We have been evaluating the possible impact of data science on our business and daily lives for some time now. There are countless problems that we face on a daily basis, and data science project ideas often take a cue from these problems to come up with innovative solutions. It’s hard to pinpoint one single domain in the industry that benefits the most from the data science applications, but given the fast-changing scenarios within the hyper growth specializations associated with Big Data engineering, Healthcare, Pharma research, education, environmental science, internet marketing, e-commerce advertising, dating and lifestyle, and travel management, security and military, and space, we have numerous avenues to actually nail the point home as far as explaining the real extent of data science is concerned. In real terms, if you are pursuing online courses and looking to figure out the best data science project ideas for 2021, I have some novel ones for you, for sure!
I have listed down the top data science project ideas for 2021, alongside the business domains they influence with their effective adoption.
Cybercrime / Financial Fraud
Approximate Project Development Time: 6 to 8 Months
For the understated part, the world’s business class loses close to $1 trillion every year to cybercrime, mostly related to financial frauds and credit card data theft. In recent times, we have also witnessed the rise in financial frauds related to ransomware and phishing that account for doing business or extortion using bitcoins and cryptocurrencies.
Fraud detection is a specialized stream within data science that amalgamates the concepts of financial security, wealth management, cyber threat intelligence, IT operations, data management / governance, and in advanced scenarios, blockchain ledger, and cryptography.
Fraud detection software used in financial crimes uses complex and highly advanced classes of tools and techniques associated with Anomalies detection, and Outlier Detection with graph databases that are mostly ingesting data from new patterns of behavior involving credit card / digital payments transactions. An open source project co-developed with the IBM AI team, called AMLSIm is a powerful example of how data science teams can build a multi-sim project to generate, analyze and monitor synthetic banking transaction data to find out money laundering behavior, fraudulent transactions, bot pins, and access requests from malware devices.
Genome Biology
Approximate Project Development Time: 12+ Months
Genome biology is one of the most sought after destinations for data scientists to apply their various projects and Machine Learning models. Data science techniques allow analysts to work with advanced ML models for the accurate extraction of practical insights from large scale big data. Due to its intimate association with mathematical modeling and statistical science, data science has become a suitable ally for all kinds of research in the field of genomics. Analysts and project managers of Big data sciences teams create a succinct relationship with measurements, mining, modeling, and manipulating data, combing anomalies from biophysical models for healthy forecasting.
These concepts are used in COVID-19 testing accuracy measurements, cancer detection, genome (DNA / RNA) research, and biomedical research.
Environment conservation
Approximate Project Development Time: 24+ Months
The Earth is passing through a horrid time where CO2 rise, glacier melting, global warming, habitat loss, forest fires, and freshwater percentage loss are all coming together to negatively affect the quality of the ecosystem currently available to the plant and animal kingdom. Species living on the land are not the only ones that are affected – even marine biology is affected severely. 90% of the marine species would be extinct by 2050 if global warming continues to rise. Data scientists like Saskia Otto have devoted their time and resources to building a powerful data science repository for the protection and replenishment of marine species. If you are interested in working in this area of environment data science, check out one of the largest and the most reliable deep learning project management platforms for data analysis, harvesting and communication.
The database pools information on oceanography, marine biodiversity, and fish predation trends collected from PANGEA, ICES Data Portal, the Australian Ocean Data Network (AODN), and Woods Hole Oceanographic Institutions (WHOI).
