Big Data Applications – 3 Industries They Have Influenced Significantly
The way big data has changed and revolutionized every business around the world is mind-blowing. There are some major big data applications that the consumer of today uses practically every day without even realizing it. Yes, up until a few years ago, big data was only a concept and seemed like a thing one would make use of in the future. Well, that future is here already. Big data and big data analytics along with applications have already made their way into the life of the common man in the following ways:
1. Marketing Sector
The role of big data in the field of marketing is very much undeniable. Companies run advertisements across various channels such as television, newspapers, radios, and even roadside banners. They also make use of social media channels and other digital platforms to gather the attention of their users. What seems to be empowering these companies? What drives their every move?
The answer is again, big data. An advertising company can collect huge amounts of data and understand what their customers are seeking in a matter of a few seconds. Analyzing this huge stream of data allows them to come up with relevant advertisements and increase their click-through rates significantly. The same data can also help them improve their product and reach millions of customers all around the world.
2. Transportation Industry
The rise of big data has completely transformed the transportation industry as you know it. It has made it more efficient and much easier as compared to what it was a few years ago. The following areas are very obvious examples of how big data has influenced the transport sector:
· Route Planning
Different data, information, and statistics can be used to estimate the time required to cover different routes. This information can be used by delivery personnel across the city. Customers find it useful when tracking their orders as well.
· Traffic Management
By using real-time information and smartphone location data, it is now possible to estimate the patterns of traffic very easily. For example, you must be using Google Maps to find the best roads that lead to your destination in the least possible time.
· Preventing Accidents
Big data also helps government agencies to perform a predictive analysis when it comes to identifying accident-prone areas on the road. This helps them put safety protocols and measures in place before any mishap takes place.
3. Banking Sector
The amount of data that gets collected in the field of finance is humongous. The banking sector has become more digital than ever before due to the amount of data that is available to various banks and financial institutions spread across both the private as well as public sectors. It is estimated that this data is expected to grow by at least 700% in the coming 2 years if it keeps on expanding at its present pace.
It is going to have a significant impact on the banking sector and will help curtail the following illegal activities with ease:
· Misuse of credit cards, debit cards, and their critical information
· Ensuring business clarity
· Money laundering activities
· Risk mitigation across financial sub-sectors
· Customer statistics alteration
· Venture credit hazard treatment
Apart from these three major industries, big data has also found its way into media and entertainment, weather pattern prediction, business insights, healthcare, and the space sector. Big data is only going to get bigger.