Today, Data science has become the talk of the town for industries and the present-day world. With the advancement of the internet and gadget connectivity, a massive flow of data from every part of the world has been observed. But do you know how this data is being utilized by data science? Have a look at some of the data science facts and stats.
Data science facts and Stats.
Data is never clean
It's true that data is not clean. All data has been collected and cleaned but at some point, the data inconsistency is growing. Here comes a data scientist, who knows how to remove the inconsistency while cleaning.
Eg. incomplete, duplicate, incorrect, etc.
No Ph.D. Required to Learn Data Science.
The word Data Science looks quite professional and this leads to misunderstanding when learning data science. It's absolutely incorrect. Any person with average intelligence can learn data science.
Data Science helps the Organizations
Data science enables firms to detect patterns and trends in data, permitting effective information for business decisions that yield greater outcomes while avoiding risks.
Data Science Needs Great Communication Skills
The entire effort could be ineffective without effective communication. It might not translate into any significant products. As there are many presentations involved, it is crucial to learn public speaking.
The 3 major groups that data scientists categorize data into.
Unstructured, semi-structured, and structured Unstructured data is information that is not organized, semi-structured information that is organized but not standardized, and structured information that is. Data scientists must make sure that computers can interpret the data being used, regardless of how it is classified.
The programming language used for data science
The Python programming language is frequently used in data science. Today, it is ruling the data science world and the trend is continuing.
Stats of Data Science Everyone Should Know
- 91 percent of the data utilized in data science are text data.
- The pipeline for data science contains 41% publicly available data.
- Nearly 78% of the data used in data science comes from internal systems.
- Images, videos, and audio together make up 33%, 15%, and 11% of the data.
- We only ever analyze and use less than 0.5 percent of the data we produce.
- The typical Fortune 1000 business will see an increase in net income of more than $65 million for every ten percent improvement in data accessibility.
- With 190,000 needed by next year, the US is expected to dominate the data science sector.
- To respond to every single search request, Google employs around 1,000 computers.
- According to estimates, India's data science and analytics market would increase eightfold to $16 billion by 2025.
- Due to a serious talent shortage, more than 60% of businesses say it is difficult to fill data science positions.
- Organizations feel that data analytics has fundamentally or significantly changed how their sectors compete, according to 47% of respondents.
- The financial loss that enterprises experience as a result of bad data quality is $15 millio n per year.
Key Takeaway
The facts and stats talk about how the importance of data is necessary for the current time and in the future. As the generation goes the increase of data gradually increases and the organizations looking to hire data scientists or data analysts to make the best use of this data. Here the role of data science increases for converting unorganized data into an organized format and helps the organization make the right decisions for future goals.
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