Soothsayer Analytics is a Data Science consulting firm specialized in the design, development, and

deployment of end-to-end Machine Learning solutions.

Soothsayer Analytics engages with companies to solve challenging Data Science problems and
actively works with state-of-the-art techniques.

We help clients predict the future, optimize their business, and identify micro-patterns and hidden
connections that traditional methods cannot.

We build custom algorithms and analytic tools, contribute to advanced R&D, and help companies
build internal Analytic Centers of Excellence.

All of our Data Scientists hold a PhD or Masters and have a heavy background in Mathematics and
Programming.

Soothsayer Analytics's headquarters are located at 20361 Middlebelt Rd, Livonia, Michigan, 48152,
United States 

Soothsayer Analytics is providing IT solutions for the manufacturing, healthcare, automotive, supply
chain, and retail sectors.

Founded in 2014, Soothsayer is a team of 120+ Data Scientists & Engineers that empower Fortune
1000 & Global 2000 companies to achieve success in Artificial Intelligence, Big Data, and Beyond. Our
mission is to build innovative Data Science solutions for the problems of today and to proactively
seek solutions for the problems of tomorrow.

Soothsayer designs, develops, and deploys smart algorithms and all the connecting pieces to make
them work. We also provide Data Science advisory, architecture, R&D, and training services to help
our clients develop Centers of Excellence. We are true collaborators that work to ensure solutions
are adopted and client teams are upskilled.
Data Science is the deep study of a large quantity of data, which involves extracting some meaningful
from the raw, structured, and unstructured data. The extracting out meaningful data from large
amounts use processing of data and this processing can be done using statistical techniques and
algorithm, scientific techniques, different technologies, etc. It uses various tools and techniques to
extract meaningful data from raw data. Data Science is also known as the Future of Artificial
Intelligence.

Major Applications of Data Science:

For Example, Jagroop loves books to read but every time when he wants to buy some books he was
always confused that which book he should buy as there are plenty of choices in front of him. This
Data Science Technique will useful. When he opens Amazon he will get product recommendations on
the basis of his previous data. When he chooses one of them he also gets a recommendation to buy
these books with this one as this set is mostly bought. So all Recommendation of Products and
Showing set of books purchased collectively is one of the examples of Data Science.

Applications of Data Science

1. In Search Engines
The most useful application of Data Science is Search Engines. As we know when we want to search
for something on the internet, we mostly used Search engines like Google, Yahoo, Safari, Firefox, etc.
So Data Science is used to get Searches faster.

For Example, When we search something suppose “Data Structure and algorithm courses ” then at
that time on the Internet Explorer we get the first link of GeeksforGeeks Courses. This happens
because the GeeksforGeeks website is visited most in order to get information regarding Data
Structure courses and Computer related subjects. So this analysis is Done using Data Science, and we
get the Topmost visited Web Links.

2. In Transport
Data Science also entered into the Transport field like Driverless Cars. With the help of Driverless
Cars, it is easy to reduce the number of Accidents.

For Example, In Driverless Cars the training data is fed into the algorithm and with the help of Data
Science techniques, the Data is analyzed like what is the speed limit in Highway, Busy Streets, Narrow
Roads, etc. And how to handle different situations while driving etc.

3. In Finance
Data Science plays a key role in Financial Industries. Financial Industries always have an issue of fraud
and risk of losses. Thus, Financial Industries needs to automate risk of loss analysis in order to carry
out strategic decisions for the company. Also, Financial Industries uses Data Science Analytics tools in
order to predict the future. It allows the companies to predict customer lifetime value and their stock
market moves.

For Example, In Stock Market, Data Science is the main part. In the Stock Market, Data Science is
used to examine past behavior with past data and their goal is to examine the future outcome. Data
is analyzed in such a way that it makes it possible to predict future stock prices over a set timetable.
4. In E-Commerce
E-Commerce Websites like Amazon, Flipkart, etc. uses data Science to make a better user experience
with personalized recommendations.

For Example, When we search for something on the E-commerce websites we get suggestions similar
to choices according to our past data and also we get recommendations according to most buy the
product, most rated, most searched, etc. This is all done with the help of Data Science.

5. In Health Care
In the Healthcare Industry data science act as a boon. Data Science is used for:

Detecting Tumor.
Drug discoveries.
Medical Image Analysis.
Virtual Medical Bots.
Genetics and Genomics.
Predictive Modeling for Diagnosis etc.
6. Image Recognition

Currently, Data Science is also used in Image Recognition. For Example, When we upload our image
with our friend on Facebook, Facebook gives suggestions Tagging who is in the picture. This is done
with the help of machine learning and Data Science. When an Image is Recognized, the data analysis
is done on one’s Facebook friends and after analysis, if the faces which are present in the picture
matched with someone else profile then Facebook suggests us auto-tagging.

