With the introduction of new technologies, businesses are becoming more productive, increasing their return on investment (ROI). Today’s industry shifts revolve around data analytics, artificial intelligence, big data, and data science. Across the corporate landscape, entities embrace data-driven approaches to streamline operations and make informed decisions, leveraging the profound insights derived from data analytics.
The global pandemic wrought havoc across various sectors, compelling small and large enterprises to swiftly adapt to the changing landscape. Consequently, investments in data analytics and data science witnessed a sharp rise, leading to organizations’ almost universal reliance on data. Keep reading this article as it dives into the latest developments in data science and industry trends in data science and analytics and how pursuing an industry-relevant course can help you stay ahead of the trend.
The contemporary dynamic business landscape requires professionals to stay current with the skills and trends in the industry. To cope with the rising demand for upskilling, premier Indian institutions, such as IITs, offer academic courses for aspiring professionals looking to climb the corporate ladder or switch careers.
The IIT Madras data science courses efficiently help learners acquire the in-demand skills and expertise in the field. The curriculum aligns with industry benchmarks and incorporates practical, real-world case studies to provide learners with hands-on familiarity with tools and technologies pertinent to the field. Apart from covering data science’s theoretical and practical aspects, these courses also help build lifelong learning skills, which is imperative for a constantly evolving job market.
Now that you know how to stay ahead of the curve, let’s delve into discussing the top 5 data science and analytics trends to follow in 2024:
1. Emergent AI:
Emergent abilities are among the skills that have suddenly and unpredictably shown up in modern AI systems. Over the past year, we’ve seen a growing fascination with the remarkable capabilities emerging in intelligent machines. As these machines acquire new skills, our grasp of what’s happening within them becomes increasingly complex and less transparent. Generative AI and ChatGPT are at the forefront of an exciting new wave in AI technology. This emerging trend in AI is set to revolutionize how most companies work, offering greater scalability, versatility, and adaptability. The upcoming AI advancements will empower organizations to utilize AI in scenarios that may seem impractical, making AI even more widespread and beneficial across various domains.
2. Data Democratization:
Data Democratization stands as a pivotal trend, emphasizing the ongoing empowerment of entire workforces—beyond just data engineers and scientists—enabling them to leverage analytics effectively. This shift is ushering in a new era of augmented work, where various tools, applications, and devices deliver valuable insights to the fingertips of every worker, enhancing their efficiency and effectiveness.
Compelling instances of data democracy in action include lawyers employing natural language processing (NLP) tools to sift through extensive volumes of case law documents or retail sales assistants utilizing handheld devices capable of real-time access to customer purchase histories, offering product recommendations for upselling and cross-selling opportunities. According to research by McKinsey, companies that make data accessible to their entire workforce are 40 times more likely to report positive impacts on revenue through analytics.
3. Value Optimization:
Many leaders in data and analytics face a challenge when it comes to explaining how their work directly benefits the organization in everyday business language. To truly maximize the value derived from a company’s data, analytics, and artificial intelligence (AI) efforts, it’s crucial to possess a well-rounded skill set in value management. It also includes effectively communicating the value generated, analyzing the value streams, making informed decisions about where to invest resources, and continuously measuring and tracking the business outcomes to ensure the expected value becomes a reality.
4. Data Governance and Regulation:
Data governance will also be big news in 2024 as more governments introduce laws designed to regulate the use of personal and other types of data. In the wake of the likes of European GDPR, Canadian PIPEDA, and Chinese PIPL, other countries are likely to follow suit and introduce legislation protecting their citizens’ data. Analysts at Gartner have predicted that by 2023, 65% of the world’s population will be covered by regulations similar to GDPR.
This means that governance will be an essential task for businesses over the next 12 months, wherever they are in the world, as they move to ensure that their internal data processing and handling procedures are adequately documented and understood. For many businesses, this will mean auditing precisely what information they have, how it is collected, where it is stored, and what is done with it. While this may sound like extra work, in the long term, the idea is that everyone will benefit as consumers will be more willing to trust organizations with their data if they are sure it will be well looked after.
5. Cloud and Data-as-a-Service:
These concepts are together because the cloud is the essential platform for enabling data-as-a-service (DaaS) technology. DaaS allows companies to tap into data sources compiled and managed by third parties through cloud-based services, paying based on usage or subscribing. This approach diminishes businesses’ need to construct costly, proprietary data collection and storage systems for various applications.
In addition to providing access to raw data, DaaS providers also offer analytics tools on a service basis. The data accessible via DaaS typically complements a company’s internally collected and processed data, enriching insights. Cloud and DaaS significantly contribute to the democratization of data, enabling businesses to engage with data without the need to set up and maintain expensive, specialized data science operations. In 2023, the market for such services is projected to reach $10.7 billion.
To stay on top of the latest trends, the IIT Madras Data Science course can help you stay current with the demands of the contemporary job market. The data science market is evolving rapidly, with the data science platforms market hitting a valuation of $96.3 billion in 2022. It’s projected to surge to approximately $378.7 billion by 2030, displaying a robust compound annual growth rate (CAGR) of 16.43% from 2023 to 2030. Data science is a dynamic field that encompasses both theoretical and practical aspects, harnessing the power of data and technology. We have discussed the key data science trends expected to shape its future landscape.
