The field of data science has seen tremendous growth in recent years. With the proliferation of data from a variety of sources, businesses have an unprecedented opportunity to harness data for insights that can drive innovation and growth. As we look to the future, several key trends are emerging that are poised to have a significant impact on the data science landscape.
One major trend that is expected to shape the future of data science is generative AI. Generative AI refers to the use of machine learning algorithms to create new data that has not previously existed. This can be used to create realistic images, videos, and even music which in turn has the potential to revolutionize industries such as gaming, entertainment, and advertising by enabling the creation of realistic virtual environments and characters.
Another key trend is the use of big data on the cloud. Big data on the cloud refers to the storage, processing, and analysis of large volumes of data in cloud-based solutions. Cloud providers such as Amazon Web Services, Microsoft Azure, and Google Cloud have made it easy and cost-effective for businesses of all sizes to store, process, and analyze large volumes of data. This technology has the potential to transform industries such as healthcare, finance, and retail by enabling businesses to gain insights from vast amounts of data quickly and efficiently. Big data on the cloud offers businesses the ability to scale their data processing capabilities on-demand, reducing the need for expensive on-premises infrastructure.
Among the current trends in data science, we must also include AutoML which is helping with the “democratization” of machine learning. Automated machine learning, also referred to as automated ML or AutoML, is the process of automating the time-consuming, iterative tasks of machine learning model development. While data scientists play a huge role in developing algorithms and methods, subject matter experts also play an important role in making crucial decisions about the machines through the leverage of information. We live in a world surrounded by data with only a fraction of it being used. With traditional machine learning (ML), there is more time-consuming manual labor, such as formulating data, analyzing algorithms, and performing other tasks required prior to the point that the actual ML can be used. By automating these processes with AutoML technologies, subject matter experts can optimize their time more efficiently. Through simple, user-friendly interfaces that keep the inner workings of ML out of sight, more people that have a problem that they want to test will be able to apply machine learning.
Edge computingallows devices in remote locations to process data at the “edge” of the network, either by the device or a local server. And when data needs to be processed in the central data center, only the most important data is transmitted, thereby minimizing latency. Related to edge computing we have TinyML (tiny machine learning) which is an open-source framework that runs on embedded devices or at the edge. TinyML can be used for object recognition and classification, gesture recognition , keyword spotting , machine monitoring , audio detection etc.It gives you an easy-to-use API for building, training, and deploying ML models at the edge. TinyML algorithms are designed to consume the least amount of space possible and run on low-powered hardware. Hence, the term of “small data” has evolved as a means of processing data quickly and cognitively in time-sensitive, bandwidth-constrained situations. For example, when trying to avoid a traffic collision in an emergency, self-driving cars cannot rely on a centralized cloud server to send and receive data. All kinds of embedded systems will use this in the future, from home appliances to wearables, cars, agricultural machinery, and industrial equipment, making them better and more valuable.
Other more mature trends include the use of natural language processing (NLP) to extract insights from unstructured data such as customer feedback, social media, and news articles and the use of blockchain for decentralized data sharing between organizations, improving data privacy and security.
If we are to look at the impact of these trends on the market, although some of them are just emerging, we can see that they already have a significant importance, and the future looks even more promising:
- Generative AI had a market size valued at $8.2 billion in 2021, is valued at $11.3 billion in 2021 and is forecast to reach over $100 billion by 2030.
- Talking about data on the cloud, by 2025, Gartner estimates that over 95% of new digital workloads will be deployed on cloud-native platforms, up from 30% in 2021 while the market value is expected to reach over $1.5 trillion.
- McKinsey projects worldwide spending on edge computing in 2025, growing at a rate of ~10%/year.
- P&S Intelligence forecasts the growth of AutoML market from $631 million dollars in 2022 to $15.5 billion by 2030.
As with any emerging technology, there are likely to be challenges and barriers to adoption. One major challenge is the shortage of skilled data scientists who can develop and implement these new technologies. In addition, there are concerns around data privacy and security when it comes to sharing data through blockchain or cloud-based solutions. Finally, the cost of implementing these technologies may be a barrier for smaller businesses. To overcome these challenges, businesses can invest in training and development programs to upskill their existing workforce or attract new talent. They can also work with third-party providers to ensure data privacy and security. Finally, businesses can start small by implementing these technologies in specific use cases to test their viability and impact before scaling up. By taking a strategic and measured approach, businesses can realize the full potential of these emerging trends and gain a competitive advantage in their respective industries.
In summary, while some data science trends are more mature and widely adopted than others like big data on the cloud, blockchain and NLP, others, like generative AI, edge computing and AutoML are just beginning to shape our future. However, more than a technological trend, we are talking about a rapidly growing business trend toward increased adoption and integration of data science technologies into businesses’ operations.