The cumulative data produced by an estimated 20,000 million internet users is predicted to reach a whopping 180 zettabytes by 2025. Wearable technology, satellites, telecommunication devices, and global positioning systems are all contributing to the unceasing production of data every millisecond. And while this huge amount of data can provide some amazing insights for businesses, they come in structured, semi-structured, and even unstructured formats. So, gaining insights from big data through manual means is next to impossible. This is where big data analytics comes to the rescue.
Using AI, big data analytics collates data from disparate sources, analyzes it, and then derives useful information that can be used to direct business decisions. It comes as no surprise, therefore, that a whopping 97.2% of organizations have committed themselves to invest in big data and AI-related initiatives. Big data analytics offers multi-faceted benefits when employed correctly for business.
Industries Set to be Redefined by Big Data Analytics
Today, machine learning is evolving at warp speed to give us almost “humane machines.” But this industry depends on data to infer and then build on the inferences to make machines respond to situations in the same way that humans would. In the end, machine learning models can only be as good as the data on which they are trained. However, for now, machine learning is unable to comprehend the massive amounts of data generated naturally, relying instead on synthetic data. The effective application of big data analytics is set to change this narrative by allowing machine learning to use the data already available.
The future of marketing lies in hyper-targeted offers and hyper-personalized suggestions. Analyzing current consumer trends to predict future consumer needs is what sustains the marketing industry and helps businesses reach the right clients at the right time. Big data is the source of all such information, and predictive analysis is what will reshape how marketers identify their target audience. This will then help the retail industry understand and deliver what the customer needs, driving business growth.
Securities and Banking
The banking industry employs state-of-the-art analysis to make sense of the huge amounts of data available. This helps in identifying financial trends among consumers and predicting fraud. Big data analytics may be applied to report risks that may go unnoticed otherwise. It is also set to help in devising financial policies and designing wealth-creation instruments that fit user needs.
A sportsperson today is an entire business in and of themselves. They need to monitor their training and performance. Wearable devices that record their metabolic, neurological, and performance data are going to be the next-gen way for sports personalities to enhance their performance. Analysis reports can help them identify techniques to improve their skills. Energy requirements can be tracked and met by adding appropriate dietary supplements. Additionally, analyzing what others are doing may greatly aid comparative development. Athletes also go through burnout and may need breaks from time to time. Predictive analysis can prevent poor performance hazards at important events.
Improving man-machine interaction is the central need today for industries that want technology to perform repetitive tasks so that skilled labor may be employed in more cognitive and productive tasks. Application of robotics is already in full swing in hospitality, aviation, and other sectors. Employing data analytics helps discover newer applications of this form of technology. Robotics is a field fueling driverless transportation, conducting complex medical procedures with greater precision, and providing for the elderly and disabled with assistance. This realm demands efficient use of data to provide better and more useful services.
This is one industry completely dependent on data analysis to gain and retain viewership. The most convincing case is that of Netflix, which has been able to save $1 billion annually on customer retention by intelligently using data analytics reports. This industry is filled with “what’s new” every day and is gaining followers, feedback, and ratings. Retaining subscribers requires deep insights into viewer choices, trends, likes, and dislikes, which can only be gauged by leveraging user data efficiently.
Healthcare can significantly benefit from insights provided by big data analytics. We don’t even need to emphasize how data analysis helped produce massive amounts of the COVID-19 vaccine. Data analytics can help with predicting potential outbreaks and even possible diseases. Understanding various human-centric trends can help identify fatal diseases before they reach an incurable stage. Genetic tracing has already helped thousands find their birth parents. Genome mapping and DNA testing are set to help understand impending evolution and the rise of new species over time.
The Application of data analytics is not limited to the above-mentioned industries. It can find application in the energy, astronomy, education, and even agriculture sectors. Data and its analysis can also help limit damage caused by natural hazards. The future for most businesses is going to be data-centric, and they need to evolve into data-driven businesses to sustain their competitive edge.