Various Domains that use Data Science
Data Science is the most popular field of studies in the world today. Data Scientists deal with the questions about the future. They make use of variety of data; build models using various algorithms and make predictions to tackle the problems. As various domains make use of huge amount of data for various purposes, data scientists have a major role to play in building and expanding the domains. Various domains like manufacturing, transport, finance, e-commerce, entertainment, education, etc. use data science for various purposes. Most of the companies pertaining to these domains use data science to sell the products as per the customer. In this articles let us find out how Data science has revolutionized various domains and industries around the globe.
Here is the list of top domains are using Data science:
Fraud detection is one of the major applications of Data Science in Finance. Various companies were facing major losses and debts due to different kinds of frauds. The risk assessment while approving loans is completely assessed using data science applications. The risk is assessed using the data available over the years. It is also used to detect the credit card frauds. For example, a credit card that was being used in India was suddenly used in some other country, here the location it was used is considered as an outlier in terms of Data science and this problem can be further tackled. Data science has solved various new problems related to banking and finance.
Health care domain is the most benefitted by Data science. Data science is used in medical imaging where X-rays, MRI’s, CT-Scans, etc can detect deformities, tumors etc. This is possible using image recognition using image enhancement, image reconstruction, edge detection etc. It is also used to classify weather a cell is benign or malignant. In the current days, amidst the COVID-19 outbreak, Data science has helped in mapping the hotspot zones, containment zones, predicting future cases and tracking the COVID-19 patients. Even pharmaceutical industries are making use to solve problems related to drugs and create better drugs for people.
The modern E-commerce and the retail industries are flourishing by the use of Data science. In the e-commerce industry, data science is used in various ways. It is used to identify the potential customer, predict the goods delivery and service time, optimize the pricing structures as per customers etc. It recommends similar products based on the search and purchase history. Data science is used in fraud detection, inventory management, market analysis and warranty analysis . It also recommends products based on review and ratings provided by the users.
Few of the e-commerce sites that use data science are Amazon, Bigbasket, Flipkart, ebay etc.
Entertainment is one of the most essential needs of human beings. In the modern era, we have TV shows, movies, documentaries etc. at our fingertips. We can relate data science to this domain. Using personalized marketing, the industries in this domain attract the customers to buy their products using specific offers and messages. It mainly attracts the target customer depending upon their previous purchases and other valuable information. It analyses the customer sentiments using sentiment analysis techniques on textual conversations, emotions, reviews and ratings. The social media statistics are also made use to target relevant group of customers.
Example: We all must have come across Netflix, Saavn, Amazon Prime, Disney Hotstar etc.
Education is the key aspect that is transforming and enriching humans. Humans have continuously evolved through education and have improved it over time. Data science has a role to play in education as well. The huge amount of data in schools and colleges regarding students has helped the faculty to discover newer and advanced way of teaching. Using various techniques education institutions can help students improve their performances. By analyzing where the students are lacking and where they can improve, data science plays a key role. It can be used to draft innovative course curriculum. It has helped to assess the performance of teachers. Data science has helped the online education platforms to analyze the potential students, who could take their courses.
Transportation and logistics industry is a huge industry worth trillions of dollars and the movement of billions of tons of goods takes place yearly. If the volumes are so high, then the data generated is also higher. Data science has a role to play here as well. Transportation and logistics companies have to save money on fuel and distances to earn profits. The freight costs can be reduced using Data science. The demand and supply can go hand-in-hand by proper optimization. Time is an important part of this industry; time needs to be saved wherever possible to fulfill the commitments. So the industry must stay ahead of time to meet the proper demands. Therefore, Data science provides solutions for these aspects of the industry.
We can understand that the Data science field is expanding to every domain. It has a role to play to regularize, optimize the data related to every field to save time and costs. These are the few domains that make use of Data science.