Data Mining is the science of uncovering insights, patterns and correlations and discovering meaningful information from mounds of data that exists in various forms, structured and un-structured. It employs techniques from a diverse set of scientific fields including computational statistics, machine learning, deep learning, mathematics, data processing, visualisations, business intelligence and many others. Data science or data art could be characterized as an attempt to shift away from the traditional empirical-based reasoning to a formal, scientific, data-driven way of thinking and operational tactic.
The research firm IDC’s estimate of the size of big data market for last year, 2016, was $136B and this is expected to grow exponentially in the coming years with more and more companies deploying data science related projects and more and more data-based startup companies rising. Data science has already proved itself and its values is realized and appreciated across many different sectors and industries such as retail, banking, financial services, security, telecom, healthcare, shipping and many others.
The McKinsey’s Global Institute had conducted a global survey in which they have interviewed 50+ experts from the Telecom Industry, regarding their views on the applications of big data analytics techniques to their industry. It was found out that analytics and machine learning techniques have great impact on the Telecom Industry, as indicated in the Figure 1 below.