Big data refers to extremely large data sets that are analyzed computationally to find trends, patterns, and associations, especially relating to human behavior and interactions. Big Data describes both structured and unstructured data that inundates a business on a day-to-day basis. In organizations, big data is analyzed for insights that lead to better decisions, strategic business plans, and moves. It helps to access and store large amounts of information for analytics. That’s why big data is becoming very important for businesses day by day.
The importance of Big data doesn’t revolve around the quantity of data but what you do with it. Big data helps in reducing cost, saving time, developing new products and optimized offerings, and making smart decisions. It helps organizations determine the root causes of issues, failures, and defects in real-time and solve the problems with the right decisions. Several big and small organizations are looking for big data experts for the smooth operation of their business; so, there is a continuous demand for skilled professionals. In fact, many reputed training providers are offering Big Data Hadoop courses to gear up the career of candidates and fill the shortage of professionals in this big data market. These courses help professionals make their portfolios strong and explore their hidden talent in front of employers.
In this article, we are going to discuss the top 10 companies that are using big data for their bright future in business.
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Top 10 Industries that use Big Data
Today’s world is a place where every big and small company is using data directly or indirectly. Below mentioned are a few names of industries that are redefined by big data analytics for their business growth.
It can be a wonder how big data can be used in the sports sector, but most of the elite sports firms have now embraced data analytics. In premiere league cricket and football games, hundreds of cameras installed around the stadium track the movement of every player through pattern recognition software that can generate over 25 data points per player every second. Data mining can help gather intelligent insights on the player’s performance by installing sensors. In the Olympics also, analytics helped British rower to row their way to the Gold.
Banking And Security
Big Data is used in the Banking and security sector. The Securities Exchange Commission (SEC) is using big data to monitor and access financial market activity. To catch the illegal trading activity in the market, they use analytics and natural language processing. This industry is facing challenges like securities fraud, archival of audit trials, card fraud detection, trade visibility, enterprise credit risk reporting, IT operations analytics, social analytics, and IT policy compliance analytics, etc. So big data tools help to solve these problems effectively and become a crucial strategy to overcome such issues. It includes anti-money laundering, fraud mitigation, and demand enterprise risk management.
Government And Public Sector Services
In government and public service industries, Big data has an extensive range of applications that involve financial market analysis, energy exploration, fraud detection, environmental protection, and health-related research. In the government sector, challenges regarding the integration and interoperability of big data across several government departments and affiliated organizations are most significant. So big data analyzes a large number of social ability claims made to SSA (Social Security Administration). The Food and Drug Administration (FDA) is also using Big Data to study and detect patterns of food-related diseases and illnesses. Data analytics involves Socrata, Digital reasoning, and HP in this sector to solve issues.
This evolving sector generates massive data via learning methodologies and courseware. Big data can identify important insights for better teaching strategies, areas where students are weak in learning and transform how the education is delivered. It is being used in the higher education sector. It can also be used to measure a teacher’s effectiveness to ensure a pleasant experience for both students and teachers. Big Data is used to help correct course students and includes click patterns to detect the boredom of students and teachers.
Entertainment, Media, And Communication
Big data Analytics is widely used in this industry by several major platforms, such as Spotify uses Hadoop to collect data from its millions of users across the world. Customized music recommendations to individual users are provided through analyzed data which is an important move in the growing competitive market. These industries create specific content for the different target audiences and measure content performance.
This sector is accessing a big amount of data so it encompasses big data analytics tools to record, maintain, and solve the problems of millions of patients. Several hospitals are using data received from patients, a cell phone app to allow doctors to use evidence-based medicine as opposed to administering several medical/lab tests to all patients who go to the hospital.
Retail And Wholesale Trade
Big data algorithms and tools have impacted the retailers and wholesalers and traditional brick to current day e-commerce traders. These industries collect a huge amount of data derived from RFID, POS scanners, customer loyalty cards, local demographics, store inventory, etc. Big data is effectively implemented in this domain to mitigate fraud, offer customized products to the end-user, thereby improving the user experience. It also helps in optimizing staffing through data from local events, shopping patterns, etc. Big data reduces fraud and analyzes new inventions.
In this fast-forward digital age, a huge amount of data from location-based social networks and high-speed data from telecom have dramatically affected travel behavior. But there is no progress in understanding travel patterns. Here big data helps with some of the applications to control traffic, route planning, congestion management, and intelligent transport systems by predicting traffic conditions. It also helps in saving fuel and time via route planning for travel arrangements in the tourism industry.
We are witnessing day-by-day price hikes for oil and gas, and international politics is adding to the difficulties of drilling and exploration for new reserves. With the help of big data, some companies like The Royal Dutch Shell are developing data-driven oilfields to cut down the cost of drilling oil. The “Smart homes” concept from big data helps in making our homes more comfortable and cuts down on energy wastage.
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Agriculture and Farming
This sector is also getting advantages of AI and Big Data. It can help in farming and agriculture with real-time monitoring of data collected from its thousands of users worldwide, Big data practices are adopted by the US agricultural manufacturers who have launched several data-enabled services to provide benefits to the farmers.
Hospitality, Manufacturing and Natural resources, Government, Insurance, etc. are a few more industries using Big data to improve user experience. Thus the massive adoption has just begun.