Trends in Data Science For 2024

Table of Content

• Comprehensive Trend Analysis
• Data Science Skills Required in 2024
• Conclusion

In the dynamic landscape of modern business, the integration of cutting-edge technologies has become synonymous with increased productivity and increased returns on investment. Key among today’s transformative trends are data analytics, artificial intelligence, big data, and data science. Businesses, irrespective of size, are not only embracing these trends but are fundamentally restructuring their operations based on data-driven models. 

Comprehensive Data Science Trend Analysis

Evolution of AutoML

Automated Machine Learning (AutoML) is expected to become more sophisticated, enabling non-experts to leverage complex models. In 2024, we foresee advancements in AutoML platforms that streamline the end-to-end machine learning process, from data preparation to model deployment.

Edge Computing

Edge computing revolutionizes the traditional approach to data processing by enabling the analysis and decision-making to occur near the source of data generation. 

The core concept of edge computing is to minimize the distance that data needs to travel, reducing latency and enabling real-time responses. Unlike conventional methods that involve transmitting data to centralized servers for processing, edge computing brings the processing power closer to the data source. This approach is particularly beneficial in scenarios where time-sensitive decisions are crucial.

According to Gartner’s projection By the year 2025, a remarkable 75% of enterprise-generated data will be created and processed in decentralized environments rather than relying on the conventional centralized data center or cloud-based models.

Data-as-a-Service (DaaS)

Data as a Service (DaaS) stands out as a pivotal player in the landscape of emerging cloud types. Hosted in the cloud, DaaS extends its offerings as a Software as a Service (SaaS) to consumers, redefining how organizations manage and leverage their data resources. Embracing DaaS represents a strategic investment for enterprises, providing a centralized hub for consolidating and organizing data. This reservoir of information is then made readily available to fuel both new and existing digital initiatives.

According to Future Market Insights The global Data as a Service (DAAS) market size is expected to be valued at US$ 10,429.0 million in 2023. The increasing adoption of cloud services in developing countries is expected to drive market growth. The overall demand for Data as a Service (DAAS) is projected to grow at a CAGR of 23.4% between 2023 and 2033, totaling around 85,619.0 million by 2033.

Robotic Process Automation

Robotic Process Automation (RPA) is a groundbreaking technology designed to replicate the interactions between humans and software for the execution of high-volume, repetitive tasks. RPA involves the creation of software programs or bots that emulate human actions, allowing them to log into applications, input data, perform calculations, complete tasks, and transfer data seamlessly between applications or workflows.

According to Future Market Insights The robotic process automation market revenue in 2022 was US$ 2,599.3 Million. The market is expected to reach US$ 24,633.4 Million by 2033, as it is estimated to grow at a CAGR of 22.8% for 2023 to 2033.

Data Science Skills Required in 2024

Technical Skills for Data Scientists

• Fundamentals of Data Science
• Statistics
• Programming knowledge
• Data Manipulation and Analysis
• Data Visualization
• Machine Learning
• Deep Learning
• Big Data
• Software Engineering

Soft  Skills for Data Scientists

• Communication Skills
• Storytelling Skills
• Structured Thinking

Conclusion

In conclusion the data science market size is projected to reach US $322.9 billion in 2026. The market size will grow at a CAGR of 27.7%.As we look ahead, the global data science platform market is predicted to reach a noteworthy US $133.70 billion by 2024. This signifies a significant upward trend,It also infers about 11.5 million new data science job openings by 2026.If you want to pursue your career in data science join as a freelance data scientist with PangaeaX