In this data driven world, big data has gained a lot of importance. The big data applications in almost every sector from finance to education are evident proof of its immense potency. Many companies hire big data developers to make their services efficient and effective. In this article we will discuss its key big data applications. But lets first dive into its brief introduction.
What is Big Data?
In simple terms it is a combination of unstructured, semi structured and structured data which can be collected from variable sources. For instance from social media, websites, and IoT devices.
This data is mined by businesses and companies for information and used for gaining insights into the customer behaviors, and needs .
Key Big Data Applications In Different Sectors:
Many companies are moving towards the use of Big data technologies for the purpose of analytics in order to defeat their competitors and achieve growth.
Big Data Application In Banking And Finance Sector:
Some of the major applications are below:
- Detection of Fraud:
The ML powered by this data, aids in detection of fraud and is also responsible for preventing it. Especially the security risk possessed by credit cards is mitigated with analytics.
- Stock Market Insights:
It helps in analysis of the stock prices by taking in account the social and political trends which might impact the stock market.
- Trading:
The financial markets, hedge funds and banks are using this data for gaining insight into trade analytics.
This analysis and insight help finance and banking sectors in pre-trade decisions making, predictive analytics and sentiment measurement.
- Risk Awareness and Management:
For risk analysis for example cost of risk etc the big financial organisations utilize the data.This particularly helps in optimising the companies in return on their investments.
- Increase in Revenue:
Companies use this data analytics to comprehend the customer spending or payment behaviours.
These awareness about consumer/customer behaviour helps in surging up of the revenue and
2. Big Data Application in Retail:
It benefits the retail in following ways:
- Predicting Demands in Retail:
With the help of social media trends and machine learning algorithms the retailers predict future big developments.
- Personalizing Customer Experience with Increase in Sales:
It brings opportunities for retailers to assess and give better customer experiences.
- Predicting Possible Spending Patterns:
The retailers gather the customer’s data via credit card transactions, IP address, log-ins and more. This aids in assessing the previous data of customer spending and shopping habits which in return helps in providing personalized recommendations to customers.
3. Big Data Usage in Education Sector
Its application in the educational sector is highly beneficial. How? Read below:
- Recommending Solutions in Enhancing Grades:
The statistical analysis of student grades in different subjects actually helps the educational institution to decide the capability of students and suggest them study plans.
- Suggesting Career Plans:
It helps students in choosing appropriate career paths on the premise of a student’s area of interest and performance in a particular subject. Thus expanding the students’ knowledge about career guidance.
4.Big Data Application for Government :
- Cyber Attacks:
With the help of per se data the system monitors the devices and users on network and detects any dangerous or suspicious individual and generates alerts.
- Defense and Tracking Borders:
Governments use analytics to monitor the borders. They apply the analytics for the creation of multiple streams and watch over navy and air spaces.
5.Big Data Application in Health Care:
In health sector the it is useful in following Aspects:
- Predictive Analysis And Electronic health records:
Electronic health records is the key application as the predictive analysis on the medical history of patients’ allows doctors to employ the best treatments in accordance with the risks associated with patients’ health.
6.Big Data Application in Energy Sector:
It is used in energy in following aspect:
- Energy Management:
It aids in assessing the large amount of data collected by DEM systems thus providing excellent recommendations for energy management.
7.Big Data Application in Insurance:
- Customer Insights:
The insurance sectors use this data to provide the customer insights for simpler products. They use data for real-time monitering of claims. Insurance companies can also use this for fraud detection and risk management.
Big data application in any sector is an undeniable reality. Surely it helps companies in increasing their profits. Many companies nowadays hire big data developers as it is cost effective, and efficient.
If you are in need or want organized data sets out of your big data, data visualization with interactive dashboards, and want your big data strategy planned according to Hadoop framework, MPP databases, cloud storage systems, AI, machine learning, and other emerging technologies. You can contact or hire big data developers who can do this for you.