging data science trends help enterprises to get a better grasp of their consumers and remain a step ahead of the competition. It is anticipated that data analytics technology will expand fivefold by 2024. And that’s not all! Gartner’s 2020 Magic Quadrant for Data Quality Solutions claims businesses experience an estimated loss of approximately $12.9 million each year due to poor data quality. This figure is expected to increase with more and more digitization and challenging market conditions. This is why an increasing number of businesses are adopting technologies like artificial intelligence, natural language processing, machine learning, and others. Let’s look at the top 5 emerging data science trends all people seem to be talking about!
Top 5 Data Science Trends to Watch Out For in 2021
1. Decision Intelligence
No matter what an enterprise does, it definitely has to make smart and informed decisions if it is to succeed in the corporate universe. Machine learning and data science can enable businesses to make sharp judgments and boost their efficiency. Decision Intelligence is mainly a hybrid domain of artificial intelligence, data analytics, decision-making, and management science principles. This simply means that company administrators, stockholders, and other partners can now use machine learning algorithms to get information and insight through their data, and also to act responsibly with the use of this technology. This data science trend is at the forefront of technology and anticipated to grow with about 33% of major companies currently employing this technology in all areas. In a way, it can be said that this year, businesses will finally free themselves from fast gains and switch to sustainable, tangible business value through decision intelligence.
2. X Analytics
Until now, data science and analytics have been mostly confined to a single form of data and statistics, which is the tabular form. Most of the time, when someone discusses analytics, the information they usually recall are seemingly endless rows of figures in a spreadsheet. That being said, there are so many other data classifications for a corporation, such as text, audio, video, and so on. Therefore, if businesses want to stand out in a sea of competitors, they should also consider implementing this kind of data.
X Analytics can include text analytics, video analytics, audio analytics, and so much more. A typical example of this is sentiment analytics where businesses try to evaluate their consumers’ overall attitude and thoughts by assessing their reviews. Google’s video intelligence is yet another indication that is helpful in video analysis and classification of objects. This data analytics trend is now getting so increasingly mainstream that over 75% of Fortune 500 businesses will be using it in one way or another by 2025.
These days, the protection and security of data has become a much bigger concern for businesses. Data has a great deal of potential when it comes to making room for increasing opportunities but at the same time, it can also be exploited and businesses can experience considerably higher liabilities than ever. Therefore, with Blockchain as the best of them, modern data security solutions are becoming increasingly important.
Blockchain, like the name suggests, is a chain of blocks that constitutes digital data linked with cryptographing and bonding every block with the preceding block in the blockchain. Blockchain being a distributed solution, it is now one of the most transparent and safest technologies to use. Today, many firms use Blockchain from the distributed dockets such as R3 Corda, Bitcoin, Quorum, etc., which boosts the data security protocols and improves the quality of the data, since only the critical information is guarded.
4. Data Cloud Solutions
Nowadays, data is obtained from a variety of sources and long-run data types that had been kept separate for quite a while are now collected and processed in a single location. But let’s be real for a minute: data can be massive. In fact, some sources claim that over 2.5 quintillions (yes, 9 zeroes) bytes of data are generated all over the world every single day.
Although large corporations such as Google can manage their data efficiently in facilities, smaller firms are barely able to capture and organize data, which keeps them from accessing the insights they need to become a booming business. This is where data Cloud solutions come in, allowing market data to encounter log data and combining all organized, partially-structured, and unstructured information.
For instance, Data as a Service (DaaS) is a cloud-based solution that utilizes cloud infrastructure to supply businesses with a network connection that provides data collection, retrieval, data integration, and data analysis solutions. Therefore, businesses can take advantage of the data generated, optimize a bit of their output, produce quality goods depending on consumer demand and better reach their potential customers.
5. Edge Computing
Edge Computing is the latest data science trend expected to rule this year, as it ensures that data storage and computational stations are near the topology edge where the information is analyzed or consumed. It is much safer than having these storage facilities at a centralized geographical position hundreds of miles from the information being gathered or used.
This fiery data science trend helps to make sure that there is no data lag time which can influence the quality of an interface and also lowers the lost revenue in the transfer of data. And let’s be real: as the monetary losses are being reduced at a surprising rate, this technology is certainly bound to become successful.
In fact, Gartner expects that 75% of all business data will be analyzed with advanced Edge Computing in the coming years – which is a huge upgrade from the 10% in 2018.
The Bottom Line
2020 was a tough year for businesses all over the world, but don’t worry! With the above-mentioned data science trends rising rapidly on a global level, in 2021, you can be ready to face the unexpected no matter what.