7. Targeting Recommendation
Targeting Recommendation is the most important application of Data Science. Whatever the user
searches on the Internet, he/she will see numerous posts everywhere. This can be explained
properly with an example: Suppose I want a mobile phone, so I just Google search it and after that, I
changed my mind to buy offline. Data Science helps those companies who are paying for
Advertisements for their mobile. So everywhere on the internet in the social media, in the websites,
in the apps everywhere I will see the recommendation of that mobile phone which I searched for. So
this will force me to buy online.

8. Airline Routing Planning

With the help of Data Science, Airline Sector is also growing like with the help of it, it becomes easy
to predict flight delays. It also helps to decide whether to directly land into the destination or take a
halt in between like a flight can have a direct route from Delhi to the U.S.A or it can halt in between
after that reach at the destination.

9. Data Science in Gaming

In most of the games where a user will play with an opponent i.e. a Computer Opponent, data
science concepts are used with machine learning where with the help of past data the Computer will
improve its performance. There are many games like Chess, EA Sports, etc. will use Data Science
concepts.

10. Medicine and Drug Development

The process of creating medicine is very difficult and time-consuming and has to be done with full
disciplined because it is a matter of Someone’s life. Without Data Science, it takes lots of time,
resources, and finance or developing new Medicine or drug but with the help of Data Science, it
becomes easy because the prediction of success rate can be easily determined based on biological
data or factors. The algorithms based on data science will forecast how this will react to the human
body without lab experiments.

11. In Delivery Logistics

Various Logistics companies like DHL, FedEx, etc. make use of Data Science. Data Science helps these
companies to find the best route for the Shipment of their Products, the best time suited for delivery,
the best mode of transport to reach the destination, etc.

12. Autocomplete
AutoComplete feature is an important part of Data Science where the user will get the facility to just
type a few letters or words, and he will get the feature of auto-completing the line. In Google Mail,
when we are writing formal mail to someone so at that time data science concept of Autocomplete
feature is used where he/she is an efficient choice to auto-complete the whole line. Also in Search
Engines in social media, in various apps, AutoComplete feature is widely used.

Data Science in E-commerce

One good thing because of the internet is the emergence of E-commerce websites. Now you can sit
at home and order whatever you want which will be delivered to your door! Want a new phone?
Order it online! Want new shoes? Just type in your size and get them delivered! You can even order
vegetables for dinner and get them before you begin cooking! These are the joys of E-commerce in
modern times. But E-commerce websites have become so popular that millions of people visit these
sites and order their products. This huge data created by all these people cannot just be analyzed by
their employees anymore. They need to take help of data science.

Let’s take about the number of reviews on Amazon, for example – How in the world is Amazon
supposed to analyze the millions of reviews on all their products unless they use a sophisticated data
analytics algorithm? And what about automatic recommendations? Amazon tells you all that you
might like to buy based on your individual taste. That’s also data science! So let’s discuss these
recommendation systems in detail and also see the various other applications of data science in E-
commerce.

Recommendation Systems

Do you notice that Amazon or Flipkart or any other E-commerce site provides you various options
about things you want to buy or are interested in? So how do these sites know what you want? Are
they magicians? No, they only use the magic of data science! E-commerce websites use a technology
called recommendation systems that track what kinds of products you buy, which pages you click on,
what products you are interested in etc. and then analyze this data using data science to provide you
with recommendations based on this profile. So everyone using these E-commerce sites would
receive individual personalized recommendations based on their browsing patterns, purchase
history, etc. There are different types of recommendation systems such as content-based
recommendations that provide recommendations based on the content you are interested in,
collaborative recommendations that provide you with recommendations by comparing you with
users who might be interested in similar items, etc.

Customer Feedback Analysis

Happy customers are paying customers for E-commerce companies. So they cannot afford to ignore
their customer feedback unless they want to go bankrupt. Most companies fail because they do not
pay adequate attention to customer feedback and improve their flaws in time. However, this is easier
said than done, especially for large E-commerce companies that sell thousands of products and have
millions of customers. But here also, data science can come to their rescue. Techniques like
sentiment analysis are perfect for understanding how the customers feel towards the company and if
there are any complaints that can be resolved. Companies can use natural language processing,
computational linguistics, text analysis, etc. to understand the general sentiment of their customers
and find out if the sentiment is good, bad, or neutral. Then if there is bad sentiment, they can try to
understand what the problem is and work on resolving it.

Price Optimization
Prices are an extremely important factor in E-commerce. After all, would you buy earphones on
Amazon that you think are too expensive? Or maybe you feel that Flipkart gives a better deal on
those earphones and you buy them from there. So E-commerce websites need to make sure that
their prices are attractive and cheap enough that customer will buy their products but also costly
enough that they will still make profits. This is a very tight rope to walk and Data Science helps E-
commerce websites using price optimization. Price optimization algorithms consider various
parameters such as the buying patterns of the customer, competitor pricing, flexibility in the price,
location of the customer, etc. In this way, E-commerce websites can find out the optimal prices of
their products so that they are affordable enough that people will buy them, and they also provide
profit.

