EDUCBA

EDUCBA

MENUMENU
  • Explore
    • Lifetime Membership
    • All in One Bundles
    • Fresh Entries
    • Finance
    • Data Science
    • Programming and Dev
    • Excel
    • Marketing
    • HR
    • PDP
    • VFX and Design
    • Project Management
    • Exam Prep
    • All Courses
  • Blog
  • Enterprise
  • Free Courses
  • Log in
  • Sign up
Home Data Science Data Science Tutorials Data Science Tutorial for Beginners Data Science Applications

Data Science Applications

Priya Pedamkar
Article byPriya Pedamkar

Updated March 24, 2023

Data Science Applications

Introduction to Data Science Applications

Data Science has created a buzz in almost all possible industries! And why not! It is the hottest topic that industries are looking at. It is changing the world and provides answers to the questions of the future. Moreover, it is bringing many surprises for the future store. It is known that huge data is getting generated day by day in many industries, and data science uses those data for decision-making. Since it is the most demanding and promising field and is the necessity of all the industries, it is widely used in many sectors like Healthcare, Insurance, E-commerce, Banking, Finance, Manufacturing, Transport, etc. grow over other sectors. It has already become a driver for the biggest revenue for many industries. We would definitely see these sectors growing faster than ever before with the power of data science. Here we will discuss data science applications which are explained below in detail.

ADVERTISEMENT
Popular Course in this category
DATA SCIENTIST Course Bundle - 150 Courses in 1

Start Your Free Data Science Course

Hadoop, Data Science, Statistics & others

Applications of Data Science

BFSI sector is the most popular sector for data science applications. It constitutes Banking, Financial Services, and Insurance. According to experts research Financial Services and Banking sectors covers almost 36% of the market and holds the first rank. Marketing and advertising sectors hold the second rank by contributing 25%, and E-commerce sectors hold the third rank with 15% contribution towards the data science market.

Top 3 Applications of Data Science

Data Science is transforming the world in a revolutionary manner. It is changing the way of perceiving data. Let’s try to understand the existing data science applications over a wide range of sectors.

1. Finance & Banking

The finance & Banking sector is the oldest adopters of data science applications. Banks and Finance industries have automated tasks for performing risk analytics. These industries are very much data-centric and act as fuel for their business growth. Data Scientist builds processes to extract insights from available raw data and then perform various analysis like statistical analysis, forecasting, risk analysis, etc. Such applications are being used in Risk Analytics, Real-time Analytics, Consumer Analytics, Customer Data Management, Fraud Detection, etc.

  • Risk Analytics: In this, we try to instigate various risks a company can face from its competitors, credits, markets, etc. The training data can be generated from customer information, financial transactions etc., which is used to develop risk scoring models to assess their customers’ worth.
  • Real-time Analytics: With advancements in technology, now we can process data as soon as it gets generated. In real-time, transactions happen in minor seconds, which needs to be monitored in a real-time manner. This functionality is possible because of real-time data pipelines like Kafka, Flume, etc.
  • Consumer Analytics: Banks & finance industries provide customized offerings to their most valued customers using Consumer Analytics. They observe consumer behaviour through their buying pattern, purchasing capability and many other attributes to derive the customer lifetime value and increase their business over these customers.
  • Fraud Detection: In Finance & Banking sector, finding fraudulent transactions is significant because these are directly related to monetary value. Analysts try to detect unusual patterns in the data and generate alerts for suspicious transactions in a real-time manner to prevent fraud. Clustering mechanisms are used to derive the fraud pattern coming out from data.

2. Marketing & Advertising

Here are some marketing & advertising data science applications, which are given below:

  • To enter the market, we must have a solid strategy in hand that targets specific customers for which we also need to segment them based on their needs.
  • Data science helps us do the same thing with predictive and descriptive analytics, which leverages certain clustering techniques such as asking means, hierarchical, etc.
  • We can also leverage mathematical modelling techniques such as neural networks, which helps understand how much a customer is close to a particular segment of customers. One example is Social media analysis, where we get the data from various social media sites such as Facebook, Twitter, Instagram, snap chat, etc.
  • And we analyze these data’ s and devise a proper marketing plan which will satisfy the customer needs. These data’s is very much useful for us to analyze the mindset of the customer while purchasing any product or their behaviour online; for example, A/B testing is used in the case of to figure out which ad is the most profitable and effective one for our business; we can also use other strategies such as content marketing and advertising plan.

