Big Data Applications – A manifestation of the hottest buzzword
Big Data Applications in Various Domains
A buzzword that has grabbed the most attention in recent times is Big Data. It is probably on everyone’s mind for quite some time now. And the fact is Big Data has spread like wildfire and is on the verge of conquering every realm of the world. It is not only ruling the IT world but has taken over the other industries as well. Big Data because of the benefits it furnishes the various industries with, is now becoming an integral part of them.
According to Wikibon, the global Big Data market revenues are projected to increase from $42B in 2018 to $103B in 2027.
Big Data, on the flip side, is gradually vanquishing the older obsolete technologies and is a big matter of concern for those professionals who are still working on it.
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Top Big Data Applications
Here is the list of top Big Data applications in today’s world:
- Big Data in Retail
- Big Data in Healthcare
- Big Data in Education
- Big Data in E-commerce
- Big Data in Media and Entertainment
- Big Data in Finance
- Big Data in Travel Industry
- Big Data in Telecom
- Big Data in Automobile
Let’s discuss the applications of Big Data in detail.
1. Big Data in Retail
The retail industry is the one that faces the most fierce competition of all. Retailers constantly hunt for ways that will give them a competitive edge over others. Customers are the real king sounds legit for the retail industry in particular.
For retailers to thrive in this competitive world, they need to understand their customers in a better way. If they are aware of their customers’ needs and how to fulfill those needs in the best possible way, then they know everything.
Check how Big Data act as a weapon for retailers to connect with their customers – Big Data in Retail.
Through advanced analysis of their customer’s data, retailers are now able to understand them from every angle possible. They gather this data from various sources such as social media, loyalty programs, etc.
Even a minute detail about any customer has now become significant for them. They are now closer to their customers than they have ever been. This empowers them to provide customers with more personalized services and predict their demands in advance.
This helps them in building a loyal customer base. Some of the biggest names in the retail world like Walmart, Sears and Holdings, Costco, Walgreens, and many more now have Big Data as an integral part of their organizations.
A study by the National Retail Federation estimated that sales in November and December are responsible for as much as 30% of retail annual sales.
Big Data Case Study in Retail – Aldo
Aldo, one of the biggest retailers in Canada, used to suffer during this period of the year especially Fridays (generally known as Black Friday). But Big Data has ended Aldo’s Black Friday nightmare.
They have developed a service-oriented Big Data architecture that analyzes its customer’s data from various sources to ensure a seamless experience to their customers and a stress-free working of their system.
2. Big Data in Healthcare
Big Data and healthcare are an ideal match. It complements the healthcare industry better than anything ever will. The amount of data the healthcare industry has to deal with is unimaginable.
Gone are the days when healthcare practitioners were incapable of harnessing this data. From finding a cure to cancer to detecting Ebola and much more, Big Data has got it all under its belt and researchers have seen some life-saving outcomes through it.
Big Data and analytics have given them the license to build more personalized medications. Data analysts are harnessing this data to develop more and more effective treatments. Identifying unusual patterns of certain medicines to discover ways for developing more economical solutions is a common practice these days.
Explore how Big Data helps to speed up the treatment process – Big Data in Healthcare.
Smart wearables have gradually gained popularity and are the latest trend among people of all age groups. This generates massive amounts of real-time data in the form of alerts which helps in saving the lives of the people.
3. Big Data in Education
When you ask people about the use of the data that an educational institute gathers, the majority of the people will have the same answer that the institute or the student might need it for future references.
Even you had the same perception about this data, didn’t you? But the fact is, this data holds enormous importance. Big Data is the key to shaping the future of the people and has the power to transform the education system for better.
Find out what outstanding opportunities Big Data provides to education sector.
It is not only rekindling academic skills but also the non-academic ones such as inter-personnel skills. Big Data is providing assistance in evaluating the performances of both the teachers as well as the students.
Some of the top universities are using Big Data as a tool to renovate their academic curriculum. Additionally, universities can even track the dropout rates of the students and are taking the required measures to reduce this rate as much as possible.
Big Data Case Study in Education – Georgia State University
Georgia State University (GSU) is the leader of the universities with the highest graduation rates in the US. But what helped GSU to be on the top of the list? Of course, Big Data and analytics. They realized the importance of the huge data of their students.
Then they analyzed every small detail about their students and through the insights from this analysis they framed similar patterns amongst the students who drop out in the early stages of graduation. They are now serving students better than anyone else.
Any doubt in Big Data applications till now? Mention them in the comment section.
4. Big Data in E-commerce
One of the greatest revolutions this generation has seen is that of E-commerce. It is now part and parcel of our routine life. Whenever we need to buy something, the first thought that provokes our mind is E-commerce. And not your surprise, Big Data has been the face of it.
Some of the biggest E-commerce companies of the world like Amazon, Flipkart, Alibaba, and many more are now bound to Big Data and analytics is itself an evidence of the level of popularity Big Data has gained in recent times.
Big Data is now as important as anyone else in these organizations. Amazon, the biggest E-commerce firm in the world and one of the pioneers of Big Data and analytics, has Big Data as the backbone of its system. Flipkart, the biggest E-commerce firm in India, has one of the most robust data platforms in the country.
See how Flipkart used Big Data to have one of the most robust data platforms.
Big Data’s recommendation engine is one of the most amazing applications the Big Data world has ever witnessed. It furnishes the companies with a 360-degree view of its customers.
