Data science is a technology used for analyzing large amount of data. It is the analysis for source of information, content of the information and how that information could be transformed into a valuable asset for creating business opportunities and information technology strategies. Data science includes data discovery, which uses the data inference and exploration techniques.
It also uses mathematical and algorithmic methods for solving complex business problems and discover hidden information. Data science helps companies to intelligently operate and develop strategies derived from evidence-based analytics. Patterns are identified between organized and unorganized data. Data science is helping companies to improve the efficiency, determine market opportunities.
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There are various components of data science such as tactical optimization, predictive analytics, nuanced learning, recommendation engines and automated decision engines. Data science uses the predictive modeling, attribution modeling and segmentation modeling techniques for analyzing the information.
As the amount of data is increasing due to the extensive use of Internet and information generated by the users of various applications, companies are finding it difficult to process all the data gathered. Also, hiring a data scientist would increase the cost for a company and rising demand for data scientists has resulted in scarcity of these resources.
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Cumulative impact of these factors is expected to drive the growth of data science as a service market during the coming years. Data science as a service helps companies by increasing the visibility of the data used for analytics, which can be easily utilized by the business solutions to quickly analyze and distribute the information within the organization.
Furthermore, data science as a service simplifies the tasks involved in the analysis process by providing simplified tools designed for an employee with non-technical background. It focuses on business requirements rather than the complex statistical models to provide real-time data. Growing requirement for real-time data is also expected to increase the demand for data science as a service market. It can provide processing services throughout the organization by integrating with existing applications.
Furthermore, requirements for insights related to customer behavior from the top management is expected to generate demand for data science as a service. As companies are trying to understand the customer requirements more thoroughly to develop customized products, data science as a service is expected to play a key role during the forecast period. It is helping the organizations to step up and move to a next level of service offerings by using the valuable insights.