For any analysis, data is the key input that will determine the result or output of any analysis. Data science is the study of data which mainly focuses on developing methods of storing, recording, and analyzing data to extract useful information effectively. The sole purpose of data science is to gain insights and knowledge from any type of data whether structured or unstructured.
To arrive at a particular decision or an output, incurring data alone is not enough. It should be utilized properly and correctly to arrive at the correct output. Thus, data science is highly essential.
You may have heard quite a lot of things about data and the science behind it. But there is always more to it than it meets the eye. Here are some of the data science facts which you probably didn’t know about:
Over 2.5 million terabytes of data are generated every single day. With more and more devices getting connected to the internet it is expected that the estimate should cross over 30 million terabytes of data post the year 2020.
The potential of Data Science is so huge in various parts of the world that the sector is said to grow up to $16 billion by the year 2025. In the worldwide market, it is said to reach $235.80 billion by 2025.
Currently, the data science market is led by the US. It is estimated that by 2021 their requirement for the data scientists will shoot up to 190,000.
The photos we take on our smartphones amount to 80% of the data. And in the coming few years it will become searchable data online.
Google receives up to 60000 search queries per second. And it goes up to 1.2 trillion searches per year.
Bad data or dark data (data that is not used) costs $600 billion alone to the US businesses.
More than 70% of the data are created by individuals and users. But the enterprises are responsible for storing 80% of the data that has been fed.
The amount of data that has been created so far is unfathomable and it is still growing!
These are some of the astonishing facts which speak about the potential that data holds in the present scenario and also in the future. The numbers will increase in the future as the usage of technology and dependency on the internet is increasing day by day.
With the numbers increasing day-by-day the role of the data scientist is set to become even more crucial which will open up avenues to understanding the business cycle, data cleaning, data visualization, data mining, and data exploration to good use.
If you are planning to start a career in the field of IT, this should be fascinating for you. Over the past 5 years, Data science has gained a lot of traction, and the demand for data scientists is increasing. Naturally, data scientists today are paid more than the IT professionals, thus making it a lucrative career option. Data science is a rewarding career, at times like these where employees are getting pink slips, pay cuts, or worse laid off, data science is one of those fields that is taking in talents. Not only will you enjoy an authoritative position in your business but also have job satisfaction along with a good paycheck.
So what are you waiting for? Get started and see how amazing the world of data science is!