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According to Analytics Insights estimates, the market size of this mystic technology is expected to touch US$301.5 billion in 2023, up from US$193.5 billion in 2020, growing at a CAGR of 10.9% over the forecasted period from 2019-2023. Big data is increasingly used for everyday marketing optimization, customised predictions, vitals monitoring, improved banking and education and bolstering operational estimates. Analytics Insight brings you an exclusive list of 10 use cases of Big Data from everyday life explaining Digital transformation.
Banks use big data to safe keep massive financial information's. This big data is analysed for spending patterns from savings, to credit card purchases to detect frauds and prevent them before happening. It might happen if you are swiping your card for a high-value purchase you may get a call/ mailer from your banker to make sure the transaction is genuine.
Besides, most banks use this big data for identifying identity thefts. For example, if a salaried person makes small value purchases of grocery at the start of the month if but suddenly the bank witnesses a spike in gas stations and convenience stores all over town, the bank knows that something is up. They might contact their customer to ask about the recent purchases to establish whether or not the customer's card is stolen and needs to be frozen.
Big Data in retail has led to a drastic change in the entire industry. Retailers leverage big data from the moment a customer begins their shopping. Targeted advertisements to the delivery of your parcel, big data is everywhere. The webpages you visit, tracks your cookies and history for curated shopping experiences, giving retailers a fraction of the information allowing them to optimize their offerings.
Wearing a device like a health watch monitors daily activity and sleep. A great way to keep health and fitness under check. Big data integrates with technology to change our lifestyles, helping us track our immunity ourselves to ensure we maintain healthy habits fighting the Coronavirus pandemic.
Big Data in tandem with smart IoT devices make way for smart meters to self-regulate energy consumption allowing efficient energy use. These smart meters are installed at communities to collect data from sensors all over urban space. They determine where energy recedes and flows are highest at any given time, to be redistributed across the entire grid uniformly especially where it is needed the most to ensure the efficient distribution of energy across the given network.
Big data streamlines logistics to run smoothly within strict timelines. It is widely used in transportation to schedule flights, estimate the demand for seats based on seasonal fluctuations, perform competition analysis based on latest societal trends or events and predict any flight delays based on weather data. Besides big data is deployed to accurately predict the number of planes required in the future based on current use and fleet deployments.
Data science and Big data are widely used in the digital marketing spectrum, you must have seen digital billboards, display banners at airports and on different websites respectively harnessing data science algorithms to help advertisers to attract their potential customers. Digital advertisements targeted based on the user's historical behaviour and their digital footprints ensure a higher CTR (Click-Through-Rate) compared to traditional advertisements.
Healthcare is another industry which generates a huge amount of data every day. Big data reduces the costs of a treatment since there are fewer chances of having to perform unnecessary diagnosis. It helps in predicting outbreaks of epidemics and also in deciding what preventive measures could be taken to avoid preventable diseases by detecting them in the early stages. Patients can be provided with evidence-based medicine which is identified and prescribed after researching the past outcomes of the same drug.
OTT and music on-demand platforms for instance Netflix and Amazon music use big data to formulate predictive machine learning algorithms that analyse a user's music entertainment preferences to recommend new shows and music the algorithm thinks the user would enjoy.
You may have noticed this, if you start watching science shows on OTT platforms for instance, pretty soon all of your recommendations will be for new science and technology-based shows because the algorithm knows you like technology.
Big data also plays a decisive role to help law enforcement agencies to know where the next crime may happen and allow them to redeploy their resources. Massive amounts of big data when fed into predictive algorithms can help which station might need extra officers to help prevent crimes before they ever occur.
Big data is also helping to keep your home secure. A home security system installed in the house connects to a database of operators who can instantly analyse any pitfalls detected by the system to alert the user for any suspicious activity. Some security systems also double up to smart electricity managers by managing the home lights, TV and other electrical equipment's when not in use.
The education industry is a storehouse of big data related to students, faculty, courses, results and so on. A proper study and analysis of this data are effective to provide valuable insights which can be used to improve the working of educational institutes and its operational effectiveness. A descriptive analysis of every student's records will help to understand each student's progress, interests, strengths and weaknesses to plan a personalised study programme suiting their career goals.
