As the saying goes, “your intelligence is only as strong as the information that backs it”, this explains the importance of the data in human life. We develop logic on the amount of information we put inside our brain. As per Forbes 2019 reports, internet data created per day is approximately equal to 2.9 quintillion byte. A quintillion byte is a billion gigabytes just for reference. Every aspect of human life is transformed to data in many ways by the electronic equipment that we handle daily. The increase in data generation is directly proportional to the development in the wearable and mobile devices, IoT, Tweets, posts, mobile communications, etc. Google alone handles more than 60,000 searches per second, On the other hand Twitter administers 5 lakh tweets per day, and there are more than 160 million emails sent every day, and all things like these accumulate into the vast database ever known to mankind. The concept of big data is getting bigger and bigger with every passing second. It has become more valuable than ever for the big players and big bosses i.e. companies and countries and there is politics and geopolitics is involved and it has become a extremely big topic certainly in the last decade. As per the estimate of the global economic group states at the end of 2020, data flows will constitute 16 to 22 percent of the global GDP. The impact of data in the Indian economy is becoming vital day by day as the Indian GDP relies more on tertiary sector services. At the end of 2030 around 50 percent of the Indian economy will be constituted by the data-driven digital market as per estimates.
A major hurdle in the digital markets is to find insights into data. Data abundance is making it difficult for organizations to get the right and on point insights of data. Data science and data analytics come in handy to deal with unstructured raw data accumulated by various sources. Data science is the study of a combination of mathematics, statistics, programming, and capturing data in ingenious ways, the activity of cleansing, aligning the data and withdrawing proper conclusions and analytics from the data. This is an umbrella of data manipulation techniques to extract information from the raw data. So, Data analytics is the science of examining the accumulated data to arrive at useful information. Basically an algorithmic or manual process to derive insights into the data.
Applications of data science and data analytics are worth explaining because of its huge influence in our personal lives as well as everything around us. Internet search, Digital advertisements and also regular advertisements up to some extent are a major example of data science’s application. There are other applications as well like prediction of weather and other natural disasters and other prediction based applications. Digital advertisements are gradually moving from radio and television to the internet. People contribute most of their personal time on the internet which means they create their own data about their behavior pattern that helps the advertisement companies to analyze and curtail a specified advertisement to his/ her social media page, the super caches allows digital branding and advertisement companies to sell products in an efficient way to a certain niche and demographics as per their need. Now this can have a good as well as bad effects, either it can prove to be super convenient because then no one has to watch irrelevant ads but then it can also lead to manipulation and free will is already under debate so it just complicates things even more. The healthcare industry is a pioneer in the data analytics arena meaning that one of the first industries to harness the technological advancements of data analytic techniques is the healthcare industry. Efficient treatment technique, Patients flow, and patient future illness prediction are done through new data analytics techniques. Travel and tourism, gaming, oil, and natural resource management are the other major industries using data science for their research and development purposes. The future belongs to those who harness the true power of data in an effective way, those who ignore the true potential of data mining will be left behind soon. As they say, “data is the oil of 21st century”.