As we have come to 2018, it is a time to look forward at what is ahead and trending in the wide world of data science. These trends include Artificial Intelligence (AI), Machine Learning (ML), Big Data along with some newer technologies like Edge Computing, Block-chain, Digital Twins and more.
Below are the Top Six data science trends to follow in 2018.
1. Artificial Intelligence (AI)
Artificial intelligence (AI) is an area of computer science that highlights the formation of intelligent machines that work and react like humans. It is frequently applied to the project of developing systems provided with the intellectual processes characteristic of humans, which includes the ability to reason, discover meaning, or learn from past experience. Artificial Intelligence has become the key focus area for many start-ups and big organizations.
Artificial Intelligence Market will strike at a CAGR of 47.50% by 2021. The top contenders in this field are Intel Corporation, Google Inc., IBM Corporation, Amazon Web Services, Apple, Facebook Inc., General Electric and more.
2. Machine Learning (ML)
Machine learning is the area of computer science that gives computer systems the ability to learn with Data without being explicitly programmed. It is an application of artificial intelligence (AI) that provides systems the ability to automatically learn and improve. The main goal of Machine Learning is to allow the computers learn automatically without human intervention or assistance and adjust actions accordingly. It will continue to expand at ever greater rates being the main focus area with Artificial Intelligence (AI) for many start-ups and business.
The machine learning market scope is assumed to rise from USD 1.41 Billion in 2017 to USD 8.81 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 44.1%. Technological improvement and production of data generation are some of the major driving factors for global machine learning market. Example of companies using Machine Learning (ML) in cool ways like Facebook uses Chatbot Army, Twitter uses for Curated Timelines, Google in Neural Networks and ‘Machines That Dream’ and more.
3. Big Data
The term Big Data has been around for some time now, but there is still quite a lot of confusion about what Big Data actually means. Big Data is an extremely large volume of Data that may be analyzed computationally to reveal patterns, trends, and associations, which overpowers a business on a day-to-day basis. Big data is being analyzed for insights that lead to better strategic decisions for the business that helps organizations to make better decisions. The big data business is assumed to grow from USD 28.65 Billion in 2016 to USD 66.79 Billion by 2021, at a high Compound Annual Growth Rate (CAGR) of 18.45%.
The block-chain is originally a block of a chain which is continuously growing a chain of records which are linked and secured by using cryptography. It will be an important technology for businesses around the world soon. Block-chain will be in very much demand for many industry sectors like the health-care and finance.
The global block-chain market size is expected to grow to USD 7,683.7 million by 2022. The primary extension drivers of the market cover the rising market for distributed ledger technology, decreased the cumulative cost of ownership, rising crypto currencies market cap, and initial coin offerings, increasing the need for analyzed business processes and building transparency and immutability, quicker sales and rising adoption of Block-chain-as-a-Service.
5. Edge Computing
Edge computing provides data presented by the internet of things (IoT) devices to be treated nearby to where it is generated instead of sending it across long paths to storage warehouse. This helps organizations to analyze the Data soon without wasting much of its time. It will be needed in the field of health-care, manufacturing, retail, and finance.
The edge computing market size is expected to grow from USD 1.47 Billion in 2017 to USD 6.72 Billion by 2022. Increasing pressure on the cloud infrastructure, a broad area of applications in various industries, and a boost in the whole of intelligent applications are the driving circumstances for the edge computing market
6. Digital Twin
Digital Twin Technology is one of the top 10 strategic technology trends named by Gartner Inc. in 2017. It is a virtual representation of a process, product or service. This combination of the virtual and physical assets allows analysis of data and observing the systems to prevent problems and before they even occur, and also develop new opportunities for the future by using simulations.
The Digital Twin market is anticipated to expand at a CAGR of 37.87% through the projection period, to touch USD 15.66 Billion by 2023. The extension of the technical Internet revolution is whole of the chief trends that will obtain stress in the digital twin market. Industrial Internet-of-things (IIoT) is a blend of big data Analytics and IoT that promotes industrial growth.
The 2018 year is going to be very interesting and plentiful of fresh discoveries and developments in the Data Science field. All these applications are going to be mainstream and contribute to every bit of organization and business areas and becoming one of the essential competitive benefits for companies.