Customer Lifetime Value Prediction

All the customers have a lifetime value for E-commerce companies which means how much profit
they provide the company over their entire association. So companies can use Data Science to
calculate the Customer Lifetime Value and understand the value of a customer to their business. This
is done by analyzing the customer’s purchases, online interests, product preferences, and other
behavior on the E-commerce website. Then the company can understand which customers are below
zero consumers which cost the company more than they are worth and which customers are the
optimal customer segments. Once, these things are clear, companies can focus on reducing their
below zero consumers and target their profitable customers for maximum reach and profitability.

Fraud Detection
When something is entirely online, there are high chances of fraud as well. This is true in the case of
E-commerce websites when some users try to commit credit card fraud or maybe constantly buy
products only to return them later. However, data science helps these companies to catch fraud and
suspicious customer behavior in order to minimize their losses. Data analytics can catch the
anomalies that occur in credit card history and financial purchases because of credit card fraud and
freeze the user account. Clustering algorithms can also be used to catch out on the cluster patterns
of suspicious behaviors such as buying things and return them multiple times, buying the same
product in bulk, etc. In this way, data science can be used to manage fraud which has increased more
and more with the increase in the number of customers in E-commerce websites.

Inventory Management
Every company that sells some products needs to have an inventory of all the items they possess, the
most popular items, etc. so that they can supply the customer demand. This is also true in the case
of an E-commerce website. An E-commerce company could never function if an item showed as
available on the website but was actually unavailable or the most popular items had low stocks while
there were huge stocks of items that never sold! So inventory management is extremely important,
especially for large E-commerce companies like Amazon, Flipkart, etc. These companies sell
thousands of items to millions of people every day, and so they need efficient data analytics
algorithms to keep their inventory up to date. These data analytics algorithms can understand the
correlations between demand and supply and then create strategies to increase sales by always
ensuring that in-demand items are available.

Warranty Analytics
All the products sold by E-commerce websites have a warranty attached to them. But what would
happen if the websites provided a very long warranty time? They would start losing money as their
customers would return the items they buy! And if the warranty time is too less, then the E-
commerce website would have some very unhappy customers with faulty items that cannot be
returned! This is why it is so important to have an ideal warranty time that is enough for genuine
customers to return their faulty items but not enough to commit fraud. Data science can help in
finding the patterns for the issues in the items, the number of customers who return these items,
any suspicious or fraud cases in these customers, etc. so that companies can set a warranty time that
is convenient for both them and their customers.

Using all these applications of Data Science, E-commerce companies can increase their sales,
establish a personal bond with their customers, reduce fraud, and become insanely profitable! Data
analytics can help these companies match their supply to the demand and cash on the current trends
in the E-commerce market. After all, that’s one of the reasons that Amazon is one of the largest and
most famous E-commerce company in the world.

Top 7 Applications of Data Science in Business

Data Science is a sub-part of Big Data that has characterized itself by velocity (of datasets reached
unprecedented heights), variety (of datasets that can be collected and delivered in a single format),
and volume (of datasets which are increasing massively with changing times). This lets businesses
evaluate complex structured or non-structured datasets and draw relevant insights in an efficient
way. Whether we talk about E-Commerce or Healthcare, Data Science and its applications are setting
trends as well as acting as a fuel for the industries that want to get rid of loads of paperwork.

You may think about how existing businesses are able to derive data-driven decisions while assessing
the purchasing power of their customers! Through analysis and segmentation established by
analytics of Data Science and ML algorithms, it is possible for businesses to keep themselves steadily
ahead in the competition. Let’s find out about the top applications of Data Science, which are letting
organizations inch a bit towards the interests and enthusiasm of their customers while purchasing
the products fulfilling their requirements.

1. DS is Capturing the E-Commerce Market

E-Commerce (& Retail) Corporations primarily focus on selling or purchasing goods and services via
the internet. With the help of Data Science, filtering the styles of products that customers prefer to
recommend can be done in a collective manner. Moreover, if some changes or fluctuations may
occur in the prices, this may also be identified via predictive analysis. Such an analysis accepts
statistical algorithms for predicting the likelihood of interest or hatred towards the products
customers may select in the future. Indeed, if the trends related to the services may change and
point-of-views of customers fluctuate, this is promisingly detected via sentiment analysis somewhere
analyzing the feedbacks well through online surveys/ reviews. All this can be spotted in the
applications of Trivago, Starbucks, and H&M, which are booming in the E-commerce market in the
year 2021. In this way, E-Commerce or retail corporations are successful in classifying the content of
their services flexibly, thereby empathizing with their customers’ emotions by providing them with
relevant insights in the form of recommendations.
2. DS is All-Pervasive with Banking and Finance
Banks and other financial institutions are always looking for smarter ways to sort lending criteria and
manage consolidated debts or other finances. The reason is obvious – all this will help categorize the
finances for personal, public, or corporate usage. Here, the biggest challenge for financial institutions
is keeping themselves ahead in the competition and, because of that, Data Science lets those
institutions make smarter decisions that can be difficult for the human eye to spot when required.
Through CLV (an unavoidable part of DS) i.e Customer Lifetime Value Prediction, those institutions
may accurately estimate how long their customers can generate revenue for them? Meanwhile, if the
banks may get stuck at selecting the best marketing decisions due to some risks associated with
credit cards or insurance, this can be assessed through risk modeling. All this is done by banks
through apps like Personal capital, Every dollar, Mobills which pervasively accepted risk modeling and
value prediction notions of Data Science.

