The amount of data created globally, to date, reached an overwhelming, 59 zettabytes, in 2020, with 90% of the world’s data being produced in the last two years alone. We are generating 2.5 quintillion bytes of data each day in the present era.
Amount of data produced worldwide (2010-2024)
Further, the rapid digitization of world trade & commerce would lead to a further increase in the amount of data, we produce globally. As a matter of fact, we are heading into a future, where data will become the costliest fuel to power businesses, across industries.
A Brief About WDSI (World Data Science Initiative)
Keeping all of this in mind, WDSI or the World Data Science Initiative has been launched, which is offering university grants in data science research and learning, worth $300 million. The initiative covers institutions and universities that impart data science education, across five continents. More than 60 nations are being taken into consideration, and especially, the colleges and universities from developing countries.
The target is to prepare and develop a talent force of 250,000+ by 2022, who will be trained on advanced concepts of data science by the world’s top faculty. This personnel will take the baton forward in the context of advanced data science research, and the related life-altering innovations. Data science centers of excellence will be set up under the said initiative, at select universities, wherein students will be taught the advanced concepts of the subject in the specialized labs.
Heavy subsidies in students’ certification, and institution-accreditation, will be offered to the colleges, universities and institutes accreditation that will get selected under the initiative.
Scope of Research in Data Science & Analytics
The ongoing decade has realized the vitality of data science & analytics in detail. We have seen in the past ten years, the way data analytics has changed the face of trade and business across the world, and also, the human lives. Much research in the field of data science is going on at the moment, which, in the next couple of years, will lead to some significant changes in our lives, and the way business is done, at present.
Current Hot Topics of Research Leveraging Data Science & Analytics
Current issues, across industries, wherein data science can come to rescue as a problem-solver, comprise:
Soon, Fake News Spread Will Get Detected in Real-Time
This is a much-needed issue to be resolved. The scale at which the fake news is getting created, and being spread on social media, demands some technology innovation that could detect it in real-time, and report to the world. The data across social media platforms and digital sources of information (in the form of web pages) must be cross-checked for authenticity to stop the spread of false news. There is ongoing research that will soon, bring before us a web framework, or software architecture, which would detect fake news in real-time.
Managing Uncertainties in Big Data
There could be a number of ways to manage uncertainties in data processing for huge datasets. As and when the data science predictive models and algorithms evolve, it will become easier to deal with the inconsistencies in raw data, especially, when the volume of data is really high.
Advanced data modeling can help immensely in the cleansing of imprecise/incomplete training data. High-level data science concepts, such as deep learning, distributed learning, fuzzy logic theory, and active learning can assist prospective data engineers and professionals, deal more efficiently with issues of uncertainty.