Data science industry is witnessing exponential growth. According to a market research report, data analytics is expected to be worth $77 billion by 2023.
One of the reasons for the steady growth of data science is pace of innovation in the industry. What’s more –data science research is pushing the boundaries of data science industry.
Research for advancement of data science
Universities and academic institutions are pursuing breakthrough research in the field of data science that aim to advance all sectors of the industry – retail, manufacturing, pharmaceutical, medical, and more. Like all flourishing sectors of the industry, the advancement of any industry, collaboration between academia and private sector is important, especially emerging fields like data science – where talent and new methodologies are key growth factors.
Corporations and academic institutions are equal participants in this movement. While some forward-looking data science breakthroughs have come from corporations like IBM, data science research at world-renowned universities like Stanford University aim to give data a facelift and change the way data science operations are carried out in the industry.
Considering the cost of research and talent requirement, majorly conglomerates and global organizations are involved in research, while small enterprises are contributing through university funding.
Both universities and corporations are playing a crucial part in the advancement of data science. Nearly all global universities have a dedicated data science initiative, including Harvard University, Brown University, Stanford University, Columbia University, etc. The following aresome prominent data science research underway at universities.
1. Berkely Institute for Data Science – Online Hate Index
The university is collaborating with its humanities and social sciences department to build a scalable system to detect online hate.
- University of Florida – The Archimedes Project
The research aims to bring new methodologies in data science for data analysis and ease data science operations in the industry. This research is funded by global tech companies including Amazon, Google, among others.
3. University of Washington – Light DB, Myria, Grappa, AstroDB, and other applications.
The research aims to build a gamut of cloud-applications for Big Data. Light DB is a data base management system for video data.The research group aims to build the database for virtual reality videos and other video applications. The group has developed a remarkable performance benchmarking system called Visual Road to measure performance of video database management system.
4. Northwestern University – Computational model to reduce suicide
Carlos Gallos is using text analysis to analyze the conversation between help-seekers and therapists to develop a computational model and help therapists to reduce the risk of suicide.
Many more universities are conducting data science research of similar scope that aim to bring transformation, not only in the way data-driven decisions are made, but also make life-saving decisions.
Aiding data science research
While universities are putting best minds at work. For-profit corporations are collaborating by funding. World Data Science Institute (WDSI), Federal government, and other institutions are lending a helping hand by university funding.
Federal government, for instance, offers fellowship for graduate students willing to pursue research in the form of financial aid, addressing demand for talent in the data science space. Similarly, World Data Science Institute offers data science grants and university funding.
The institute offers aid in setting up center of excellence for data science, virtual labs for learning data science, and getting accredited by DASCA. The institute offers over $300 million in grants.
Similar bodies are facilitating data science research by offering data science grants and other funding opportunities for universities.
In summary, innovation in data science are constantly underway and new use-cases of data science are being profoundly investigated at universities. Not only for the sake of advancement of the industry, but to make life better.