3. DS has Linked Itself Well with the Healthcare Industry

The Healthcare industry is always into (and will always be) managing the health of the admitted
patients by dispensing medication at proper times within the patient’s budget. But sometimes, there
are anomalies identified in day-to-day operations. Such anomalies occur in the form of improper
mental health or nutrition which aren’t detected many a time through MRIs or CT-Scans. There, Data
Science comes to the rescue with its Medical Image Analysis and Predictive Modeling of a patient’s
gene expression. The benefit is that doctors primarily dealing with complex surgeries can use
powerful IR (Image Recognition) tools to deeply understand anomalies in those surgeries and search
for clues that classify the disease well with its appropriate medical solutions.

Undoubtedly, predictive modeling of a patient’s gene expression helps doctors review and analyze
the historical data of the admitted person. Later, they can make excellent correlations with the
molecular biology of central dogma whose queries are answered well by intelligent bots somewhere
involved with NLP, i.e. Natural Language Processing. There are some applications like Medscape,
UpToDate, Lexicomp, which practitioners use for accessing knowledge about a wider variety of
medications (or infectious diseases) for prescribing to their patients, who have been linked with the
healthcare industry for a longer span, in a better way. All this DS assistance has helped the
practitioners, doctors bookmark the anomalies in the diseases which patients have been going
through without complaining to anyone about the same.

4. DS is Prevalent in Manufacturing Too

Manufacturing and its core processes primarily focus on identifying ways that may transform raw
materials into a product. Such a product may either be related to households, aircraft, automobiles,
or sports. One can’t deny the fact that all such products have their historical data which needs to be
maintained and reviewed every year through inventories. Here, Data Scientists (highly specialized in
classifying and analyzing large sets of structured or unstructured data) apply reinforcement learning
techniques for predicting manufacturing-related problems so that the manufacturers may monitor
the products’ costs and also, optimize the production hours. This is really helpful as the production
unit can now achieve the pre-defined goals while working in a potentially complex environment.
Even a continuous improvement, in manufacturing processes, can be spotted in real-time as the
autonomous reinforcement systems are there to improve the quality of manufacturing products and
boost the positivity rate in customer reviews processed for such prevalent manufacturing lines.
5. DS is Another Framework for Customer Data Management
Customer Data Management demands smooth processing of the analysis of the structured or
unstructured data of the customers connected with the organizations for a longer span. This is
because customer experiences are channel-agnostic and comprise a multitude of opportunities from
a business perspective. With the help of customer segmentation, companies may get deeper insights
into the gender, ethnicity, lifestyle, education level, and personality characteristics (behavioral or
non-behavioral) of their customers and then, apply the procedures of data analysis for predicting
how relevantly those segmented customers are communicating with their business units? The
benefit is that cross and up-selling opportunities through credible marketing resources are
maximized, thereby encouraging the segmented customers to buy more products. As a result,
touchpoints like sales and customers’ accounts are sorted well as per the purchase history and now,
it will be much easier for the organizations to identify the valued and appreciated customers, not
neglecting loyalty and empathy in their buying patterns.

6. DS is Shaping the Risk Analysis Well

Risk is associated with every business and therefore, it becomes essential for companies to crucially
analyze risk areas before any decision is taken within their production units. This will be reaping
fruits as customers will be nodding their heads towards the security and trustworthiness of an
organization that offers services a customer may demand. Through analytical tools of Data Science,
experts working in a specific department will first identify the factors generating risks like cost,
technology, time, resources, or communication. Later, they will examine the impact of those risks on
the existing project and rank that in accordance with its significance on a reasoned basis. After all,
this is done, an appropriate risk response plan will be prepared that may terminate or transfer the
risk. When the plan is executed and risks are detected as per their response plan, the trend and
significance of risk may be reassessed so that its consequences may be monitored and controlled
with appropriate measures. All such analysis lets companies validate the creditworthiness of their
customer base, thereby keeping them ahead of their competitors at optimized costs.

