The world generates a huge amount of data. With data, the tech giants like Google, Amazon are making huge profitable business. Following the trend, every industry from business to retail has become data-driven.
Today, the world needs a mechanism to pull valuable insights out of data. And this mechanism is not other than data science.
With the advanced technology, the data science is becoming more powerful. The application of data science has wide coverage. Some of the data science applications, we use are given below.
1. Search Engines
The most popular data science application is search engines. Daily we use search giants like Google, Yahoo, Bing, Duckduckgo, Ask etc to search our queries. These searches are optimized with data science algorithms to deliver best results. Every day, the Google process 20 petabytes of data. Without data science, we can’t even imagine the Google we see today.
2. Recommender Systems
From online shopping to movie watchlist, everywhere we get the recommendations. The services like Youtube, Netflix, Amazon, Twitter, Google are popular among us. These services all recommend their product based on search relevance and user preference. The services use search history to recommend a product.
Hence, the recommendation system makes our life easy.
3. Fraud Detection and Financial Analysis
The banks and insurance companies are implementing data science. They use it to forecast claim rates, default rates, and repayment rates.
Similarly, the authorities monitor the financial market and identify illegal trading activities.
4. Delivery logistics
Delivery service has never been so easy. From GrubHub (food) to DHL/FedEx (logistics), everyone is competitive. Their system uses data science to optimize delivery routes, operational cost, and time.
So, the customers benefit from the fastest delivery with minimal charges.
Data science transforming health care. With the historical medical data, one can predict more accurately which treatments are effective and which are not.
6. Disaster risk alert
Disaster risk alert uses the approach to identifying, assessing and alert the risks of disaster. They make models of risk from weather and disaster data (flood, wind damage). These models help us alert and prevent the disaster damage from happening.
Besides that, there are lots of fields like education, natural science, economics which makes uses of data science.