A huge amount of data is generated every single day in the world.
2.5 Quintillion Bytes (2.5 Exabyte), i.e. 2.5 followed by 18 zeroes of data is created every day. Data from stock markets, social media giants like Facebook, Twitter, LinkedIn, Instagram, etc., e-commerce sites like Amazon, e-bay, etc., text messages, digital images, videos, audios, documents to name a few. Data is growing faster than ever before. 90% of the data in the world today has been created only in the last two years. This large volume of data is called Big Data.
So what is Data Science?
Data Science is simply the study of extraction of knowledge from data.
Data Science is an interdisciplinary field that uses techniques including Information Science, Statistical Learning, Machine Learning, Probability Models, Artificial Intelligence, Visualization, Pattern Recognition, Mathematics, Statistics, Operations Research, Predictive Analytics, Signal Processing, Computer Science, etc. with the aim of extracting useful knowledge and insights from the large volume of data.
Whether it’s a small Excel spreadsheet or 10 million records in a database, the goal of Data Science is always the same: to extract valuable insight from the data which will eventually help to do things in a better way.
Data Science at a deeper level helps to mine and understand complex behaviors and trends by finding out hidden insights that can help companies to make smarter business decisions. For example, An online food delivery service company with the help of data science can determine from which location is the maximum number of food being ordered so that they can place their delivery agents around that location for faster delivery. Similarly, an e-commerce site with the help of Data Science can identify what type of product a certain customer purchases so that it can recommend similar products and accessories to that potential customer.
This is a general picture depicting the process of how Data Science works. Data Science eventually helps companies to make a better business decision by analyzing their data.