How Is Big Data Helping Top Industries Grow?

In the 21st century, digitalization spread like wildfire to every nook and cranny of the globe. This has given wings to the internet and hence exponential rise in internet-connected devices around the world. Today smartphones, wearables, smart appliances, smart automotive, and a variety of such objects have led to an exponential rise in data collected through them. 

The rapid surge in data coming from all spheres has opened doors of opportunities for many businesses. Be it understanding and predicting customer mood and behavior, predicting market trends, material durability to weather forecasting, big data analytics can help us do all these things with better precision. Businesses can take help from top big data analytics companies to make this task easier. 

Today we will talk about such a diverse collection of data in sets termed big data, which is proving to be a boon to many industries. We'll start this post by taking a good look at big data, followed by some key industries benefiting from it. So, let's move forward and take a brief look at big data and various related stats. 

A Brief Look At Big Data

Big data refers to an extensive collection of data focused either on a common aspect/parameter or a set of data from different sources relating to different parameters. Big data can be classified into two categories structured and unstructured.

Unstructured data is a type of data that is unorganized and categorized as qualitative. These are the data collected in the form of social media posts, chats, shopping activities, mobile activities, and other types of data. These data types can not be processed and used by simple tools; they need specialized tools to carry out their analytics and derive the necessary information from them. 

In contrast, structured data is a highly organized collection of data that businesses can readily use using simple tools. This type of data is categorized as quantitative and is usually in the form of numbers such as credit card numbers, account numbers, ticket numbers, and so on. 

When it comes to demand, unstructured data has higher use when compared to the limited uses of structured data. Moreover, unstructured data can be easily stored in data lakes without storage limitations. On the other hand, structured data has limited storage options. Unlike "data lakes," they are stored in "data warehouses," where a minor modification in data requires updating all the stored structured data sets, which is a very time-consuming and inefficient process. 

Suggested Reading: Big Data Developer's Secret Revealed 

Big Data Analytics

It has been said that data is the new oil, which is valid to a large extent as, for this industry, data is a key to more profits and earnings. But just as unrefined oil cannot be directly used, similarly to this, unrefined data can not be used to put in real use unless it is refined. Big data analytics does the same thing with data that refineries do with oil, converting bulk data into organized information that people can use directly.

"Big data analytics is growing exponentially as more industries start investing in it. According to Statista, the global big data analytics market is anticipated to reach 650 billion USD by 2029 up from 240 billion USD recorded in 2021."

Big data analytics holds a lot of potential for businesses to learn more about their customers and leads. Moreover, it can help you better serve your customers by providing ample data to analyze, which businesses can learn about the shopping pattern, likes and dislikes, and predict behavior more accurately. 

Let's check out some top industries that have the most to gain by investing in big data.  

Top Industries Benefiting From Big Data

Big data holds a lot of benefits for industries of all types and sizes. Among various benefits are customer retention and acquisition, precise target audience accumulation, deeper customer insights, and more. Let's learn how big data analytics is benefiting industries and helping them grow. 

Ecommerce 

For shopkeepers running a shop selling anything, be it clothes, jewelry, or any other item in that manner, it is easier to predict if the buyer likes the collection of products they are showing. In case they seem unimpressed after sensing their mood, usually, the shopkeeper immediately switches to another collection he thinks the buyer would like.

AI has greatly helped e-commerce industries offer the same kind of service the shopkeeper provides to online buyers. Still, there is always a little scope for improvement and a void in customer satisfaction that the industry needs to fill. Big data can fill this void effectively by providing ample amounts of data of larger variety, volume, and velocity. 

AI & ML learn as they get more experienced, with more data to analyze, and big data helps them with it. It provides them with various data about buyers, such as their shopping history, items in the cart, search queries, and other trends. Big data analytics can help e-commerce companies get clear insights into various customer aspects and shopping habits. This will help them carry out successful targeted marketing campaigns and attract solid leads. 

Travel & Tourism

Big data analytics can significantly help the travel and tourism industry by providing them with valuable foresight that can help them get more tourists, leading to higher profits. 

The travel & tourism industry must invest in big data analytics that can bring them various data about travel, booking history, and holiday patterns. This is especially helpful for private touring companies and government agencies to figure out how to lure tourists to visit their establishments or use their agencies to plan their holidays. 

Travel and tourism agencies can plan targeted campaigns for regular customers and those registered on their websites while surfing the internet. With the help of big data companies, businesses can get clear insight and ideas on what kind of deal to offer their potential clients so that they choose their agencies to organize their travel plans. 

Media & Entertainment

According to reports, media, entertainment, and advertising account for almost 32% of the key industries investing in big data and analytics. Media and entertainment companies like Netflix, Amazon Prime Video, Disney, etc., are betting big on big data analytics. 

These companies are using big data analytics to get better visibility on what the viewers are watching and what type of content they like more. With this knowledge, these entertainment companies can curate the right list and boost personalization for every subscriber to provide them with the best entertainment experience. 

Entertainment apps like Netflix and others can very well get a clear picture of what content on their platforms is garnering a higher audience and attracting subscribers. With this knowledge, they can try to bring more such content on their platforms, thus improving the number of subscribers they attract. This is how big data is crucial in bringing more profits and subscribers for media and entertainment companies.

Suggested Reading: Cracking the Big Data Developer's Code

Healthcare

Healthcare is an area where continuous advancements are synonymous with saving more lives. The more advanced the healthcare system is, the more effectively we can detect and treat diseases. The 21st century is the decade that has seen the heavy digitalization of the healthcare industry. Be it storage of records on blockchain to AI being used for early detection of diseases, every sector of the healthcare industry is somehow linked to the internet. 

This has led to abundant data available in different forms for the healthcare sector. Healthcare professionals can carry out big data analytics on this data which usually includes patients' health records, treatment received by them, available treatments, breakthrough observations, and other such data. 

Big data analytics can help scientists find breakthrough treatments that can help treat chronic diseases based on records of similar treatment methods being performed anywhere around the globe. 

Big data analytics can help predict health issues that can occur with patients in the future by analyzing the data obtained from wearables when shared with health authorities. This will be especially helpful for patients with cardiac problems; real-time analysis might help them save from cardiac arrest at the right time. These are some most common ways big data can help advance the healthcare industry and save lives. 

To Conclude 

Big data is becoming a crucial tool for businesses to understand their customers better by deriving insights that can help them improve customer experience. Big data analytics is proving to be a game-changing tool when it comes to analyzing bulk data in minimal time. 

In this post, we discussed big data and various industries investing in big data analytics. We also learned how industries, namely, e-commerce, media & entertainment, healthcare, and tourism & travel, among many others, are reaping the benefits of big data analytics. 

Big data analytics is a relatively newer concept than AI and other such breakthrough concepts, and still, much research needs to be done in this field. So, we can expect big data and analytics to expand their horizon as we go beyond and be more revolutionary in the coming years. Hence every industry should keep an eye out for big data analytics to improve their business outcomes.