As pointed out by the database technology experts and visionaries, Big Data has become a game-changer in the modern but conventional industries over the last few years. Big Data continues to prevail in our daily living. There has been a fundamental shift of focus from its hype surroundings to finding value with itsuse, especially during the pandemic times, which changed ways for enterprises across the globe.
Even though fully exploring the value of Big Data in real-live applications remains a challenge, other superficial challenges persist as the return on investment of Big Data. This remains a big question to those industries planning to adopt Big Data. As per a research report, the big data market back in 2017 was about $32 billion globally, and by the year 2026, it may reach about $156 billion, which is about a five-fold growth.
Different organizations have different goals in adopting their Big Data projects. However, the most common goal of Big Data adoption for many remains enhancing the customer experience, whereas the other subsidiary goals include reducing cost, targeted marketing, increasing efficiency of the processes, and so on. As of late, the increasing number of breaches on data has also made security enhancement an important objective of Big Data Projects.
Where do you stand in big data?
As Big Data may be an inevitable technology in the future, it is ideal for assessing where you have reached in the Big Data ladder? You may use the below checklist to see where you have reached.
- Decide whether there is any value in adopting Big Data or not.
- Assess the market opportunity with Big Data for you.
- Develop new products and services which will utilize Big Data application.
- Already started with Big Data implementation
- Reposition the existing products and services to use Big Data or already using Big Data.
Have a bird’s eye view of Big Data in different industrial sectors will enable one to have a better insight into what role Big Data may take in the future in your industry and other related sectors. Further, we will assess some major industry sectors using Big Data and industry-specific challenges related to it. For Big Data implementation and support, you can rely on the services offered by RemoteDBA.com experts.
Big data in different industry verticals
The major challenges of Big Data in the banking and securities industry include tick analytics, fraud detection and warning, audit trial archiving, credit risk reporting, customer data management, trade visibility, social analytics, IT operations, IT policy compliance analytics, etc.
- Applications of Big Data
As we can see, the Securities Exchange Commission (SEC) uses Big Data applications to track the financial market. Natural language processing and network analytics are used to spot any illegal trading activities. The banks, hedge funds, traders, etc., are using Big Data to do trade analytics for high-frequency trading, pre-trade decision making, predictive analytics, sentimental analysis, etc.
The banking and securities sector also relies largely on Big Data applications in risk analytics for anti-money laundering, fraud mitigation, enterprise risk management, etc. Some of the top Big Data providers focusing on the Banking and Securities industry are Panopticon, 1010data, Nice Actimize, Streambase Systems, Quartet FS, etc.
The Healthcare industry is with the need to deal with a gigantic volume of data. Still, it is largely plagued by the inabilities to utilize this to curb healthcare administration challenges, curb the cost of health services, or offer quicker and advanced healthcare benefits to the public. The is primarily because of the unavailability of electronic data. Adding to it, healthcare DBs having public health information have made it difficult to integrate data to identify any useful patterns. Other big challenges include excluding patients from the decision-making process and using data and using data from various available sensors.
Some healthcare divisions, for example, Beth Israel, use the data collected through various sources from millions of patients, allow the healthcare practitioners to try out evidence-based medicine and not administer all different medical diagnostic procedures and lab tests to all patients. Running a battery of tests can be an efficient approach, but it may be expensive and, most of the time, ineffective.
In another use case, the University of Florida uses the health data available in the public domain and Google Maps to create a visual mapping that allows identification and analysis of the healthcare information, which can be used to track the spread of a chronic disease or pandemic effectively. The top Big Data providers in the healthcare sector are https://www.humedica.org/index_eng.htmlhttps://www.humedica.org/index_eng.html, Recombinant Data, Cerner, and Explorys, etc.
- Media, communication, and entertainment
As modern-day consumers expect on-demand media with rich content in various formats and want to access it from various types of devices, there are many Big Data challenges in the media and communication sector as:
- Collection, analysis, and utilization of consumer preferences.
- Facilitate social media and mobile content.
- Understanding real-time patterns and usage of media content.
- Big data applications in terms of communications, media, and entertainment industries.
The enterprises in these industries can effectively analyze the customer’s insights and behavioral data to create detailed customer profiles and use it to create content for various target audiences and recommend content on demand. Big data can also be used to measure the performance of different content on various channels. For example, Spotify uses Big Data analytics using Hadoop for on-demand music, which collects millions of users and analyzes it to provide informed recommendations to individual users. The top providers of Big Data applications in the media and entertainment industry are Splunk, Pervasive Software, Infochimps, Visible Measures, etc.
Along with the above three major industries, you can find Big Data applications with many challenges as the Educational sector, insurance, retail manufacturing, production, transportation, information technology, natural resources, space research, governance, and so on. As Big Data will reign the data management sector over the coming years, you need to thoroughly analyze your database related processes and procedures in light of its compliance with Big Data adoption and fine-tune it for the same.