Many people are of the opinion that big data has brought about changes to the whole world or at least the modern industries. Over the past few years, all academicians, prominent stakeholders, and industry influencers have made conclusions about the big data having a substantial positive impact on many fields. The initial attention that the big data received slowly shifted to finding methods to get to the real value of it. Although understanding the value of big data is still a challenge to many industries, the bigger problems for them are the funding and return on skills and investment by adopting big data. Despite these drawbacks, the global ‘Big Data’ market garnered about $32 billion in 2017, and it is expected to grow to almost $156 towards the second half of the next decade.
Most of the organizations have certain goals when adopting the projects of big data. They would aim at improving the customer experience, better marketing, cost reduction, and enhancing the existing processes. It was not until recently that better security was also aimed by the organizations when taking up big data projects because several data breaches were reported. If you are also planning to adopt big data in your business, you will need to understand more about it and how well it functions in each field. Let us now have a look at the industry verticals where big data is being used.
1. Banking and Security
The activity of the financial market is being monitored by the SEC using big data. Network analytics and natural language processors are being used by them currently to find out every illegal trade in the market. Big commercial banks and retail traders also use big data for analyzing trade in high-frequency trading. For many purposes like anti-money laundering, fraud mitigation, and management of the risks within demand enterprise, big data is used by this industry. The operators/providers of Big Data to this industry are Panopticon Software, Quartet FS, 1010data, Streambase Systems, and Nice Actimize.
2. Media, Communication, and Entertainment
The organizations in this industry create detailed customer profiles by analyzing behavioral data and customer data. This is then used to understand the needs of the customers and create content differently for different audiences. Performance of content can also be measured using this data. Hadoop, a big data analysis framework, is being used by Spotify to collect the data about the interests of the listeners and provide them with recommendations based on that. The providers of big data in this industry are Visible Measures, Splunk, Infochimps, and Pervasive Software.
Several hospitals have now adopted a big data system to collect data from the patients through a cell phone app. The doctors would then prescribe evidence-based medicine rather than putting every patient through multiple lab tests at the hospital. Google Maps and free public health data have been collaborated to create visual data that will allow the patients and doctors to identify the location and other essential healthcare information. It can also be used to track the spread of chronic diseases. Recombinant Data, Cerner, Explorys, and Humedica are the big data providers in the healthcare industry.