7. DS is Focusing on Targeted Advertising

Targeted Advertising is an online method in which an organization can determine the interests and
preferences of their customers, which may vary in age group and income. The benefit is that
companies can determine which customers are serious or creepy and later, this helps in reducing
their expenses by meaningfully targeting responsive customers. Data Science here helps as the
advertisers can now understand the browsing patterns of their customers (through ML applications)
and identify the trends reflecting the interests of customers in a real sense. Now, the trends are
identified well and organizations can now run online ads whose insights capably focus on the
customers having excellent browsing and purchasing habits. Companies like HubSpot, MetaData,
Acuity Ads follow this advertising technique and are successful in enhancing their goodwill and
expanding their quality products in the market. On an overall basis, the customers benefit as they are
getting quality products and there is no need to pay a middleman to get what they really want!!
Top 25 Data Science Stats & Facts in 2023

All the devices, sensors, and electronic gadgets connected to the internet create an increasing
amount of data daily. The amount of data and the frequency at which it is produced is overwhelming.
This blog discusses the top 25 data science stats and facts to help you understand how much data we
produce, the constituents of data, challenges, trends, and the future predictions for data science and
data scientists.

Introduction
Data science was a term minted back in 1960, highlighting a professional skill set necessary to
understand and interpret a large amount of generated data. Since then, using computer science and
statistical methodology, Data science has evolved as an expert profession for extracting insights from
the data.

When choosing right or wrong, confusion always holds us back. However, due to this confusion, we
lose the most valuable asset – Time. Data science helps us save time, overcome confusion, and put
the right foot forward confidently. The data science stats in 2022 will reinforce the truth that “Data
science isn’t the end; it’s the beginning of a new era.”

Statistics and statistical and mathematical models are the early roots of data science. With the
technological evolution in the twenty-first century, data science also evolved to include advanced
technologies such as artificial intelligence, machine learning, the Internet of Things, and more.

Data Science Stats - Data is The New Oil, and Data Science is the Combustion Engine
We believe data science and its applications will continue to grow in the coming years as big data will
become even bigger. For example, 95 percent of the US population own a smartphone, about eight
adults out of ten own a laptop or desktop, half of them own a tablet, and around one in five readers
own an e-reader device. Besides, 78% of healthcare consumers use wearable gadgets to track their
lifestyle and vital signs.

The amplification in the number of mobile users, increasing internet penetration rate, and the
availability of numerous eCommerce apps at the fingertips generate a huge amount of data daily.
Data science is a field responsible for collecting, processing, modeling, and analyzing data to gain
deeper insight into the data. Businesses seek data science to increase business profits, make better
decisions, and achieve growth.

Since data science plays a vital role in the modern business ecosystem, let’s examine the top 25 data
science stats to determine its importance and effectiveness,

1. According to Statista, in the past year (2021), the estimated volume of data/information created,
consumed, captured, and copied worldwide was about 79 Zettabytes.

COVID-19 Pandemic was responsible for the growth in data generation as more people worked and
students learned from home. Besides, families consumed a larger amount of data for entertainment.

2. Domo estimated that every person on earth contributed to creating around 2.5 quintillion bytes of
data per day in 2020.
3. In the same report, DOMO states that every human was responsible for creating about 1.7 MB of
data per second in 2020.

It does not matter whether you are watching Netflix, YouTube, surfing the web, sharing images,
posting tweets, or sending emails; you create an abundance of valuable information with every click,
swipe, share, and like. These data science stats comprise every single byte of data created by each
individual.

4. The research report shared by Statista states that as of April 2022, around 5 billion people are
using the internet today. It is equivalent to 63% of the total world population.

From April 2020 to April 2022, about 200 million people got added to the world’s connected
population. The population of internet users grew at an annual rate of 4%, and if we consider this a
benchmark, then in the coming year, two-thirds of the world population will be connected to the
internet.

5. The Digital 2022 Global Overview Report suggests that 6.58 hours is people’s average time on the
internet across all devices.

The same report suggests that the world will spend more than 12½ trillion hours online in 2022
alone. However, there are considerable differences when we consider geography.

6. According to a DM News report, about 70% of the world’s data is user-generated if we consider all
the globally existing data.

User-generated content includes all forms of content like images, videos, reels, text, audio, etc.
Anything posted by a user online or on social media, including online reviews, websites, forums, and
bogs, comes under the UGC category. These data science stats give us a fair idea of the amount of
data generated globally and how much less prepared we are to process this data.

7. Referring to one of the articles published on CIO, about 80-90% of the data present in the global
digital universe is unstructured.

Data Science Facts Revealing The Challenges in its Adoption

Since COVID Pandemic, countless organizations have embarked on their data science journey. Many
have started to realize the importance of having a data-driven approach to running the business.
However, success is uncertain, even with a great plan, positive intentions, and willingness to make an
effort.

Here are some data science statistics that will help us understand specific roadblocks and tangible
issues creating challenges to adopting a data science approach.

8. According to a study report published by Columbia Business School’s BRITE conference, 39% of
marketers agreed that their data is often inappropriate and too infrequent for real-time decision-
making.

