You are a data scientist and you have the skills to derive value out of data. You have knowledge of Machine Learning, data munging, data visualization & communication, and basic tools and statistics.
But if you don’t know which industries or markets will give you the best opportunity to build a successful career or what type of job role will suit you, then you are probably at the right place.
In this post, I will cover the top 5 industries for aspiring data scientists where data science applications are blooming.
Data Science in the Healthcare & Pharmaceutical Industry
Health care is a very delicate segment. Individual pieces of data can have life-or-death importance, but many organizations fail to aggregate data effectively to gain insights into wider care processes. Drawing conclusions and making decisions based on data and using the medical knowledge in an effective way to improve safety and quality is not possible without a comprehensive data science strategy.
The amount of data that the human body generates daily equals to two terabytes. Thanks to data science that data like blood glucose, sleep pattern, brain activity, and stress levels can be monitored to prevent various health problems. Data science is also used in improving diagnostic accuracy and efficiency. Deep learning is being used to read imaging data (such as x-rays, CT scans, etc.), and analyze it to reduce diagnostic failure rates.
Consider Project Data Sphere, which is a free digital library-laboratory, where various medical research communities can broadly share, integrate and analyze historical, patient-level data from academic and industry phase III cancer clinical trials. Such rich data set is nothing but a part of data science and is undoubtedly helping pharmaceutical research and development segment. Few of the promising jobs in the healthcare sector for data scientists are Econometric, Biomedical, and Health Data Scientist.
Data Science in Telecommunications
Mind Commerce expects that Data Science and Big Data will drive the telecom analytics market to grow at a CAGR of nearly 50% between 2014 and 2019. By the end of 2019, the market will eventually account for $5.4 Billion in annual revenue. With data storage expenses dropped heavily, and increased computer processing power with free or cheap analytics software and tools, data analysts jobs have become much easier in the telecom sector. Data from customer behaviors like voice, SMS and data usage patterns, video choices, customer care history, social media activity, past purchase patterns, website visits, duration, browsing and search patterns and customer demographics like age, address or geographic location, gender, and types of devices used, allows telecom enterprises to offer personalized services or products during the purchasing process.
Data Science in the Internet Industry
Technology, Big Data, and Cloud Computing have helped in generation of massive and complex data sets. With such data sets evolving continuously, data science in the internet industry is here to stay. Data scientists are combining huge hosts of data sets to create personalized recommendations, smarter sentiment analysis, detailed market basket and video analysis, and geo-targeted marketing. Social Networks, e-commerce, and internet industry is probably the strongest sector to take advantage of data science and analytics in 2018, with 3.8 billion internet users in 2017, 840 new users joining social media every minute, 46,740 pictures added every minute in Instagram, and 3,607,080 Google searches conducted worldwide every minute.
Data Science in Energy
Big data and data science are transforming the energy vertical, providing insights for cost reductions in down markets. Data analysis helps discover new energy sources, cut costs and save money on drilling and exploration, avoid power outages, increase efficiency and productivity, analyze gauge consumption patterns, predict. It also aids in stopping accidents and plan for better maintenance and repairs. Such use of big data science and analytics is expected to grow in the energy industry in 2018.
Data Science in the Automotive Industry
Artificial Intelligence, Data Science, and Machine Learning are the key technologies which process products with automatic learning and optimization to be used in the future automotive industry. Data mining and artificial intelligence in the automotive industry consists of the following steps –
- Development of CAD models and simulations
- Procurement of data concerning suppliers, purchase prices, discounts, delivery reliability, hourly rates, raw material specifications, and other variables
- Logistics like procurement, production, distribution, and spare parts logistics
- Production along with improving quality or reduce the incidence of defects, data concerning the defects