What is Data Science & Why Is It Important?

Introduction:

The field of Data Science is vast and an emerging prospect. This field of study focuses on extracting knowledge from enormous amounts of data using different scientific techniques and algorithms. Most modern businesses function on various data-driven decisions. As a result, Data Science is a highly sought-after field of study in businesses and adds to productivity. As per reports, Data Science is a growing field with about 37% share in modern IT companies and is estimated to grow by 27.9% by the end of 2026. Data Science ensures top-ranking IT roles like Data Scientist, Data Analyst, Data Engineer, Data Architect, Business Intelligence Analyst, Statistician, and Machine Learning Engineer. These job options are relatively less saturated and have great payments, making them some of the most highly demanded job roles. Aspiring professionals can take up Data Science Training at various institutes to learn and develop their skills.

This Section offers insight into Data Science. Read on to know more.

History Of Data Science:

The phenomena of Data Science have evolved over the years to become what we today understand Data Science to be. It was first brought to notice in 1962 when John Tukey wrote about merging Statistics and computers to obtain measurable outputs in lesser time. Peter Naur, in 1974, used the term “Data Science” in his review “Concise Survey of Computer Methods.”

This was followed by linking modern computer technology, traditional statistical methodology, and domain expertise to convert data into knowledge by International Association for Statistical Computing (IASC) 1977. Later in 2001, William S. Cleveland presented an activity plan that depicted the understanding and scope of Data Scientists.

In 2002, the “Data Science Journal” was published by International Council for Science. This journal focused on several related issues like data systems explanation, applications, etc. This was followed by several other Data science journals by Columbia University in 2003 and National Science Board in 2005. By 2013, Data Science became a leading field of study that was increasingly adopted by businesses.

Various Benefits of Data Science:

Data Science has a number of benefits in various sectors that makes this field a highly sought-after one. Let us look at some of the benefits of Data Science.

• In the healthcare industry, physicians use Data Science to analyse data from wearable trackers to ensure a patient’s well-being and make vital health-related decisions. Additionally, Data Science allows hospital managers to reduce visitors’ waiting time and focus on enhancing their service.
• Various retailers use Data Science to enhance their customer experience.
• Data Science is used in the banking and finance sectors to detect fraud and provide personalized financial advice to customers.
• Transportation sectors use Data Science to enhance the journeys of their customers.
• Several construction companies use Data Science for efficient decision-making by tracking activities like time for completing tasks, expenses, etc.
• Data Science has become an excellent strategy to improve the customer experience.

Importance Of Data Science in Businesses:

Data Science is widely used in businesses. It enables faster decision-making for businesses based on vast amounts of data. This helps the enterprises to identify the issues and work on improving them. Let us look at the various benefits of Data Science in businesses:

• Data Science helps companies to make better business decisions
• It can be used to measure the business performance
• Data Science allows one to extract information on internal finances
• Data Science is used to develop better products and services
• Data Science increases work efficiency and is used to mitigate risks
• Data science helps businesses predict the outcomes and trends

Importance Of Data Science in The IT Sector:

The IT sector is one of the largest industrial sectors that widely uses Data Science for its functioning. Let us look at some of the key benefits of Data Science in the IT industries.

• Data Science facilitates the generation and application of information with its power to extract information from large volumes of data.
• The IT industries use data from Data Science-based studies to generate better facilities.
• Data Science makes it easier to operate IT technologies faster and more effectively.

Conclusion:

To sum up, Data Science is a comprehensive platform that is growing and evolving rapidly. Today this field of study is used not only in the IT sector industries but also in businesses, healthcare facilities, transportation, construction, etc. Data Science has about 37% share in various industries and is expected to grow by 27% by 2026. The phenomenon of Data Science was first brought to notice in 1962 and has since evolved to be what we see as modern Data Science. This field of study ensures excellent job options with good pay. One can join the Data Science Training Institute in Noida to develop their skills in this field and make significant career advancements. Some of the standard job roles after training in Data Science include Data Scientist, Data Analyst, Data Engineer, Data Architect, Business Intelligence Analyst, Statistician, and Machine Learning Engineer.