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In today’s modern age we see more and more companies and organizations embracing and truly unlocking the power of Data Science. Most businesses would benefit from structuring their data and the application of Data Science can be used in many fields. In the future, we will have even more powerful applications and will have streamlined the processes enabling smaller businesses and individuals to take advantage of data and processes like Machine Learning and Deep Learning which are all a part of Data Science.

Applications of Data Science in Various Verticals

With society, ever closer to a truly paperless future, the scope of Data Science keeps on expanding. Slowly we as a society are essentially upgrading all of our systems to fit the future landscape and with that, we see solutions for processes like data entry and data collection which can be automated and optimized to suit the needs of the business or enterprise.

• As of March 31, 2021, the internet penetration rate was 65.6%, so with websites getting thousands of hits a day tailoring its content to each and every user is essential and this can be achieved in a faster and personalized way through AI and such algorithms.

• An e-commerce site looks at the items in your bag and the date of the last ordered item before offering you a discount on a product which the system thinks you are most likely to buy.
• Same with music applications which offer a “freemium” subscription plan. They monetize their users by offering advertisements between songs geared towards the demographic and even with their music recommendation algorithm which gets better suited to the user’s taste the more they interact with the system.
• The healthcare industry was one of the first applicants of Data Science and also in clinical and genomic research.
• AI is used by financial institutions to detect and prevent fraud and theft and even to track and prevent money laundering.
• The most eye-catching of all the applications which is much closer to reality is self-driving cars. Giants like Uber and Tesla are spearheading the progress in the self-driving vehicles sector and have conducted test runs for it in the USA.

Applications of Data Science in the Future

As the volume and diversity of data is increasing rapidly, issues like data integrity, data security are increasingly becoming important. Whether the desired outcome is a powerful dashboard or complex decision-making, scientific approach and methods are required to organize, present and use data the right way.

In the context of Digital Transformation, analytics and data science takes the center stage to enable all the stakeholders with the right data and experience. With more and more companies wanting to identify and tackle problems in an automated process, Data Science will soon be recognized as a necessity. The future looks better than ever before with the world slowly appreciating what Data Science brings to the table for organizations.