Are you a Data Scientist and want to start a data science business? Or even if you are not, but you are knowledgeable enough about data science, then you are at the right place. Nowadays, making a million dollars is not impossible if you have the right skills and put your mind and effort into it.
Get ready to unlock the secrets of data science sorcery as we take a wild ride through this article, spilling the beans on some seriously cool data science business ideas.
Data Science Business Ideas
Build an Analytical Tool
Estimated revenue: It will be $10,000 to $100,000 per year.
Requirements: Must have technical, mathematical, creative, and interpersonal skills.
Target Audience: Businesses, Government agencies, Researchers, and Individuals.
Also Read: 10 Online Business Ideas for the New Digital Era
Analytical tools are softwares that help the audience to make data-driven decisions easily. They provide users with the ability to not only access but also visualize and analyze the data.
If you have a solid technical background, this business is for you.
Small businesses can use it to improve their operations, and larger businesses can track their performances and work for improvement.
In 2023, QlikView generated $750M in revenue.
Credit: Simplilearn
Data Science Business Service
Estimated Revenue: $16,000 to $200,000 per year.
Requirements: Must have a strong background in mathematics and computer science. Also experienced in working with large amounts of data.
Targeted audience: Businesses, government agencies, healthcare organizations, financial companies, technology companies, and educational institutes.
Data science is a service that helps companies find and hire the best data scientist. This service provides different features: talent database, job posting, and algorithm matching.
You can do this business to gain a competitive advantage to improve decision-making. You can reduce costs by automating tasks, identifying inefficiencies, and preventing fraud.
It is a growing up business that has a lot of features and potential to do.
Credit: Phelix Juma
Digital Marketing Business
Estimated Revenue: On average, $1,17,651 per year.
Requirements: Must know about digital marketing, SEOs, and public relations.
Targeted Audience: Businesses of all sizes, Ecommerce businesses and Nonprofits
Nowadays, everyone doing business must want a hectic free work routine. An old-style advertising agency has a massive network and a lot of fluff and stuff to go through. But online advertising is far more relaxing than channel advertising alone.
Businesses are indeed done as long as the world exists, so marketing remains essential. Its scope certifies that those doing marketing and business engaged in this business will yield favorable returns.
Digital marketing businesses target specific demographics, interests, and behaviors. The main things behind modern advertising are data science and computerized thinking. You can do this to help businesses grow their online presence, make a difference, And learn new skills.
Credit: Fourth Source
The global digital advertising and marketing market was estimated at $350 billion in 2020 and is projected to reach $786.2 billion by 2026. The U.S. digital advertising and marketing market is currently estimated at $460 billion.
Biomedical Data Science
Estimated Revenue: On average, earning is $121,026 per year.
Requirements: Must have comprehensive knowledge of computer science, engineering, mathematics, chemistry, physics, and quantitative disciplines.
Targeted audience: Biomedical researchers, health sciences librarians, health informaticians, medical doctors, nurses, pharmacists, clinical laboratory scientists, public health professionals, and data scientists.
Also read: 23 Boring Business Ideas That Are Actually Very Cool
Credit: Biomedical Data Science
It is a data science business gaining much importance in developing biomedical data science software. This idea is still now lesser known.
Biomedical data is said to be generated by biomedical researchers, including clinical and research data. It includes proteomic data, genomic data, drug response data, patients’ health records, and all blood-related reports.
You can do this business to improve the diagnosis and treatment of diseases, develop new drugs and therapies, improve the understanding of human health, to improve the efficiency and effectiveness of healthcare delivery.
Fraud Detection Service
Estimated Revenue: No precise data was found, but it is calculated as the number of actual frauds caught by the model divided by the total number of actual frauds found in the entire dataset.
Requirements: Must know algorithms, data collection, accuracy, and compatibility.
Targeted Audience: Financial institutions, retail businesses, healthcare organizations, government agencies, telecommunications companies, travel and transportation companies, energy companies, manufacturing companies, and non-profit organizations.
Due to the economy’s downfall worldwide, frauds and scams are more common now than in the past. If you are thinking of making your future in data science, then fraud detection service is for you.
Credit: Fraud Detection
Many startups cannot find scams, so they need data analysts. As a data analyst looking for an opportunity to make money, this is for you. You can work for business owners or corporate organizations, local authorities, or investigators for offices.
To jump into this opportunity, you must have nohow of business, be an active listener, understand information sources, etc.…
Data-Driven Prediction and Forecasting
Estimated Revenue: Data not available.
Requirements: Must know how to access data, data processing, science skills, business understanding, retail, finance, and manufacturing.
Targeted Audience: Businesses, agencies, healthcare units, researchers, and large enterprises.
After advancement in this field, companies rely more on data-driven perceptions to make more accurate business decisions. Thus, data scientists with more skills and expertise create predictive models like decision trees, linear regression, multiple regression, logistic regression, data mining, and machine learning.
Credit: CIO
You can do this business to make better decisions, optimize operations, and identify new opportunities to mitigate risks.
AI without Coding
Estimated Revenue: $72.16 per hour, or $150,087 per year.
Requirements: Must know programming, database modeling, machine learning, and problem-solving techniques.
Targeted Audience: Business users and nonprofessional technical educators.
Credit: Analytic Steps
It’s a popular data science business idea that builds no-code AI tools that allow businesses to get insights according to their will. So they don’t have to rely on data scientists. It also helps businesses to develop insights and recommendations.
You can do this business to democratize AI to accelerate innovation, improve efficiency, improve decision-making, and improve customer experience.
In 2023, almost 67% of businesses will use AI in any form. That’s why the business has a good scope today and in the future.
Conclusion
In my view, the audience now knows much about the popular data science business in the business and tech world.
There is always a need for data scientists that can solve challenging problems; thus, they address the data monetization industry.
There are countless ideas related to data science. So what are you waiting for now?
