Data science is an inter-disciplinary field that uses scientific methods, processes, algorithms and systems to extract knowledge and insights from many structural and unstructured data. Data science is related to data mining and big data.
Importance of Data Science: The Current Scenario
In a world that is increasingly becoming a digital space, organizations deal with zettabytes and yottabytes of structured and unstructured data every day. Evolving technologies have enabled cost savings and smarter storage spaces to store critical data.
Furthermore, looking at the huge and ever-increasing requirements, McKinsey has predicted that there will be a 50 percent gap in the supply of Data Scientists versus its demand in the upcoming years. That’s why in this blog we are talking about ‘What is Data Science?’
In recent years, there is a huge growth in the field of Internet of Things (IoT), due to which 90 percent of the data has been generated in the current world. Every day, 2.5 quintillion bytes of data are generated, and it is more accelerated with the growth of IoT. This data comes from all possible sources such as:
- Sensors used in shopping malls to gather shoppers’ information
- Posts on social media platforms
- Digital pictures and videos captured in our phones
- Purchase transactions made through e-commerce
- This data is known as big data.
Companies are flooded with colossal amounts of data. Thus, it is very important to know what to do with this exploding data and how to utilize it.