2024 is the year of great data science predictions targeting big business churn. It is the time to yield benefits from the popular data science frameworks that are streamed to do wonders for industries far and wide. Data science is not just a spoof on the big number game that guides businesses’ growth. It is the elemental factor that impacts the same. The burgeoning expansion of data science can be seen across industries and worldwide sectors.
The global data science platform market is assessed to reach USD 133.70 billion by 2024 (Mordor Intelligence Report). The year 2025 also predicts the data analytics landscape shall expect significant transformations. With data-driven decision-making bringing enough boost to business expansion, industries are paved to reshape as per recent evolution.
Role of data scientists in the future:
The revolutionary role of certified Data scientists cannot be denied in the wake of business tech advancements. Data scientist is rated among the top 20 fastest-growing occupations in the US with 36% projected growth by 2031 (US Bureau of Labor Statistics). The following features shall reveal the role of data scientists in the future:
- Mitigating risk and fraud
- Delivering relevant products
- Personalized customer experiences
- Evolutionary skillsets
- Collaboration with domain experts
What makes the data science industry relevant in the future?
- Empowering management and officers to make better decisions
- Making direct actions based on trends which in turn help in defining goals
- Identifying opportunities
- Identification and refining audiences
- Recruiting the right talent for the organizations
- Testing these decisions
- Challenging the staff to adopt the best practices and focus on the issues that matter
- Decision-making with quantifiable, data-driven evidence
Top 10 Data Science Trends Outlook by Global Industry Experts:
- Rahul Pradhan, VP, Product and Strategy, Couchbase
Prediction 1:
Real-time data shall become the standard for businesses to power generative experiences with artificial intelligence. Data layers should support both transactional and real-time analytics. He further goes on to say that, the world of data science should expect a paradigm shift from model-centric to data-centric Artificial intelligence. Multimodal LLMs and databases will enable a new frontier of AI applications across industries.
- Nima Negahban, CEO & Co-Founder, Kinetica
Prediction 2:
Generative AI turns its focus towards structured enterprise data. Businesses shall embrace the use of generative AI for extracting insights from structured numeric data, enhancing generative AI’s conventional applications in producing original content. She further predicts that English will replace SQL as the lingua franca of business analysts.
- Vasu Sattenapalli, CEO, RightData
Prediction 3:
Natural Language Processing powered analytics will be the next wave of self-service. Voice and GenAI will evolve with data analytics; where you can ask questions of your data verbally and get a prompt response.
- Shawn Rogers, CEO & Fellow, BARC
Prediction 4:
Artificial intelligence will drive innovation in data management, especially through automation and speed. NLP and conversational UI will pave the way toward data democratization; making exciting data insights.
- Andy Oliver, Director of Marketing, CelerData
Prediction 5:
Java will continue to be used for building a massive legacy and even current systems and applications. More unified analytical database technologies for functions and insights will become commonplace that demand real-time analysis.
- Casey Ciniello, Product Owner & Marketing Manager, Infragistics
Prediction 6:
More businesses will rely on predictive analytics to make decisions in 2024. Organizations will realize the 360-degree impact of data analytics to make data-driven decisions. Predictive analytics will drive businesses forward by helping them make informed, data-driven decisions, improve productivity, and increase sales and revenue.
- Justin Borgman, Co-Founder & CEO, Starburst
Prediction 7:
Data products and data sharing will converge in 2024. Data products will emerge as the method of data mesh. Incorporating GenAI features to streamline data product creation and enable seamless sharing will mark the critical move in data value realization.
- Brian Peterson, Co-Founder & CTO, DialPad
Prediction 8:
Massive Influx of data talent and artificial skills will be on the rise. Evolving AI advancements are surely going to assist in bringing in massive human insight and sifting through data faster. Commoditization of data will train AI is another revelation for the data science future.
- Nick Elprin, Co-Founder & CEO, Domino Data Lab
Prediction 9:
Smaller specialized large language models will triumph over giant general processes. Generative AI will unlock the value and risks hidden in unstructured enterprise data. GenAI-based chatbots and fine-tuned foundation models will open an array of data applications.
- Arina Curtis, CEO & Co-Founder, DataGPT
Prediction 10:
Data and business teams will lock horns onboarding AI products. Businesses of all sizes, big as well as small, will prioritize clean datasets.
Final Word:
Data science is the norm ahead! Data-driven decision-making is the fuel that shall target big business innovation and evolution in the future to follow. Not only that, data is the driving force behind every mainstream business landscape empowerment. Harnessing the power of the data science industry is all that is required to move forward with finesse. Bring the maximum boost by comprehending the upcoming data science trends and predictions for elevated business grounds like a pro!
