Data Science’s Applications in Various Industries 

 April 30, 2022

Data is the biggest differentiator, and the company that unlocks the insights for strategic decision-making stands above the rest in the industry. Organizations collect massive data that is further processed, monitored, and stored for analysis, prediction, and action.

Data Science is used to solve business challenges. And an increasing number of industries are using Data Science methodologies for creating innovative solutions, services, and products. More and more domains are witnessing disruptions, and Data Science is leading the way.

With every data-driven organization using Data Science across various departments, the value of Data Science in solving business problems is increasing every day.

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As per Markets and Markets research, the Data Science market will reach 322.9 USD billion in 2026, increasing Data Science jobs. Data Science applications are also expanding, creating a demand for skilled Data Scientists in every industry. It is the perfect time to apply to companies as diverse as Netflix, Amazon, MakeMyTrip, and HDFC and pursue a career in Data Science.

So, register for a Data Science Bootcamp and learn how to use Data Science tools and techniques in various industry domains.

Top 10 Industries with Data Science applications

Data Science has revolutionized the way we see and use data. It is used across all industries that handle voluminous data for a business edge.

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Let us take a look at the industries leveraging Data Science.

 

1. BFSI (Banking, Financial Services, and Insurance)

The BFSI sector deals with massive data leveraged for actionable insights, often in real-time. Industry applications of Data Science and AI include fraud detection, risk assessment and monitoring, customer analysis, customer data management, lending and loan appraisal, algorithmic trading, underwriting and credit scoring, and many other applications. Insurance companies use Data Science to acquire new customers and improve the customer journey for underwriting, fraud detection, developing personalized insurance plans, undertaking a risk assessment, and client lifetime value prediction.

Some of the companies using Data Science are:

  • JPMorgan Chase
  • HDFC
  • PayPal
  • BNP Paribas
  • Aditya Birla
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2. Media and Entertainment

The media and entertainment industry uses Data Science in the OTT (over-the-top) and online video sharing platforms and movie streaming services. They use Data Science to understand their customers and offer them customized news feeds and the most relevant recommendations.

Customer data is collected and analyzed for recommendations and marketing strategies. Applications typically include customer sentiment analysis, personalized content experiences, real-time analysis, targeted advertising, recommendations, ad-buying, leveraging social media content through feeds, and more.

Some of the companies using Data Science are:

  • Amazon (Amazon Prime Video)
  • Google (YouTube)
  • Hotstar

 

3. Healthcare

The healthcare industry mostly deals with unstructured and fragmented data, which is difficult to access and analyze. Healthcare firms collect data from electronic medical records, billing, clinical trials, wearable devices, etc., to improve healthcare access and strategies. Some of the areas where Data Science is applied are drug discovery, identification of health risks, diagnosis of diseases, devising prevention plans, treatment strategy, customized healthcare, and so on.

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Some of the companies using Data Science are:

  • GE Healthcare
  • Sanofi
  • J&J
  • Siemens Healthcare

 

4. Travel and Tourism

The travel and tourism industry is back on track already after its recent slump.

As the sector is driven by personalization, the massive data related to customers, travel, and hospitality plans are processed for deep insights and predictive modeling. Data Science helps create customer profiles based on segmentation, forecast customer behavior, understand budgetary considerations and how customers like to spend holidays, target customized promotions and offers, devise competitive pricing, modify bookings, and more.

Besides the travel websites, Google is also leveraging its Travel Insights platform to further boost the travel industry.

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Some of the companies using Data Science are:

  • Google
  • Expedia
  • Make My Trip
  • Yatra

 

5. Retail

The retail sector has witnessed phenomenal growth in recent times. As the focus is on consumer experience, it leverages customer data to devise marketing strategies like personalization and relevance. Data Science is applied to analyze customer behavior, predict trends, create recommendation systems, make personalized offers and boost customer experience through predictive modeling.

Some of the companies using Data Science are:

  • Amazon
  • Flipkart
  • Reliance Retail
  • Aditya Birla Fashion & Retail Ltd.
  • ITC

 

6. Digital Marketing

Searches, social media networks, web traffic display pages, etc., extract high volumes of data from page views and social media use. The data helps to extract insights for generating marketing feeds, creating marketing data banks for advertisers and marketers, and running social media analytics.

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Data Science is increasingly being used for digital marketing to predict user behavior, identify patterns and trends, create market segmentation, build predictive models, make data-driven marketing decisions, and convert page views and engagements into sales.

Some of the companies using Data Science are:

  • Reliance Industries
  • Amazon
  • Google
  • Facebook

 

7. Manufacturing

Machine maintenance and unplanned downtime are expensive problems in the manufacturing industry. Data Science and modeling is used to pull data from sensors for predictive maintenance and troubleshooting, implement AI and predictive models, and prevent losses from production outage. This helps to avoid delays in the production process. Various Data Science techniques are leveraged to produce high-quality products by tracking defects, solving manufacturing issues, and improving logistics and inventory for better supplier relations.

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Some of the companies using Data Science are:

  • Reliance Industries
  • Larsen & Toubro
  • Schneider Electric

 

8. Automotive

The automotive industry uses Data Science for a competitive edge. Research, design, manufacturing, and production lines are improved using Data Science techniques.

Applications include enhancing vehicle safety with cognitive IoT, boosting automotive performance, managing production and supply schedules, lowering repair costs, identifying defects, and improving logistics and management.

Some of the companies using Data Science are:

  • Maruti Suzuki
  • Hyundai
  • Honda
  • Mahindra & Mahindra

 

9. Energy and Utilities

The energy and utility industry has a vast amount of customer data combined with smart meters, grids, and GIS.

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Utility companies use Data Science to reduce costs and manage dynamic energy demand for end customers.

The energy industry applies Data Science for cost reduction, risk management, investment optimizations, improved equipment maintenance, and cutting down downtime and costs from fluctuating fuel prices and supplies.

Some of the companies using Data Science are:

  • NTPC
  • JSW Energy
  • Adani Green

 

10. Telecommunications

The telecommunications sector has increasingly become customer-facing. To remain competitive, interact with customers and offer tailored plans, telecom providers access data from website visits, customer behavior, search patterns, customer demographics,  and social media to make personalized offers to its consumers.

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Data Science is leveraged for resource allocation, predictive maintenance, fraud detection, product innovation, smart network deployment, location-based offers, targeted and behavioral marketing, and optimized pricing.

Some of the companies using Data Science are:

  • Reliance Jio
  • BSNL
  • Bharti Airtel

 

Summary

The future of Data Science applications is enormous, with application scenarios increasing across domains. Data Science tools and techniques are being applied to a wide range of use cases. And with Data Science emerging as the go-to tool to solve business challenges, more and more jobs are being created in every industry. So why not use this opportunity to upskill and learn Data Science?

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