Data science is an industry that gears all the other industries and sectors that function in the public domain with active interactions taking place. The fast-paced nature of building data is the reason that these sectors must hire experienced data science professionals with the right skills. The evolution of data science technology is evident in the way businesses work today!
The data science industry worldwide can dictate the way businesses are going to perform in the future. This comes from the fact that the global data science industry platform size sits at a comfortable USD 133.70 billion worth as of 2024 (Mordor Intelligence Report). This is expected to soar with the times ahead. The market is segmented by business function, deployment mode, and organization size. The significant upward trend in the market is responsible for the industries and sectors to make data-driven decision-making a part of their business processes.
FinTech Industry:
One of the foremost data-intensive industries is the finance industry which commands the widespread operations in banks, stock exchanges, and fintech companies. While generating a large-scale dataset via monetary transactions and real-time stock trading activities; it is responsible for utilizing data to mitigate risks, increase return on investment in diverse investments, and detect frauds proactively.
Popular Use cases of data science technology in the Fintech sector:
- Customer segmentation and relationship management by easy categorization of consumers; and increasing revenue and sales thereafter
- Financial planning by reducing risks in their financial goals by securing the big asset
- Digitization of modern banks by developing operational data stores, and competitive CRM systems
- Predictive analytics in stock-exchange trends forecast, customer churn prediction, workflow optimization, and identification of high-value customers
Let us look at the other industries and global sectors of operation that are hugely impacted by data science technology.
Manufacturing Industry:
Manufacturing is at the hinge mark of the latest advancements in the data science industry that marks a new era. The manufacturing industry generates a huge mass of data that largely remains untapped. Big data allows for decision-making to be supported by predictive analytics in the natural resources industry as well. Geospatial data, text, temporal, and graphical data are easily analyzed using data science technology leveraged by a specialized workforce backed with top data science certifications.
Popular Use cases of data science technology in Manufacturing:
- Predictive maintenance
- Product development
- Demand forecasting and inventory management
- Improved Supply chain optimization and management
- Robotization
- Digital twin
- Workflow optimization
- Reducing carbon footprint
- Cost optimization
- Increased automation
- Energy management
- Anomaly detection
- Steel quality inspection
- Consumer management
- Warranty analysis
- Warehouse management
- Computer vision
- Quality assurance
Outsourcing Industry:
The value of the global data analytics outsourcing market is expected to reach USD 8.11 billion by 2024, growing to reach USD 183.17 billion by 2032 (Mordor Intelligence Report). Shortage of skilled workforce and high adoption rate by diverse industries are driving the high-rise growth rate in this industry. The industry has been growing and information technology and software outsourcing are showing no signs of slowing down.
Popular Use cases of data science technology in the Outsourcing industry:
- Automates back-office procedures
- Keeps prices in check
- Shortens the turnaround time (TAT)
- Automatically discovers documents
- Uses image annotation for inventory management
- Automatically classify and index documents
Healthcare and pharmaceuticals, retail and e-commerce, energy and utilities, government, transportation, construction, and, media and entertainment are some of the other industries being impacted by data science technology advance manifold.
How do data science professionals’ impact diverse industry applications?
Professionals backed by the most trusted and best-in-line data science courses are a must-have to bring maximum benefit to global sectors and industries. They are trained with the most futuristic data science skills that allow easy deployment of tools and strategies that can alleviate the industry’s stature big time. If building a data science career is your dream career goal, you are bound to experience a salary hike of a minimum of 40% with USDSI® certifications. Enhance your employability manifold with the most trusted and competitive credentials worldwide with a presence in over 160 locations worldwide. Expert data scientists are the ones who can build targeted strategies by deploying the most suited and latest data science technology. Get access to the most nuanced industry recruiters with the best credentials gracing your portfolio. Begin informed today!