3. E-commerce

The two big industries, retail and e-commerce, are the major benefactors of data science; some of those applications are:

  • Recommender systems, wherewith the help of data science suggesting customers new products based on the products they buy.
  • Predictive analytics, majorly used for forecasting.
  • To establish a proper customer base and make the necessary changes in the pricing of products according to the customer.

In these two Industries, advanced recommender systems, which are basically a combination of collaborative filtering and content-based filtering, is used regressively. Based on these systems, we will provide insights based on the history of products purchased by customers and products bought by people who have similar tastes. They also use sentiment analysis to analyze the feedback given by customers and derive insights from them to improve. These sentiment analysis systems use natural language processing, a niche subject in data science that focuses only on text mining and learning.

Conclusion

From this article, we can understand that data science has created a major impact on all the major industries such as healthcare, e-commerce, finance and banking, transport, etc., for improving their products and customer base. Data science must be an integral part of all industries as this is the only way for the industries to grow and move forward in their respective domains. Another major application we saw for data science is the fraud detection used in the finance and banking industry; they also use it to analyze various data trends using BI tools.

Recommended Articles

This is a guide to Data Science Applications. Here we discuss the introduction and top 3 data science applications to improve products and customer base. You may also look at the following articles to learn more –

  1. What is a Data Scientist?
  2. Data Science Machine Learning
  3. Data Science Techniques
  4. What is Data Mart?
ADVERTISEMENT
SPSS Course Bundle - 14 Courses in 1 | 5 Mock Tests
34+ Hours of HD Videos
14 Courses
5 Mock Tests & Quizzes
Verifiable Certificate of Completion
Lifetime Access
4.5
ADVERTISEMENT
MICROSOFT AZURE Course Bundle - 15 Courses in 1 | 12 Mock Tests
63+ Hour of HD Videos
15 Courses
12 Mock Tests & Quizzes
Verifiable Certificate of Completion
Lifetime Access
4.5
ADVERTISEMENT
HADOOP Course Bundle - 32 Courses in 1 | 4 Mock Tests
125+ Hour of HD Videos
32 Courses
4 Mock Tests & Quizzes
Verifiable Certificate of Completion
Lifetime Access
4.5
ADVERTISEMENT
INFORMATICA Course Bundle - 7 Courses in 1
47+ Hours of HD Videos
7 Courses
Verifiable Certificate of Completion
Lifetime Access
4.5
Primary Sidebar
Footer
Follow us!
  • EDUCBA FacebookEDUCBA TwitterEDUCBA LinkedINEDUCBA Instagram
  • EDUCBA YoutubeEDUCBA CourseraEDUCBA Udemy
APPS
EDUCBA Android AppEDUCBA iOS App
Blog
  • Blog
  • Free Tutorials
  • About us
  • Contact us
  • Log in
  • Blog as Guest
Courses
  • Enterprise Solutions
  • Free Courses
  • Explore Programs
  • All Courses
  • All in One Bundles
  • Sign up
Email
  • [email protected]

ISO 10004:2018 & ISO 9001:2015 Certified

© 2023 - EDUCBA. ALL RIGHTS RESERVED. THE CERTIFICATION NAMES ARE THE TRADEMARKS OF THEIR RESPECTIVE OWNERS.

EDUCBA

*Please provide your correct email id. Login details for this Free course will be emailed to you

Let’s Get Started

By signing up, you agree to our Terms of Use and Privacy Policy.

EDUCBA
Free Data Science Course

Hadoop, Data Science, Statistics & others

By continuing above step, you agree to our Terms of Use and Privacy Policy.
*Please provide your correct email id. Login details for this Free course will be emailed to you

EDUCBA

*Please provide your correct email id. Login details for this Free course will be emailed to you
EDUCBA

*Please provide your correct email id. Login details for this Free course will be emailed to you
EDUCBA Login

Forgot Password?

This website or its third-party tools use cookies, which are necessary to its functioning and required to achieve the purposes illustrated in the cookie policy. By closing this banner, scrolling this page, clicking a link or continuing to browse otherwise, you agree to our Privacy Policy

Loading . . .
Quiz
Question:

Answer:

Quiz Result
Total QuestionsCorrect AnswersWrong AnswersPercentage

Explore 1000+ varieties of Mock tests View more

🚀 Cyber Monday Reloaded Price Drop! All in One Universal Bundle (3700+ Courses) @ 🎁 90% OFF - Ends in ENROLL NOW