Our tech world has been rocked by many innovations and technologies in the last decade. But one buzzword that has got the most traction is Big Data & analytics. It has simply taken over everyone’s mind and on the cusp of conquering every realm of the world. It is not just the IT world that harnessed the attributes of big data, but most of the industries have also adopted the practices of big data practices in their operations.
“According to Wikibon, the global Big Data market revenues are projected to increase from $42B in 2018 to $103B in 2027”
Talking about its significance in our day-to-day lives, there has been a significant shift of focus from the hype surrounding it to find real value in its use.
“According to Forbes, Telecommunications (95%), Insurance (83%) and Advertising (77%) lead all industries in big data analytics adoption according to the study. Financial Services (71%), Healthcare (64%) and Technology (58%) enterprises are the next groups of leading adopters.”
In this article, we will put some light on industry verticals that are using big data, industry-specific challenges that these industries face, and how big data solves these challenges.
Banking and Securities
Industry-specific Big Data Challenges
Most of the investment firms and retail banks have concluded some common challenges in this industry which include: Security fraud early warnings, Tick Analytics, Card Fraud Detection, Credit risk reporting, IT operations analytics, Compliance Analytics, Customer Data Transformation, Social Analytics, and more.
Applications of Big Data in the Banking and Securities Industry
Today, even banks, retail traders, hedge funds, and other players in the financial markets use big data for trade analytics for pre-trade decision support analytics, predictive analytics, and sentimental analysis. And fortunately, these players rely on big data for—risk analysis which includes anti-money laundering, demand enterprise risk management, and fraud mitigation.
Security exchange commissions that are established to monitor the financial markets are leveraging big data. They are using its applications like network analytics and natural language processing to identify the patterns involved in illegal trading activity in the financial markets.
Communications, Media and Entertainment
Industry-specific Big Data Challenges
Consumers belong to this industry always rich media in different formats for a variety of devices. So there are many big challenges this industry faces when it comes to handle that much data.
- Collecting, Analyzing, and utilizing consumer insights.
- Leveraging social media content and channelizing it.
- Identifying patterns of real-time, media content usage.
Applications of Big Data in the Communications, Media, and Entertainment industry
Companies working in this domain analyze customer data with the behavioral data to identify set patterns in customer profile that can be used to:
- Create user-specific content for consumers
- Recommend content on demand
- Measure content performance on various channels
Companies like—Spotify, an on-demand music service, uses Hadoop as a big data analytical tool to collect data from millions of its users for the behavioral analysis to deliver user-specific data to the individuals.
Video streaming services like Amazon Prime are also big data-driven services and providing a great customer experience by offering customer-specific data by offering video and music.
Healthcare Providers
Industry-specific Big Data Challenges
Today’s healthcare sector has relinquished the old practices and transformed itself into an evolved system. But there was a time when healthcare failed to harness the data it collects. This caused a huge rise in healthcare costs and make the whole paralyzed.
This happened because the electronic data is unavailable, inadequate or unusable. And you know there was a system available to identify patterns from a big database.
Applications of Big Data in the Healthcare Sector
The partnership and big data and health have been proved propitious. The amount of data in the healthcare industry is dealing with is unimaginable. Today, from finding a cure to cancer to detecting a deadly virus, big data is doing all things to bring life-saving outcomes through it.
Through big data and analytics, medical professionals are capable of building personalized medications. The data analyzation to a deep level has made feasible to identify unusual patterns of certain medicines to discover economical options of treatment. In a nutshell, it enables—Patients predictions, Real-time alerting, Enhancing patient engagement, and more to make healthcare processes more efficient. You can also visit this website for Certified Epic Consultants.
Retail and Wholesale trade
Industry-specific Big Data Challenges
Retail and wholesale trade is the most data extensive industry among others. From traditional retailers and wholesalers to the big e-commerce traders, the industry has gathered a lot of data over time. But the data, derived from customer loyalty cards, POS is not used enough to improve customer experience on the whole. So the changes on this front are a must.
Applications of Big Data in the Retail and Wholesale Industry
Now, when big data steps in, it leverages data from customer loyalty programs, store inventory, local demographics and identifies patterns in it. In a nutshell, big data and analytics help this segment through
- Optimizing staffing through data from shopping patterns and local events.
- Identifying theft pattern to reduce fraud
- Timely analysis of inventory
Integrating the data approach into social media channels of retail through advanced processes like data commercialisation is useful for customer prospecting, customer retention, promotion of products, and more.
Telecom
Industry-specific Big Data Challenges
The last two decades have witnessed the biggest turnaround in the telecom industry. A significant number of the population has been added to this telecom circle. And this population has flooded the telecom industry with massive amounts of data. But still due to reluctant approach of telecom players to invest in data capabilities has made the growth stagnant. And some data regarding storage issues, IoT (Internet of Things) integration are always there.
Applications of Big Data in Telecom Industry
Data is a goldmine for many industries and telecom is not left behind as well. Telecom companies just need to know how to leverage analytical capabilities. Through Big Data and Analytics, companies can deliver the customers with smooth connectivity, as they can eradicate all the network barriers through it.
With the help of Big Data, telecom players can track the areas with the lowest and highest networks to ensure hassle-free network connectivity. To keep this short, big data capabilities help telecom players to know their customers well and provide them with the most customized experience.
A Road to Summary & the world data analytics
The sheer dominance of big data across the tech world and industry can be felt easily. It left no realm of the world untouched with its magical benefits. Every organization, whether the start-ups or an established are inching towards big data and integrating it into their operations.
Today, big data & analytics are just not the next big thing. It has become quintessential for businesses to survive in this competitive era. So if want to be in the mainstream, learn big data and adapt its practices without giving any second thoughts.
