Big Data Applications changing the face of 7 Real-World Industries
Big Data is a collection of data that is growing exponentially with time. So large and complex is the data that extracting, storing, and analyzing it efficiently is not possible with the traditional data management tools. It accepts input which can have 3 characteristics : Volume (data in enormous Volume), Variety (data from disparate sources), Velocity (data with unprecedented speed). It facilitates risk-free and high-value decision making, for effective data management in overwhelming digits.
Big Data is surely the buzzword today ! But the question zeroes down to how bankable it would remain in the coming decades? Lets explore it through a few applications and related upcoming trends.
With Big Data Comes Big Opportunities !
Big Data is expected to mark $260 billion in terms of its revenue by 2022. The benefits of the booming big data industry are not just limited to large enterprises and business players, but corporations of all types and sizes. Custom software development is taking place across a multitude of industries to capture and reap the fruits by analyzing big data. They boost their profit and sales digits, forecast trends more accurately, figure out new business and product opportunities, and transform the meaning of ‘how things are done’.
According to Research and Market reports, the global Big Data market is expected to cross $156 billion by 2026. Most software development companies are making custom software to reap the most of it, and all public and private industries are going gaga over it.
Now comes the million-dollar question (quite literally), where and how is this Big Data used to shoot up revenues, businesses, and performance scores so that we can gauge how far it can take us and for how long !?
1. BEATING THE MARKETING BLUES
Marketers can now collect or purchase massive quantities of data which can help them to know what consumers are searching for, liking, or clicking on. There is a huge inrush of data to evaluate performance by measuring the effectiveness of marketing through impressions and click-through rates.
Marketing Evolution, a marketing agency, extracts data from numerous online and offline sources and creates detailed customer profiles including their beliefs, location, purchasing habits, local weather conditions, and their likes. Many are used by analysts to formulate target campaigns wherein every element reflects their individual preferences through a software stack dubbed the “ROI Brain”.
2. ASSISTING THE HEALTHCARE PROFESSIONALS IN SAVING LIVES
Big Data helps medical professionals to improve life quality by providing hyper-personalized patient treatment and discovering medical breakthroughs. They are focused on applying big data analytics in a patient-centric way which saves more lives. They are actively recruiting top software development companies for doing so.
Big Data can be used to identify and analyze risk factors in patients based on their historical records helping in earlier detection of diseases which allows doctors to take quick actions.
AlayaCare incorporated big data analytics to predict negative health events that seniors could experience from home-care, thereby reducing hospitalization and ER visits by 73%, and by 64% in the case of chronically ill patients.
3. REVOLUTIONIZING EDUCATION AND LEARNING
Modern learning makes use of more personalized learning models catering to the needs of each student rather than relying on standardized, one-size-fits-all frameworks. Various colleges are trying to curb the number of dropouts by identifying and analyzing the risk factors in students who are failing their classes with the help of Big Data analytics. It also helps universities in revolutionizing their operations, recruitment, and retention efforts through data visualization and analytics.
It is incorporated into reframing course materials, improving grading systems, and career prediction by analyzing a student’s past learning history, strengths, weaknesses, progress, and interests. A custom software development is the need of the hour for helping teachers to identify and bridge the gaps in their learning process and keep track of their progress.
4. EXPANDING THE BOUNDARIES OF BANKING AND FINANCE
Huge amounts of data are flooding the banking and finance industry every second. This influx of data seems to know no end. They are employing software outsourcing to make the process faster and better. Quantitative analysis models have marked a transition from manual trading to trading backed by technology.
Large financial institutions and hedge funds are using quantitative financial models to analyze big data to predict the outcomes of certain events in the financial world. Making accurate enter/exit trade decisions is now possible by minimizing risk using machine learning, and even estimate market sentiment using opinion mining.
It can also help to detect and prevent illegal activities such as credit/debit card misuse, customer statistics alteration, money laundering, risk mitigation, and financial fraud.
JP Morgan Chase & Co. uses Big Data to optimize some of its operations of algorithmic trading and analysis for commercial-loan agreements.
5. KEEP YOURSELF HOOKED WITH BIG ENTERTAINMENT
With new digital streaming and OTT platforms arriving every day, there is no limit to data generation. The media and entertainment industry will generate an estimated $2.2 trillion in revenue by 2021 due to the digitization of media and entertainment.
Giants are predicting the interests of the audience and analyzing user tendencies, preferred content, and trends in consumption. Netflix, Amazon Prime, and Hulu use predictive data analysis to create content that is bound to be a massive success.
Spotify, an on-demand music providing platform, uses Big Data Analytics to collect data from all its users around the globe. It uses the analyzed data to give informed music recommendations, ads, and suggestions to every individual user.
6. IMPROVING GOVERNMENT POLICIES
Governments deal with massive amounts of data daily as they have to keep track of various records and databases regarding their citizens, their growth, economy, energy resources, geographical surveys, income, health records, and whatnot.
Proper analysis of this big data helps governments in making informed decisions regarding various political programs faster and identifying areas that need immediate attention.
Big data also helps the government to overcome national challenges such as unemployment, terrorism, energy resources exploration, catching tax evaders, and deceit recognition.
The Food and Drug Administration (FDA) of the USA Government leverages the analysis of big data to discover patterns and associations to identify and examine the expected and unexpected occurrences of food-based infections.
7. TRANSFORMING TRANSPORTATION
The rise of big data has helped to make transportation more efficient and easy. By understanding and estimating user needs on different routes and various modes of transportation, big data helps utilize route planning to reduce their wait time.
Let’s take Ola Cabs as an example here. Ola generates and uses a large amount of data regarding drivers, vehicles, locations, every trip from every vehicle, etc,. These are analyzed to predict demand, supply, driver locations, and fares that will be set for each trip.