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Top Data Science Trends in 2024
Published
22nd Dec, 2023
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Industry experts are of the view that 2024 will be a huge year for data science and AI. The expected growth rate for AI market will be at 118.6 billion by 2025. The focus areas in the overall AI market will include everything from natural language processing to robotic process automation. Since the beginning of digital era, data has been growing at the speed of light! There will only be a surge in this growth. New data will not only generate more innovative use cases but also spearhead a revolution of innovation.
About 77% of the devices today have AI incorporated into them. Smart devices, Netflix recommendations, Amazon’s Alexa Google Home have transformed the way we live in the digital age. The renowned AI-powered virtual nurses “Molly” and “Angel”, have taken healthcare to new heights and robots have already been performing various surgical procedures.
Dynamic technologies like data science and AI have some intriguing data science trends to watch out for, in 2024. Check out the top 6 data science trends in 2024 any data science enthusiast should know:
1. Advent of Deep Learning
Simply put, deep learning is a machine learning technique that trains computers to think and act like humans i.e., by example. Ever since, deep learning models have proven their efficacy by exceeding human limitations and performance. Deep learning models are usually trained using a large set of labelled data and multi-layered neural network architectures.
What’s new for Deep Learning in 2024?
In 2024, deep learning will be quite significant. Its capacity to foresee and understand human behaviour and how enterprises can utilize this knowledge to stay ahead of their competitors will come in handy.
2. Spotlight on Augmented Analytics
Also hailed as the future of Business Intelligence, Augmented analytics employs machine learning/artificial intelligence (ML/AI) techniques to automate data preparation, insight discovery and sharing, data science and ML model development, management and deployment. This can be greatly beneficial for companies to improve their offerings and customer experience. The global augmented analytics market size is projected to reach $29,856 million by 2025. Its growth rate is expected to be at a CAGR of 28.4% from 2018 to 2025.
What’s New for Augmented Analytics in 2024?
This year, augmented analytics platforms will help enterprises leverage social component. The use of interactive dashboards and visualizations in augmented analytics will help stakeholders share important insights and create a crystal-clear narrative that echoes the company’s mission.
3. Impact of IoT, ML and AI
2024 will see the rise of AI/ML, 5G, cybersecurity and IoT. The rise in automation will create opportunities for new skills to be explored. Upskilling in emerging new technologies will make professionals competent in the dynamic tech space today. As per a survey by IDC, over 75% of organizations will invest in reskilling programs or their workforce to bridge the rising skill gap by 2025.
What’s new for IoT, ML and AI in 2023?
It has been estimated that over 24 billion devices will be connected to the Internet of Things this year. This means industries can create a world of difference by developing smart devices that make a difference to the way we live.
4. Better Mobile Analytics Strategies
Mobile analytics deals with measuring and analysing data created across various mobile platform sites and applications alone. It helps businesses keep track of the behaviour of their users on mobile sites and apps. This technology will aid in boosting the cross-channel marketing initiatives of an enterprise, while optimizing the mobile experience and growing user engagement and retention.
What’s new for Mobile Analytics in 2024?
With the ever-increasing number of mobile phone users globally, there will be a heightened focus on mobile app marketing and app analytics. Currently, mobile advertising ranks first in digital advertising worldwide. This had made mobile analytics quintessential, as businesses today can track in-app traffic, potential security threats, as well as the levels of customer satisfaction.
5. Enhanced Levels of Customization
Access to real-time data and customer behaviour has made it possible to cater to each customer’s specific needs. As customer expectations soar, companies would have to buckle up to deliver more personalized, relevant and superior customer experience. The use of data and AI will make it possible.
What’s new for User Experience in 2024?
Interpreting user experience can be done easily using data derived from conversions, pageviews, and other user actions. These insights will help user experience professionals make better decisions while providing the user exactly what he/she needs.
6. Better Cybersecurity
2022 brought to light the grim reality of data privacy and security breach. With over 24 billion devices estimated to be connected to the internet this year, stringent measures will be deployed by enterprises to protect data privacy and prevent security breach. Industry experts are of the view that a combination of cybersecurity and AI-enabled technology results will lead to effective attack surface coverage that is a 20x more effective attack than traditional methods.
What’s new for Cybersecurity in 2024?
Since data shows no signs of stopping in its growth, the number of threats will also keep looming on the horizon. In 2024, cybersecurity professionals would have to gear themselves to conjure new and improved ways to secure data. Therefore, AI-supported cybersecurity measures will be deployed to prevent malicious attacks from malware and ensure better cybersecurity.
The Way Ahead in 2024
Data Science will be one of the fastest-growing technologies in 2024. Its wide range of applications in various industries will pave way for more innovative trends like the ones above.
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