1. The rise of smartphones, wearables, IoT (Internet of things), advancements in technology, internet, and social media have resulted in a lot more data being created and has allowed easier access to big data.
2. Cloud adoption (managed storage services) has gained a lot of market share, and the marginal cost of storage has fallen by 75 percent in the last 5 years.¹
3. The ability to use the abundance of data we are constantly gathering to develop deeper insights using pay-as-you-go software service models has helped businesses realize value from their data quickly.
4. Market forces such as Google, Amazon, and Uber have showcased data-driven business transformation and disrupted a lot of traditional industries/processes by putting the customer at the center of their business.
All of these factors result in the acceleration and massive scale-up of data analytics and data science-driven transformation. This also has led to the development and wide-spread use of sophisticated AI/ML techniques such as reinforcement learning, deep learning, neural networks, and others.