9. In a joint report published by Informatica and Capgemini on the keys to operationalizing Big Data
projects, IT budget restraints are a top challenge for 50% of United States executives and 42% of
European executives and 42% of European executives in exercising the data science approach.
It is sad but true! Even though we are in the middle of the ongoing technology revolution, many
organizations still face barriers and challenges typical of any major enterprise technology initiative,
such as budget constraints, data security concerns, and integration issues.

10. In one of the surveys conducted by Dell, 43% of Business decision-makers feel their IT
infrastructure is unable to handle future data demands.

For example, suppose humans and machines generate about 175 zettabytes of data over the next
five years. In that case, the existing IT infrastructure cannot handle this huge amount of data influx at
speed.

11. According to PragmaticWorks, global organizations incur 20-35% losses in operating revenue due
to poor data quality.

12. IBM published the research findings in its annual report in 2020; it estimates that the American
economy is losing $3.1 Trillion every year due to bad data quality.

13. According to data science stats mentioned by the MIT technology review, we are processing only
0.5% of the available data. The percentage is shrinking as we are racing to collect more and more
data.

Data science has immense potential; already, we are using it for drug discovery, predicting diseases,
decoding DNA, and similar complicated tasks that were not possible before. The best thing to carry
on your data science journey is a set of questions. Unless you have questions, data is of no value.

14. As per the survey report published by Sigma, 63% of companies cannot gather insights from the
organizational data.

The data science facts mentioned in the report suggest that many executives believe it will take time
for their businesses to be driven by data insights. Many companies are aware of the terms and
benefits of data science. Still, they lack IT infrastructure and necessary talent and are still working on
data silos to make data work in their favor.

15. According to data science statistics, even though big data and data science are the buzzwords
now, 60% of companies still feel it’s hard to find skilled data scientists due to a severe talent
shortage.

Let us understand this with an example; out of every million jobs posted online, a thousand are job
postings, but there are only 600 data scientist job searches per million. Besides, only 500 people
apply to those 1000 job postings, only 300 are selected, and 200 are rejected due to skill set issues.
In any scenario, the bargaining power still rests with the applicant. Therefore, this situation might still
create a talent shortage for many companies.

16. According to the Statista Research Department, about 68% of global travel brands heavily
invested in business intelligence and predictive analytics capabilities in 2019.

The travel and hospitality industry took a severe hit during the COVID pandemic. After learning
lessons from the past, traveling brands and the hotel industry are aggressively becoming more
innovative and tech-savvy to attract, gain, retain, and satisfy customers. The emerging data science
stats are enough to establish its importance in helping the travel and hospitality industry analyze
demand and customer behavioral patterns and effectively handle the customer base.
17. As per the facts presented by the BCG-WEF project report, 72% of Manufacturing companies rely
on advanced data analytics to enhance their productivity.

The manufacturing industry is another important industrial sector badly impacted due to COVID. The
post-COVID data science stats in the manufacturing industry show an upward trend in using data
science applications in various business functions like product launches, engineering, logistics,
maintenance, and health and safety.

18. The Hechinger Report is known to cover innovation and inequality in education; according to one
of its reports – about 1400 worldwide colleges and universities depend on predictive analytics to
curate low graduation rates, reshape college experience, and help students to a narrow, data-driven
path to graduation, with fewer dead ends and wrong turns.

Data Science Statistics For Future - Are You Ready?

19. Considering the predictions done by CrowdFlower in its Data Scientist Report – 91% of the data
used in Data Science comprises text data. The same report also mentions that unstructured data
comprises 33% images, 11% audio, 15% video, and 20% other data apart from the text.

20. The McKinsey survey on data monetization gives us some interesting facts – about 47% of survey
respondents stated that data science has helped them get a competitive advantage as data analytics
has reshaped the competition in their sector.

The data science stats in 2022 are enough to portray how the competitive landscape has changed in
the last few years. Yet, the good thing is many businesses reacted positively to the change by
adopting data science and a data-driven approach. However, many industries respond relatively
slowly to these transformations, which might create a gap between them and the industry leaders
leveraging data science.

21. The data science stats in one of the Statista reports that by the end of 2025 more than 75 billion
Internet of Things (IoT) connected devices in use. The forecast predicts it will mark nearly a three-
fold increase in IoT devices compared to 2019.

Cars, smart home devices, and connected industrial equipment are some of the IoT-connected
devices that will make an impact compared to non-IoT devices like smartphones, laptops, and
computers. With all these devices, the number of IoT-connected devices will jump to 10 billion.
Besides, the 5G network’s rollout will be crucial in accelerating IoT deployment units by 2025,
resulting in increased revenue and data generation.

22. According to a growth forecast study report by Markets & Markets, the market size of data
science platforms is expected to reach 322.9 USD billion in 2026, which was USD 95.3 billion in 2021.
The market size is projected to grow at a 27.7% CAGR.

23. The data science stats in 2022 estimate that 149 zettabytes of data will be copied, captured, and
curated by 2024. It is huge compared to the two zettabytes we created back in 2010.

