Data science is evolving at a fast pace. From startups to multinational organizations, everyone is embracing AI and machine learning. Your favorite apps and software programs rely on AI algorithms to deliver unmatched performance.
The big data and business analytics market worldwide grew from $122 billion in 2015 to $166 billion in 2018. This field is expected to reach a staggering $260 billion in 2022.
Artificial intelligence was worth about $7.35 billion last year. Companies big and small are investing heavily in data analytics. IoT networks, virtual reality, and other innovative technologies are on the rise.
Without a doubt, these trends are disrupting the business world and changing the way we live, work, communicate. But what does the future of data science hold? Let’s find out!
The Rise of Automation
Widespread automation is inevitable over the next few years. However, this doesn’t mean that people will be replaced by robots and lose their jobs.
On the contrary, this technology will streamline time-consuming businesses processes and boost productivity across all industries. The demand for technological skills and higher cognitive skills will grow exponentially by 2030.
The fact that robots will handle laborious human tasks means greater productivity and performance for businesses. At the same time, it will lower the entry barriers for aspiring data scientists and makes their work easier.
Automated systems will also result in more accurate data and take predictive analytics to a whole new level.
Widespread Artificial Intelligence
Without AI, we wouldn’t have access to cutting-edge software. Not mention innovative medical equipment, speech recognition, and virtual reality.
In fact, almost half of digitally mature companies incorporate AI into their daily operations.
Businesses that embrace artificial intelligence will have a competitive edge in the next few years. Automated data analysis, robotics, and other AI-powered solutions will continue to grow in demand.
Artificial intelligence is widely used by businesses and individuals alike. Customers use this technology every day without even realizing it. Web browsing, email filters, chatbots, Google predictive searches, and mobile banking are all examples of AI in action.
Stronger Emphasis on Data Ethics and Privacy
Over the next years, we can expect to hear a lot about data ethics and privacy. That’s largely due to the GDPR, which came into effect last year.
Data scientists are now being trained in these new data privacy regulations and their implications. They must have the ability to collect data responsibility and take a values-driven approach.
Get Ready for the Future of Data Science
The ever-changing field of data science is taking the world by storm. Businesses rely on these technologies to develop better products and services. Smart devices, such as Amazon Echo and Google Home, contribute to the widespread of IoT and other data-powered systems.
Are you ready to embrace the future of data science? Sign up for our latest event, Fearless in Data! Be prepared to meet top data scientists and hear what they have to say about the most recent advancements in this field!