Future Insights

2021 Innovations in Data Science

Some of the main trends in data science in 2020 have been advancing machine learning (ML) for automation, correcting biases in AI, exploring the limits of deep learning, and, of course, exploring the uses of ML and artificial intelligence in the healthcare field to help with the current pandemic. You may be wondering, what exactly is data science meaning?

In broad terms, data science is a field encompassing multiple disciplines that looks for patterns in data via analytics, technology, and expertise. The practices that typically involve data science include data mining, machine learning, predictive analytics, statistics, forecasting, and more. Big data continues to grow at an astonishing rate, and practically all organizations have to make use of it. Many companies now hire data scientists or at least provide employees with platforms to become more familiar with data science so that they can take advantage of data when it’s at its most valuable—when it’s accurate and current. A basic familiarity with data science is one of many recommendable lessons to learn how to make it as an entrepreneur.

Here are some of the greatest innovations we can expect to see in data science during the upcoming year.

Improved Artificial Intelligence

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Driving smarter, faster, and even more ethical/responsible AI is one of the greatest applications of data science. We’ve seen some incredible advancement in AI thanks to machine learning over the years, and there’s no doubt that this practice will continue and evolve. Ml algorithms have been responsible for basically every advancement in modern AI. Some everyday examples are the video and move streaming services people use that can make recommendations. These recommendations are possible because the apps collect data about you to “learn” your preferences, and then they search for options that match.

Next year, we’re sure to see a bigger push in the development of reinforcement learning (teaching software how to behave in its intended environment), as well as continuous intelligence (systems that integrate real-time data to inform decision making). In fact, it’s predicted that over 50% of new business systems will be using some form of continuous intelligence by 2022.

Smarter Data Analytics and Management

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Many organizations currently use data analytics solutions to ensure data that are as accurate and up to date as possible. Data is one of the most valuable resources any organization has, but managing it properly is the key to monetizing it. Software as a service (SaaS) has made it possible for organizations to integrate their business processes through the cloud and utilize decision intelligence in order to improve practices. Decision intelligence is an area we can expect to see significant attention in 2021, especially if experts from Gartner are correct in claiming that 33% of large organizations will be using decision intelligence by 2023.

Public Cloud Services

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The days of on-premises software solutions may be numbered, as we already see many businesses embracing digital transformations and abandoning legacy systems. Coivd-19 has already accelerated the development of AI-driven cloud solutions, and public cloud revenue is expected to grow from $182 billion to $331 billion by 2022. It’s also projected that the public cloud will be necessary for 90% of data analytics by that time.

Public cloud services, like software integrations, cloud security, and cloud-enabled CRMs, are already helping businesses stay more secure and work smarter and more efficiently. As far as cloud vendors are concerned, the more data organizations provide them for analytics, the more organizations will be able to compute in the cloud. Public clouds offer practically unlimited scalability, so the more organizations use them, the more they’ll improve.

We’re likely to see big advancements in metadata (data collected about data) and blockchain technology as well. 2021 is poised to be a major year in data science advancements, and it could easily have serious implications for the future.

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