Global data is growing exponentially, and there is no sign of slowing down. The additional data that
the increasing influx of IoT devices is supposed to generate will be another cause of concern. Big data
will fuel the world in the coming years, and you need data science to harness complex data and
process it to get actionable insights. Therefore, global organizations must stay prepared as data
science will be the new frontier for innovation, automation, competition, and productivity.
24. According to PayScale, data science will be the next dream job as the estimated salary of a data
scientist is predicted to reach $65k to $153k/year.

25. Recently the United States Data Science Institute published a report from the US Bureau of Labor
Statistics that predicts by 2026, 11.5 million jobs will be created for data scientists.

Data science and quantum computing have a bright future and are expected to last longer decades.
These data science stats make it clear that many businesses have started investing in data science
and are sharpening their data-driven decision-making skills. The increasing adoption of data science
will create a huge demand for data scientists trained and skilled at handling huge amounts of data
and deriving sense from it. The Dice 2020 Tech job report shows that the demand for data science
skills has grown by 50%.

Conclusion
Until 2010 we were worried about the growing amount of data, then we witnessed the era of big
data that resulted in the development of frameworks and data storage solutions. Now it’s time to
focus on data processing.

These data science stats have shown the importance of processing either a small amount of
structured data or large chunks of unstructured and semi-structured data collected from multiple
sources. The BI tools and technologies available in the market are inadequate when you want to
analyze an exponential amount of data. The statistical and mathematical models, machine learning
and artificial intelligence technologies, and more complex tools used in data science have set the
future narrative for dealing with and processing whatever amount of data we generate in the future.

Data scientists with highly specific, highly specialized skill sets will be in demand. Yet, the shortage in
the data science talent pool bothers many. If you have the same worry, hire the best data scientists
from us who offer high-quality data science consulting services to all shapes and sizes of businesses.
6 Amazing Data Science
Applications 

Introduction to Data Science

Data Science has dominated almost all the industries of the world today. There is no industry in the
world today that does not use data. As such, data science has become fuel for industries.

There are various industries like banking, finance, manufacturing, transport, e-commerce, education,
etc. that use data science. As a result, there are several Data Science Applications related to it. In this
article, we will see how data science has transformed the world today.

We will see how it has been revolutionizing the way we perceive data. In the end, we will discuss
various circumstances where data is used to make industries better.

Learn Data Science with Real Life Use Cases

Top Data Science Applications

So, here is a list of top data science applications. Have a look –

1. Banking
Banking is one of the biggest applications of Data Science. Big Data and Data Science have enabled
banks to keep up with the competition.

With Data Science, banks can manage their resources efficiently, furthermore, banks can make
smarter decisions through fraud detection, management of customer data, risk modeling, real-time
predictive analytics, customer segmentation, etc.

Banks also assess the customer lifetime value that allows them to monitor the number of customers
that they have. It provides them with several predictions that the business bank will derive through
their customers.
In case of fraud detection, banks allow the companies to detect frauds that involve a credit card,
insurance, and accounting. Banks are also able to analyze investment patterns and cycles of
customers and suggest you several offers that suit you accordingly.

Furthermore, banks have the ability to risk modeling through data science through which they can
assess their overall performance. With Data Science, banks are able to tailor personalized marketing
that suits the needs of their clients.

In real-time and predictive analytics, banks use machine learning algorithms to improve their
analytics strategy. Furthermore, banks use real-time analytics to understand underlying problems
that impede their performance.

2. Finance
Data Science has played a key role in automating various financial tasks. Just like how banks have
automated risk analytics, finance industries have also used data science for this task. Financial
industries need to automate risk analytics in order to carry out strategic decisions for the company.

Using machine learning, they identify, monitor and prioritize the risks. These machine learning
algorithms enhance cost efficiency and model sustainability through training on the massively
available customer data.

Similarly, financial institutions use machine learning for predictive analytics. It allows the companies
to predict customer lifetime value and their stock market moves.

Data Science also plays a key role in algorithmic trading. Through rigorous analysis of data, financial
institutions are able to make data-driven decisions. It is also playing an important role in making the
customer experiences better for the users.

Through extensive analysis of client experience and modification of preferences, financial institutions
are able to create a personalized relationship with their customers.

This is further boosted by the real-time analytics of customers which increases the personalization.
Through various customer sentiment analysis techniques and machine learning algorithms, we can
boost the social media interaction, boost their feedback and analyze customer reviews.

Also, the additional machine learning techniques like natural language processing and data mining
have contributed to the transformation of information for smarter governance that helps to increase
the profitability of businesses.

3. Manufacturing
In the 21st century, Data Scientists are the new factory workers. That means that data scientists have
acquired a key position in the manufacturing industries. Data Science is being extensively used in
manufacturing industries for optimizing production, reducing costs and boosting the profits.

