Data is vital for any business as it helps them make important decisions based on critical insights from current trends and consumer statistics. Data science utilizes scientific approaches and algorithms to extract insights from raw data. The market today is morphing in outstanding ways with increased hype surrounding ML & AI. Data science gives a boost to existing tech by deciphering answers to problems by linking indistinguishable data for use in the future. AI gives companies the opportunity to scale on insights like never before. All of this is possible, because of the enormous amounts of data collected daily through various channels like the worldwide web and mobile applications. Americans use 4,416,720 gigabytes of data every minute including emails, texts and google searches and the IDC has estimated that by 2025, 163 Zettabytes of data will be generated. This is a remarkable figure which has been propelled by the rapid increase of connected devices and networks.
Barriers are being broken with data, enabling everything from pilotless drones to more accurate targeted advertising. MNCs and enterprises can now boost their productivity and at the same time be cost effective. Hence, why data science is being integrated into industries we may not have considered and helping them survive the aftermath of the pandemic. According to a study done by research firm MarketsandMarkets the global Data
Science Platform Market which was worth USD 37.9 billion will grow to USD 140.9 billion in 2024 at a CAGR of 30%.