What data science and machine learning consulting companies do?
Data Science consulting companies help enterprises to use and monetize data that was already collected or purchased from external suppliers on the market. Data plays a key role, in such sectors as fintech (new technologies in financial services), banks or technology companies operating in Software as a Service model (SaaS). While working on a different projects, we have noticed that data acquisition is not a problem for companies today. The real problem is to find ways to monetize on that data, to convert data into new contracts and customers. There are also companies that struggle with data from the offline world (for example with gigantic file binders). It has become possible to automatically process those files thanks to the machine learning algorithms. Such companies need a tool that would automate manual browsing through all kinds of documents. In Addepto, we analyze and combine data from both the online and offline sources, thanks to which we can basically say that we are doing 360 degree analysis and data science.
Data has a huge potential
Four largest industries with the biggest data sets in the world are: fin-tech industry, e-commerce, marketing and pharmaceutical. Small and medium-sized enterprises are now collecting hundreds of times more data than few years ago as well.
Forrester predicts the global Big Data software market will be worth $31B this year, growing 14% from the previous year. The entire global software market is forecast to be worth $628B in revenue, with $302B from applications.
The big data analytics market is set to reach a value of $275bn by 2023, growing at a CAGR of 12% between 2017-23, according to a report by Market Research Future. The significant growth reflects the increasing development of the business sector over the last few years, and the growing use of big data across a number of industries.
“ Big data is of great use to organizations as it helps detecting customer behavior patterns, consumer trends and preferences. Companies utilize such comprehensive data sets to make better decisions about their business.
Many enterprises employ advanced analytics to organize large and varied data sets. This, in turn, allows the analysts, researchers and business owners to form a better and much more efficient strategy. ”
Digital value of Big Data and AI
On the other hand, the value of digital Internet users profiles from the European Union will be close to the trillion euro by 2020 – estimates the Boston Consulting Group. In terms of financial data, information on Internet users encoded in data streams will therefore constitute the equivalent of nearly 8 percent of Gross domestic product, generated by all European Union countries.
The Big Data and AI market is trending now, more and more companies are trying to apply machine learning in the field of business process optimization and automatization using big data. At the same time, we see that specialities related to data, such as machine learning engineer or data scientist are becoming more and more popular. However, it is worth remembering that to be able to talk about the success of using Big Data, first and foremost, you must meet the most important condition, which is access to reliable, high-quality data. While the entire Big Data market is growing very fast, it is still very difficult to get good quality data today.
Check our case studies or read our blog posts to understand better what value Machine Learning can bring to your business. Or drop us a message and schedule a call with us to discuss potential solutions for your business.