Over the past few years, more and more organizations have started storing, processing, and using their data. Now and then, new techniques and methods appear that allow you to process an increasing amount of data in a much shorter time. As a result, big data has become an important topic worldwide. Therefore, we also decided to look at big data’s most compelling use cases in the article below. Before moving forward, check out this Big Data Hadoop Certification to learn various skills from industry experts.
Thought leaders, academics, and other prominent players agree that big data has changed the game’s rules in most, if not all, modern business sectors in recent years. As a result, this technology affects businesses and permeates our daily lives. That is evidenced by the value of the global big data market, which in 2017 was worth $ 32 billion and is expected to reach $ 156 billion by 2026. So let’s look at the ten most popular big data applications in various industries.
Table of Contents
1. Media and entertainment
Users’ expectations regarding access to media and entertainment in various forms and devices are constantly growing. Therefore, organizations in this industry analyze customer data and behavioral data to create detailed customer profiles that can be used to create relevant content for various target groups, measure the performance of content delivered, or recommend relevant content on-demand. A perfect example is Spotify, which uses big data to collect data from millions of users worldwide and provide its customers with appropriate music recommendations.
the healthcare sector has access to vast amounts of data. For example, some medical facilities already use big data to create visual data that enables faster identification and practical information analysis. That makes it possible to recognize and track many chronic diseases quickly. Some hospitals also use data collected from a mobile app from millions of patients to improve the quality of patient service based on facts, not guesswork or theoretical calculations.
Marketers are one of the most numerous big data clients. In globalization and instant communication, marketing departments will use BD for many purposes. For example, they use social media data to analyze public opinion about a given brand. Then, marketers can take appropriate measures almost in real-time to influence the assessment of Internet users.
4. Crime prevention
Organizations involved in detecting and combating crime now have many tools at their disposal to protect citizens from threats. For example, they can collect billions of unstructured data in audio, video, or photo. Big data allows you to effectively analyze and use this data to solve investigations or prevent attacks. As a result, the police and other organizations can solve complex cases faster and more efficiently.
we can use BD to measure teacher performance to ensure an enjoyable learning experience for both students and teachers. Based on information on the number of students, subjects taught, student demographics, their aspirations, or behavioral classification, it is possible to measure effectively and then improve the efficiency and effectiveness of teaching activities. Big data also allows you to measure students’ learning progress and propose appropriate educational solutions to improve their results.
6. Insurance industry
Insurers care about offering their clients targeted and personalized services. That allows them to provide relevant offers and retain customers effectively. Big data also allows companies from the insurance industry to minimize possible errors at the stage of risk assessment or fraud detection, which may have significant consequences for business operations. In addition, with BD solutions, insurers can obtain detailed real-time information to speed up and improve their customer experience.
7. Finance sector
Over the years, credit ratings have been based on your underlying financial transactions (such as your payment history). However, big data has introduced innovative scoring models and new sources, such as customer behavior, to the financial industry. As a result, banks can make more accurate creditworthiness assessments and effectively analyze risk. Based on advanced data, it is also possible to detect frauds that are costing credit companies around the world billions of dollars each year earlier.
for any B2C or B2B company, the goal is to set prices in a way that maximizes revenue. Big data analytics allow companies to determine the best prices based on historical data. More advanced solutions also will enable the use of variable or dynamic pricing strategies. By segmenting the customer base, companies can create models showing how many different buyers will be willing to pay for a product or service in given circumstances.
9. Production and natural resources
The growing demand for natural resources, including oil, gas, metals, agricultural products, minerals, and gas, has increased data’s amount, complexity, and speed. Unfortunately, such a range of information is difficult to process. As a result, large amounts of data from the manufacturing industry tend to be wasted. However, thanks to big data, companies can use it. Data analysis allows you to improve product quality, energy efficiency, reliability, and generate higher profit margins.
Thanks to big data, drivers can move around the city without wasting time in traffic jams. BD solutions enable road situation analysis from many different sources. As a result, drivers are informed in real-time about the state of traffic in a given place and thus can effectively avoid many hours of standing in traffic jams. Therefore, big data minimizes the risk of transport delays and late deliveries.
Grow your business with big data
To take advantage of the opportunities offered by big data; it is necessary to learn about the challenges specific to a given sector of activity, learn about the characteristics of a given industry, and then adjust the solutions to the needs of the market, the company and the organization’s capabilities. Effective implementation of BD solutions is a complicated process, which is why enterprises often use the support of companies providing big data consulting services, which, using advanced technologies and tools, provide companies with reliable analysis of data sets, enabling possible to draw appropriate business conclusions for the development of enterprises. If you consider this cooperation, a consulting company can become an important business partner that will allow your company to grow.