Data Science Innovation in 2020 - Which Industries Are Most In Need

Data science is a relatively new business concept, but it already revolutionized entire industries all over the world. The sheer power of big data analytics makes it easier for decision-makers to come up with credible conclusions and take business moves based on real-life information rather than intuition.

It’s a genuine game-changer that helps companies to become better, more reliable, and highly productive from a long-term perspective. With data science at your disposal, you can also cut operating costs, improve pricing policies, hire the best professionals, and boost customer loyalty.

The best thing about data analytics is that the process is not strictly reserved for one niche. On the contrary, it is applicable to almost all fields of work and so its popularity keeps growing steadily over the years.

But there are some industries that need data science much more than others. Recruiters in these fields will have a hard time trying to attract enough data scientists, so let’s check out seven industries with the highest demand in 2020.

Data Science Explained

Most people still don’t understand the concept of data science, so we need to explain it before moving on to the next chapter.

By definition, data science is the field of study that combines domain expertise, programming skills, and knowledge of mathematics and statistics to extract meaningful insights from structured and unstructured data.

It’s an incredibly important concept because consumers generate huge amounts of information that no human being can interpret manually. For example, the best essay writing services cannot analyze thousands of daily leads without data science. With such a large amount of data, data analysts have become a necessity for companies to transform their gathered data into valuable insights. The same goes for all other industries out there.

Here are just a few stats to explain the impact of big data:

• Internet users generate about 2.5 quintillion bytes of data each day.

• 99.5% of collected data never gets used or analyzed.

• Insight-driven businesses are predicted to take $1.8 trillion annually from their less-informed peers by 2021.

• Businesses that use big data saw a profit increase of 8% to 10%.

• The number of IT professionals using big data descriptive and predictive statistics grew from 40% to 60% in the last 12 months.

In such circumstances, it’s not surprising to learn that the average annual salary of a data scientist is $113 thousand.

7 Industries in Need of Data Science

You’ve seen the stats proving the growth of data science, but now it’s time to check out the industries in need of big data analytics. Here are the top seven picks.

·         Online retail

Online retail is one of the fastest-growing industries globally because it guarantees unparalleled comfort and simplicity. From essay writing services to sports gear, eCommerce makes it easy to order almost any type of product or service these days.

But there is a catch – it wouldn’t be possible without data science.

According to the report, 50% of companies who master the art of customer analytics are likely to have sales significantly above their competitors. Online stores need to know everything about their clients in order to craft better products and adjust prices, a feat practically impossible without data science.

·         Digital marketing

Digital marketing is closely related to eCommerce, but it also extends way beyond this industry. Unlike traditional promo messages, modern marketing is based on data analytics because its purpose is to tailor content based on the needs of every prospect individually.

Data science makes it possible to customize marketing messages in real-time thanks to the sheer processing power. For instance, this is what happens every time you visit Amazon – you will see a bunch of recommended products based on the entire history of your earlier interactions with the website.

It’s a major business improvement since 79% of consumers say they are only likely to engage with an offer if it has been personalized to reflect previous interactions the consumer has had with the brand.

·         Banking and finance

Banking and finances heavily relies on data science to maximize productivity. In case you are using eBanking services, you should know that it’s possible because of big data analytics.

But it’s just one aspect of the business as some banks already experiment with virtual financial assistants such as Erica. Erica, of the Bank of America, combines the latest technology in artificial intelligence, predictive analytics, and natural language processing to be a virtual financial assistant to clients.

She helps clients with actions like debit card unlocking, app navigation, transaction-related searches, billing, and many other functions.

·         Logistics

From inventory management to shipping, the logistics industry encompasses a wide range of activities that even the biggest teams cannot handle manually. This is where data science steps in to help the industry synchronize all efforts and drastically improve operational efficiency.

Jake Gardner, a blogger at the top essay writing services, claims that data science guarantees a neat and clean logistical flow: “It monitors and regulates hundreds of data inputs in real-time, including order volumes, types, GPS positions, carrier data, delivery information, and many more.”

With so many benefits of big data in logistics, it’s easy to figure out why 93% of shippers and 98% of third-party logistics companies believe data analytics is critical to making intelligent decisions.

·         Media and entertainment

Number five on our list proves that data science really influences of sorts of industries. We are talking about media and entertainment, a market that lives and breathes customer analysis.

Take Netflix as an example here. One of the largest media streaming providers saves over $1 billion annually thanks to the omnipotent content optimization algorithm. Another notable example is YouTube – just turn on autoplay and you’ll see data science in action.

Knowing your audience is essential in entertainment, which is why almost every content provider takes advantage of big data to analyze users.

·         Energy and utilities

Have you ever heard of smart cities? A smart city is an urban area that uses different types of electronic Internet of Things (IoT) sensors to collect data and then use insights gained from that data to manage assets, resources, and services efficiently.

The definition itself shows you there’s some serious data science work behind a smart city. Jason Johansen, a data analyst, explains that modern urban settlements use intelligent machines to optimize the functioning: “This is exactly what helps the city of Amsterdam to handle millions of visitors while reducing traffic, saving energy, and enhancing public safety.”

·         Healthcare

The medical industry is gradually embracing data science and turning it into a practical decision-making platform. How come?

First of all, a patient can wear small tracking devices to provide healthcare professionals with real-time updates about her/his current condition, medication intake, and so on. Secondly, hospital managers can use data analytics to improve scheduling and eliminate time-waste.

These and many other applications make entire healthcare systems a lot better, thus making the patients feel more comfortable and well-treated.

The Bottom Line

People from all over the globe leave tons of digital footprints online, thus allowing agile companies to make use of massive data libraries and analyze the preferences of the target audience. It makes entire organizations better and more profitable in the long run.

In this article, we analyzed seven industries that will be highly dependent on data science innovation in 2020 and beyond. Are you relying on data science in your business? How does it help you to solve practical problems and improve everyday operations? Share your thoughts in the comments – we would love to discuss it with you!