As an economic discipline, data science is the opposite of artificial intelligence. The first one is a busy field where creativity, innovation, and efficiency are the only limits; the other is subject to a myriad of constraints on technology, governance, regulations, and proverbial results.
More and more companies are embracing technologies such as artificial intelligence, natural language processing, machine learning, and more. Let’s take a look at the 5 emerging trends in data science that everyone seems to be talking about!
The 5 Most Important Trends in Data Science in 2021
1. Decision intelligence
No matter what a company does, it’s critical to make smart, informed decisions to succeed in the corporate world. Machine learning and data science can empower companies to make accurate decisions and improve efficiency. Business intelligence is primarily a hybrid field of artificial intelligence, data analysis, decision making, and economic principles. It just means that corporate executives, shareholders, and other partners can now use machine learning algorithms to gain insights and insights into their data and also act responsibly when using this technology.
This trend in data science is at the forefront of technology and is expected to grow as approximately 33% of large companies are deploying this technology in all areas. In a way, you can say that this year companies are finally breaking free of quick wins and moving towards sustainable, tangible business value through business intelligence.
2. X analytics
Until now, science and data analysis has been limited to one form of data and statistics, namely the tabular form. Most of the time, when someone talks about analytics, the information they usually remember is a seemingly endless series of numbers in a table. That said, there are many other classifications of data for a business like text, audio, video, etc. Therefore, if companies want to stand out from the competition, they should also consider implementing this type of data.
X Analytics can include text analytics, video analytics, audio analytics, and more. A typical example of this is sentiment analysis, in which companies try to measure the attitudes and general mindset of their consumers by evaluating their ratings. Another useful tip in video analysis and object classification is Google’s video intelligence. This trend in data analytics is becoming more common as more than 75% of Fortune 500 companies will use it in some form by 2025.
Today, privacy and security have become a much bigger concern for companies. Data has great potential to create room for growth opportunities, but at the same time it can be used – and companies can take on significantly greater responsibilities than ever before. Therefore, modern data security solutions with blockchain as the best of them are becoming more and more important.
Blockchain, as the name suggests, is a chain of blocks that are digital data related to encryption and the association of each block with the previous block in the blockchain. As the blockchain is a distributed solution, it is one of the most transparent and secure technologies today. Today, many companies use blockchain-distributed datasets such as R3 Corda, Bitcoin, Quorum, etc., which strengthens data security protocols and improves data quality as only critical information is protected.
4. Data Cloud Solutions
Today, data is obtained from different sources, and, for a long time, separate types of data are collected and processed in one place. But let’s be honest: the data can be huge. Some sources claim that more than 2.5 trillion (yes, 9 zeros) of data is generated around the world every day.
While large companies like Google can effectively manage their data on-premises, small companies can barely capture and organize the data, preventing them from accessing the information they need to become a business. This is where data cloud solutions come in, which allow market data to serve log data and combine all organized, partially structured, and unstructured information. For more information visit Data Science Training in Pune
5. Latest generation computers
Edge computing is the newest trend in data science that is expected to dominate this year as it ensures that data storage and computing stations are close to the topology where information is being analyzed or consumed. It is much safer than having these storage facilities in a central geographic location hundreds of miles from the information collected or used.
Data science will increasingly prioritize the integration of the full spectrum of AI data and methodology, including aspects of its statistics and knowledge base, into daily delivery around the world. Leveraging the full range of techniques and information available to data scientists will dramatically improve resource generation, data preparation, and explainability.