Companies then suggest customers accordingly. Customers now experience more personalized services than they have ever had. Big Data has completely redefined people’s online shopping experiences.
Big Data Case Study in E-commerce
You just can’t afford to miss this best-selling pair of jeans from Levi’s? This notification from my favorite online shopping platform Myntra easily tempted me to at least check those pair of jeans.
But wait, how do they know that I need a pair of jeans? Maybe my Mom would have told them. Lol. This is where Big Data recommendation engine has brought a revolution for the E-commerce platforms.
Through the recommendation engine, they now probably know my choices better than anyone else and recommend me stuff accordingly. Cool. Isn’t it?
5. Big Data in Media and Entertainment
Media and Entertainment industry is all about art and employing Big Data in it is a sheer piece of art. Art and science are often considered to be the two completely contrasting domains but when employed together, they do make a deadly duo and Big Data’s endeavors in the media industry are a perfect example of it.
Wait!! Check how Big Data has become the new hero in media & entertainment industry.
Keeping a customer pleased is a lifelong journey for the media and entertainment industry. They must offer their customers with new content to keep them engaged with their firm. The recommendation engine plays an important role here as well.
Viewers these days need content according to their choices only. Content that is relatively new to what they saw the previous time. Earlier the companies broadcasted the Ads randomly without any kind of analysis.
But after the advent of Big Data analytics in the industry, companies now are aware of the kind of Ads that attracts a customer and the most appropriate time to broadcast it for seeking maximum attention.
Customers are now the real heroes of the Media and entertainment industry -courtesy to Big Data and Analytics.
Big Data Case Study in Media & Entertainment – Netflix
Netflix, the world’s leading internet entertainment service, relies solely on Big Data for its recommendation systems. You finished watching a series on Netflix and a moment later you have suggestions about the other series you would love watching of a similar genre.
Relatable? Very much, isn’t it? But you never spared a thought about it. This is the beauty of Big Data’s recommendation engine.
Explore how Netflix used Data Science to improve its recommendation system.
6. Big Data in Finance
The functioning of any financial organization depends heavily on its data and to safeguard that data is one of the toughest challenges any financial firm faces. Data has been the second most important commodity for them after money.
Even before Big Data gained popularity, the finance industry was already conquering the technical field. In addition to it, financial firms were among the earliest adopters of Big Data and Analytics.
Digital banking and payments are two of the most trending buzzwords around and Big data has been at the heart of it. Big Data is bossing the key areas of financial firms such as fraud detection, risk analysis, algorithmic trading, and customer contentment.
This has brought much-needed fluency in their systems. They are now empowered to focus more on providing better services to their customers rather than focussing on security issues. Big Data has now enhanced the financial system with answers to its hardest of the challenges.
Big Data Case Study in Finance – Mastercard
Mastercard’s Big Data endeavors are no new thing for the world. Being one of the most innovative financial firms in the world, Big Data has been a key player for Mastercard in recent years.
Big Data fraud detection strategy has been saving billions of dollars for them. Their Big Data implementations have brought them closer to their customers.
Know how Big Data has emerged as a lifeguard for the banking industry – Big Data in Banking.
7. Big Data in Travel Industry
While Big Data is spreading like wildfire and various industries have been cooking its food with it, the travel industry was a bit late to realize its worth. Better late than never though. Having a stress-free traveling experience is still like a daydream for many.
See how Big Data is revolutionizing the travel & tourism sector.
Through Big Data and analytics, travel companies are now able to offer more customized traveling experience. They are now able to understand their customer’s requirements in a much-enhanced way.
From providing them with the best offers to be able to make suggestions in real-time, Big Data is certainly a perfect guide for any traveler. Big Data is gradually taking the window seat in the travel industry.
8. Big Data in Telecom
The telecom industry is the soul of every digital revolution that takes place around the world. With the ever-increasing popularity of smartphones, it has flooded the telecom industry with massive amounts of data.
And this data is like a goldmine, telecom companies just need to know how to dig it properly. Through Big Data and analytics, companies are able to provide the customers with smooth connectivity, thus eradicating all the network barriers that the customers have to deal with.
Companies now with the help of Big Data and analytics can track the areas with the lowest as well as the highest network traffics and thus doing the needful to ensure hassle-free network connectivity.
Big Data alike other industries have helped the telecom industry to understand its customers pretty well. Telecom industries now provide customers with offers as customized as possible. Big Data has been behind the data revolution we are currently experiencing.
Explore how Big Data helps telecom sector in connecting people from all over the world.
9. Big Data in Automobile
“A business like an automobile, has to be driven, in order to get results.” B.C. Forbes
And Big Data has now taken complete control of the automobile industry and is driving it smoothly. Big Data is driving the automobile industry towards some unbelievable and never before results.
The automobile industry is on a roll and Big Data is its wheels or I must say Big Data has given wings to it. Big Data has helped the automobile industry achieve things that were beyond our imaginations.
From analyzing the trends to understanding the supply chain management, from taking care of its customers to turning our wildest dream of connected cars a reality, Big Data is well and truly driving the automobile industry crazy.
Check out how Big Data is taking over the driving seat in Automobile Industry.
The applications of Big Data itself is proof of its dominance across the globe. Big Data has left no realm of the world uncaptured with its enormous benefits. Every industry across the world is now inclined towards Big Data Analytics and that’s what the power of Big Data.
Businesses just cannot afford to ignore it at any cost. In the next few years, Big Data would soon be a basic necessity for all kinds of businesses globally.
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