Academic institutions and commercial organizations are equally involved in data science research and development. Data analytics market is projected to reach $77.6 billion by 2023.
A few notable data science use –cases across prominent sectors include —
1. Recommendation engines – In e-retail, recommender systems have changed the way people shop.
2. Predictive diagnoses – Using a person’s eating habits and health records, software applications can predict ailments and prescribe prevent measures and medicines.
These breakthroughs were a result of long and hard research put by data science professionals. The pace at which innovation is taking place in data science is unprecedented. So there’s no doubt data science is growing at a phenomenal speed. Given the use cases of data science in the medical, software, retail, and every other sectors of the industry, the growth of data science in future wouldn’t surprising.
Both industry and academia are participating with equal vigor to push the frontiers of data science and its capabilities. Corporations and academic institutions are in equally deep in pursuing research in data science.
The magnitude of vigor can be fathomed by the enormous amount of spending on data science research. Global and local universities and colleges are offering data science grants. The value of some grants reach as high as million dollars. The point here is — data science is not novel anymore. Universities and organizations are working toward some ground breaking research to make data science better than it is. These researches will serve as the foundation for new industrial, medical, and bioscience use-cases. Academia and industry is collaborating through data science initiatives operated by academic institutions.
Some global universities leading data science initiatives are :
Standford University
Harvard University
Brown University
Northwestern University
These initiatives include research and development in data science that have the potential for breakthrough findings. Some note-worthy research that are taking place at these universities are —
1. Deep Dive – A high-performance Inference and Learning Engine
It aims to solve a major problem in data analytics. It coverts unprocessable data into structured data and integrate this data to existing structured database. Further, using Deep Dive, data science professionals can extract, interpret, and build predictive models in a single system. This note-worthy project is being carried out under Stanford Data Science Initiative.
2. Personalized mental health care: This research is being conducted at Harvard Data Science Initiative. The aim of the research is to allow machine learning algorithms to support clinic practice for helping mental health patients using user-centered design.
Research is often funded by the academic institution or by corporates.
Data science initiative at Brown University offers several grants for aspiring data scientists, master’s students, and doctorate-level students for pursuing their research. Many of these programs are sponsored by global corporations.
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While some initiatives are focused on taking data science to next level, a few initiatives aim to support this growth by offering funding to pursue research. For instance, organizations like World Data Science Initiative(WDSI) are spearheading global data science research by partnering with institutions around the world to offer necessary funding to pursue research.The initiative offers over $300 million in data science grants along with helping partners to set up their virtual labs for data science-related learning.
WDSI has partnered with private academic institutions in the U.S, Africa, and other continentsThe initiative aims to uplift the image of institutions working in data science by helping them get accreditedand validate talent who participate in data science researchincluding faculty, scholars, undergraduate, graduate and PhD. students, by DASCA (Data Science Council of America). The institute also helps in setting up center of excellence. Grants are available across universities and colleges that have set-up data science center of excellence.
