Last updated on October 13th, 2022 at 05:02 am
Evolution of data science in India
In today’s bustling world an unprecedented amount of data is being generated by businesses and firms. The pinnacle of data proliferation pressurized on the businesses to employ specialized professionals apt for the tasks. The amount of digital data that exists today is at a staggering rate and is bound to increase by a large extent in the future. Data science is considered a young profession or a relatively new concept which became popular after a decade in 2010.
Initially, statistics and statistical tools were implanted in data science which later clubbed with the growing technology and newer and sophisticated concepts like Artificial Intelligence, Internet of Things and Machine learning for better results. Data science is basically the study of data which is in structured or unstructured form. It is a process of collecting, storing, analyzing and processing the data using various statistical tools and machine learning for producing meaning insights.
Revolutionary data science in India
Before the arrival of data analytics, the blue-chip companies and consulting businesses ruled the analytics market. By removing the barriers in the industry cloud technology has made it possible for start-ups to emerge in this field fearlessly. Big businesses to start-ups all rely largely on data science for solving their simple to complex problems.
Hence, it is appropriate to say data is the new oil for businesses. Many developed countries like USA, UK, Singapore, and Australia are a favorite destination for Indian analytic experts next to software professionals. A study by Analytics India Magazine reveals that the US pays $11b to India for data analytics annually.
The evolution of data science in India is tremendous and hence India is amidst top 10 countries for analytics in the world with over 600 analytic firms out of which half of them are start-ups and the number is expected to increase with the increased efficiency in its solutions and products.
Banking and finance are the prominent industries that use data analytics and revenue generated from these industries is more than 30% in India. Apart from finance and banking, marketing, pharma, advertising, and healthcare are other sectors which rely on data analytics by a large extent. Thus, data analytics, data science, and big data industry are set to double in India by 2020.
Digitalization banking data science to a great extent
In the present business, data is considered the most valuable thing even more vital than money, since data analysts use them for figuring more opportunities. Data science is a multi-disciplinary subject which effectively produces smarter business moves convincing the customers generating more revenue. Digital business is able to build a larger customer base by utilizing smarter data analytic techniques to identify the tastes and preferences of individual customers in India and brings about a satisfying solution.
Once online retailing has established a positive outcome from using big data to understand its customers, the same big data technique is applied in different sectors like engineering, medical, academic research, and social science to name a few. The availability of the huge amount of data has led to its widespread application for arriving at effective and efficient solutions or products.
Cloud and its impact on millennials favorite data science
Cloud computing has created a revolution in data sciences which has made data centers more accessible at moderate prices thus creating a boom in the Indian market. The trending fact is that earlier only Bangalore and Delhi were major contributors in this sector in India but Pune, Chennai, and Hyderabad are not far from joining the racing market.
Data science is a vast sector with the widespread application of its techniques business identify opportunities, frame better goals and create productive solutions. This has created more demand for professionals who can analyze and scrutinize the data by understanding better insights within the data.
To flourish in this exciting field full of challenges one needs Data Science Training for gaining a comprehensive knowledge of the subject. The millennials like data science as it does not pose and restrict their functionality. Data science and millennials are interconnected as highly responsive and engaging marketing based on their preferences using data analytics drive today's marketing with the use of advanced cloud technology.
To sum up
As you can see the evolution of data science over the last ten years has been tremendous and will continue to do so with the splurging demand for data analytics across many sectors. Data science is a promising sector which got prominent attention with the advancement in technology. As consumers are embracing digitalization, more scope of data science in India is inevitable.
