They are assembling formidable teams of data scientists with varied backgrounds and expertise to develop and place ML models at the core of as many business processes as possible. Vanguards within the most data-centric industries, including pharmaceuticals, finance, insurance, aerospace and others, are investing heavily. Companies are looking to scale their data science capabilities to support their entire suite of business goals and embed ML-based processes and solutions everywhere the company does business. The aim now is to grow these initial successes beyond the specific parts of the business where they had initially emerged. Bureau of Labor Statistics’ predictions regarding growth of the data science career field: Employment of data scientists is projected to grow 36% from 2021 to 2031, much faster than the average for all occupations. The bullish outlook is evident in the U.S. Most industry-leading enterprises have already seen dramatic successes from their investments in machine learning (ML), and there is near-universal agreement among business executives that building data science capabilities is vital to maintaining and extending their competitive advantage. Machine learning is no longer about experiments.
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