Furthermore, with the addition of technologies like the Internet of Things (IoT), data science has
enabled the companies to predict potential problems, monitor systems and analyze the continuous
stream of data.

Furthermore, with data science, industries can monitor their energy costs and can also optimize their
production hours.
With a thorough analysis of customer reviews, data scientists can help the industries to make better
decisions and improve the quality of their products. Another important aspect of data science in
industries is Automation.

With the help of historical and real-time data, industries are able to develop autonomous systems
that are helpful in boosting the production of manufacturing lines. It has taken away the redundant
jobs and introduced powerful machines that use machine learning technologies like reinforcement
learning.

4. Transport
Another important application of data science is transport. In the transportation sector, Data Science
is actively making its mark in making safer driving environments for the drivers. It is also playing a key
role in optimizing vehicle performance and adding greater autonomy to the drivers.

Furthermore, in the transport sector, Data Science has actively increased its manifold with the
introduction of self-driving cars.

Through extensive analysis of fuel consumption patterns, driver behavior and active vehicle
monitoring, data science has created a strong foothold in the transport industry. The self-driving cars
the most trending topics in the world today.

With the introduction of autonomy to vehicles through reinforcement learning, vehicle

manufacturers are able to create intelligent automobiles. Furthermore, industries can create better
logistical routes with the help of data science.

Using a variety of variables like consumer profile, location, economic indicators, and logistics,
vendors can optimize delivery routes and provide a proper allocation of resources.

Also, various transportation companies like Uber is using data science for price optimization and
providing better experiences to their customers. Using powerful predictive tools, they accurately
predict the price based on parameters like a weather pattern, availability of transport, customers,
etc.

Must Read – Data Science Tools for Small Business

5. Healthcare
In the health-care industry, data science is making great leaps. The various industries in health-care
making use of data science are

Medical Image Analysis

Genetics and Genomics
Drug Discovery
Predictive Modeling for Diagnosis
Health bots or virtual assistants

i. Medical Image Analysis

In the medical image analysis, data science has created a strong sphere of influence for analyzing
medical images such as X-rays, MRIs, CT-Scans, etc. Previously, doctors and medical examiners would
have to manually search for clues in the medical images.
However, with the advancements in computing technologies and surge in data, it is possible to create
machines that can automatically detect flaws in the imagery.

Data Scientists have created powerful image recognition tools that allow doctors to have an in-depth
understanding of complex medical imagery.

ii. Genomic Data Science

Genomic Data Science applies the statistical techniques to genomic sequences, allowing the
bioinformaticians and geneticists to understand the defects in genetic structures. It is also helpful in
classifying diseases that are genetic in nature.

With data science, we can analyze how genes react to varying kinds of medicines. Also, several big
data technologies like MapReduce have significantly reduced the processing time for genome
sequencing.

iii. Drug Discovery

Another important field making use of data science is drug discovery. In drug discovery, new
candidate medicines are formulated. Drug Discovery is a tedious and often complex process.

Data Science can help us to simplify this process and provide us with an early insight into the success
rate of the newly discovered drug. With Machine Learning, we can also analyze several combinations
of drugs and their effect on different gene structure to predict the outcome.

iv. Predictive Modeling for Diagnosis

With the advancements in predictive modeling, data scientists can help to predict the outcome of
disease given the historical data of the patients.

Data Science has enabled practitioners to analyze the data, make correlations between the variables
of the data and also provide insights to doctors and medical practitioners.

v. Natural Language Processing

Natural Language Processing is a technology of data science that is focused on the analysis of textual
information. Using NLP, we can create intelligent bots that answer to user queries.

The application of this can be extended to the healthcare sector where we can create bots that
answer questions of patients and provide them with proper diagnostic guidelines.

Curious to know more about Data Science? Have a look at Data Science Future

6. E-Commerce
E-commerce and retail industries have been hugely benefitted by data science. Some of the ways in
which data science has transformed the e-commerce industries are-

For identifying a potential customer base, data science is being heavily utilized.
Usage of predictive analytics for forecasting the goods and services.
Data Science is also used for identifying styles of popular products and predicting their trends.
With data science, companies are optimizing their pricing structures for their consumers.
Data Science is also being heavily used in collaborative filtering, where it forms the backbone of
advanced recommendation system. Using this technique, the e-commerce platforms are able to
provide insights to the customers based on their historical purchases and purchases made by people
of the same style. These type of hybrid recommendation systems, consisting of both collaborative
and content-based filtering are helping the industries to provide better services to their customers.

Also, companies are making use of sentiment analysis to analyze the feedbacks provided by the
customers. This makes use of natural language processing to analyze texts and online surveys.

Fraud Detection, which is the central role of machine learning in industries is tailored for finding
fraud merchants and frauds in wire-transfers.

You Must Check – Top Skills for Data Scientist

Summary – Data Science Applications

In the end, we conclude that data science has created a vast impact on all the applications. Several
industries like banking, transport, e-commerce, healthcare and many more are using data science to
better their products.