Uses of Python for Business Across Different Industries
Python is said to be one of the most popular programming languages these days. Its modern, responsive and cross-platform architecture, combined with dynamical syntax and a small learning curve makes it the #1 choice both for beginners and professional programmers.
One of the reasons that have also affected Python’s popularity, is that its ideally suited for Data Science and Machine Learning (ML) operations. These technologies are in high demand among businesses worldwide, as their use allows them to understand customers better and stay competitive in the market.
But what exact application types are best suited for Python development, and which apps should be Python-based to boost business operations in a certain industry? Today Fively custom software development company helps us figure out the best uses for Python in business apps for the coming year.
Types of Python Apps for Business
Of course, Python is a language of universal use, suited for creating both complex and basic architecture types. But still, there are some recommendations on its use to get the maximum result both for the technical and business sides of the given project. The following are the top 6 uses of Python development language for business applications:
Development of web applications
Python is highly adopted, open-source, and, what’s also important, it’s free. These advantages make it ideally suited for creating web-based servers and apps for any purpose. Now it’s widely used by top-market companies like Airbnb, Uber, and Meta. Instagram also supports its huge user base by using its Python-powered scaled web structure.
Machine learning and data science operations
Python is also a good choice for creating solutions based on data science algorithms. Spotify is a good example here: it offers a highly customized music experience based on personal preferences on any musical topic. Another bright example of using Python for machine learning is Uber. It uses Python with its numerous libraries of machine learning and data science frameworks to build robust algorithms that allow seamless and fast connecting drivers and riders.
NLP-based scripts and technologies
Multiple Python-based libraries are ideally suited for creating complex algorithms with NLP (natural language processing) technology. For example, it makes possible recognition of various unstructured voice inputs implemented in Home Assistants like Google or Alexa.
Video games and entertainment apps
Python’s flexible architecture is a good choice for video games and the creation of special effects in the filming industry. For example, in the Sims 4 computer game use of Python allows making a rich set of modifications on characters, game elements, attributes, etc. In film creation, it’s mostly used for writing scripts and adding special effects in sci-fi, horror, and fantasy movies, as well as for tracking and verifying the functionality within the production pipeline. For example, an Oracle-powered database keeps track of the billions of images created and processed for a certain film.
Blockchain operations
Numerous Python libraries and frameworks are the core of the success and popularity of blockchain operations, as they make them possible. For example, such a library as Pyethereum is specifically leveraged to build smart, secure, and encrypted contracts on Ethereum cryptocurrency.
Finance and banking platforms
Just like cryptocurrency, Python is ideally suited for creating finance and banking applications with fiat currency due to its cross-platform compatibility and enhanced security. Industry leaders like JP Morgan Chase or Citigroup banks also use Python to train data analysts and trading-specific algorithms for accurate predictions and risk assessment, as Python language is ideally suited for business analytics tools development.
Best Uses for Python in Various Business Industries
Now let’s see in detail which Python-based apps are now in demand for each business industry. Below we have the top 5 industries for Python development in 2023 together with relative app examples.
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Insurance
Insurance is probably the most promising industry for Python development in the coming year. The reason is simple: after the Covid-19 pandemic insurance operators revealed that they’re lagging behind in many ways from modern healthcare corporations, and started to digitalize their assets. And Python turned out to be the most accessible yet smart language for insurance apps, as it allows the digitalization of assets and tuning of complex ML-based algorithms in a relatively short time. As a result, insurance providers can quickly get structured insights into customers’ preferences they need and shape their sales.
The most popular Python-based solutions for the insurance industry are various CRMs, Big Data solutions, BI, and analytics tools.
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Finance
As we already mentioned, it’s hard to think of a better-suited language for finance development than Python. It has great cross-sell and data mining opportunities, as well as dynamically-typed syntax and a rich set of specialized libraries. It’s a perfect choice when it comes to building financial prediction models.
Python is widely used in finance for various digital transformation projects, financial modeling, creating customer investigation tools, BI dashboards, and crypto exchange platforms.
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Banking
Just like in the finance sector, using Python for banking app development is the right choice both for developers and salesmen. This language due to its small learning curve but rich integrations and cross-platform availability can significantly bring down support costs, enhance engineering speed, and help to bring the final product to market faster. It also allows quick data transformation and flawless manipulation during legacy software modernization projects.
The most promising banking apps for the coming year are the following: retail banking, business intelligence, and reporting tools, as well as supply chain management systems.
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Entertainment
Here, Python is surely the #1 choice for web development. From the time when the industry giants Google and Meta made Python their main language and started to promote it, its popularity is only growing each year. Now it’s widely used by giants like Netflix, Spotify, and Pixar, as well as thousands of media startups and small companies.
The variety of applications here is huge. The most popular are media platforms and forums, video games, streaming platforms, online TV, and social media applications.
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Aerospace
This may sound astonishing, but Python is the #1 language used by NASA and SpaceX, two leading companies in the aerospace industry. It’s vital for checking that the software deadlines are met, work with legacy languages, and provided the highest level of security.
The possible Python-based applications in this industry are tools for getting and plotting airfoil coordinates, various security alerts, software for launching a spacecraft, etc.
Wrapping Up
These are only the top 5 industries where Python will be popular in the coming year. But it’s also will be in demand for creating software in healthcare, retail, real estate, and education industries. It also remains the best choice for the efficient digital transformation of legacy systems and applications into modern tools. However, creating best-suiting applications and Python-based solutions fitting your business niche is possible only with a team of highly skilled software developers, so make sure to find a suitable vendor.
Here is our research for the coming 2023 year on the uses of Python for various business industries. Feel free to share with us your thoughts, success stories, cases, predictions, or, probably, disagreements on this point. Please, read our other research related to Python development and web development trends for 2023, and subscribe to get fresh articles every day.