By 2025, augmented analytics will have a far-reaching impact, especially on the US economy. This shortage along with the higher hiring cost will demand for the use of citizen data science. It will permit businessman to leverage data without having earlier experience or expertise. "Through 2020, the number of citizen data scientists will grow five times faster than the number of expert data scientists. Organizations can use citizen data scientists to fill the data science and machine learning talent gap caused by the shortage and high cost of data scientists," said an official from renowned organization.
Ten years ago, these tools were deemed'state of the art', but technology has changed and now, with Big Data, incredible processing speeds, and predictive analytics software, a much more accurate way of predicting the future is available. Predictive analytics is not entirely new; in financial services it underpins computer-assisted stock trading and in retail,predictions of online buyer behavior are increasingly being used to design personalized marketing campaigns. Elsewhere, companies that understand the competitive edge that it can provide, are starting to invest. A recent Forrester survey1 of data and analytics decision makers found that 39% have data and analytics budgets of at least $10 million.
Data science is rapidly changing. New advances in AI and machine learning mean that data can be applied in brand new ways, and in unprecedented modeling systems, to do much more than was possible just a few years ago. The cloud is also ushering in a new era of data science by making software more portable and versatile. Techopedia asked the experts what we might see in the year ahead. Here's some of what's likely to come our way in 2019.
Organizations of all sizes and industries strive to be more data-driven, but with a worldwide shortage of trained data scientists, these businesses are empowering their business analysts and other domain information experts with the tools and support they need to become citizen data scientists. By doing so they are creating what is arguably the most exciting and critical role in organizations today. Citizen data scientists typically reside in a line of business such as Sales, Marketing, Finance, or HR, and have deep domain knowledge of the business challenges their department faces. Armed with powerful software, they can perform detailed diagnostic analysis and create analytic models that leverage predictive analytics to supplement the work that previously required a data scientist, statistician, or other analytics experts. Citizen data scientists work in tandem with data scientists in most artificial intelligence (AI)-driven organizations.