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Top Powerful 7 Applications Of Big Data and Analytics
Top Powerful 7 Applications Of Big Data and Analytics

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Here is the list of the top 7 industries using big data applications:

  1. Banking and Securities
  2. Communications, Media and Entertainment
  3. Education
  4. Manufacturing and Natural Resources
  5. Government
  6. Retail and Wholesale trade
  7. Transportation

In this post, we'll look at how the seven industry verticals listed above are using big data, the issues those businesses confront, and how big data can help.

  1. Banking and Securities

Big Data is being used by the Securities Exchange Commission (SEC) to track the activity of the financial markets. Network analytics and natural language processing are currently being used to uncover unlawful trading activities in the financial markets.

Retail traders, major financial institutions, and hedge funds use big data for trade analytics like high-frequency trading, sentiment analysis, predictive analytics, etc.

For risk analytics, such as anti-money laundering, demand enterprise risk management, "Know Your Customer," and fraud reduction, this sector likewise extensively relies on big data.

  1.  Communications, Media and Entertainment

Companies in this sector analyze behavioral and consumer data simultaneously to provide in-depth customer profiles that can be used to:

  • Produce content for various target markets
  • Promote on-demand content
  • The effectiveness of the content

An on-demand music service called Spotify employs Hadoop Big Data analytics to gather information from its millions of customers around the world and then analyze that information to present well-informed song suggestions to specific users.

Big Data is also extensively used by Amazon Prime, which uses it to deliver a fantastic customer experience by combining video, music, and Kindle books in one place.

Big data providers like Infochimps, Splunk, Pervasive Software, and Visible Measures are available in this sector.

  1.  Education

Higher education makes extensive use of big data. The University of Tasmania, as an illustration. A Learning and Management System has been implemented at an Australian institution with over 26000 students that keeps track of, among other things, when a student logs on, how long they spend on various system sites, and their overall progress over time.

To provide a positive learning environment for both students and teachers, Big Data is also employed in a different application in education to assess teachers' performance. A teacher's effectiveness can be adjusted and evaluated in relation to the number of students, the subject matter, the demographics, the aspirations, the behavioral classification, and a variety of other factors.

Governmentally, the Office of Educational Technology of the United States Department of Education is using big data to provide analytics to correct course students who are erring while using online big data certification courses. Additionally, click patterns are utilized to identify boredom.

  1. Manufacturing and Natural Resources

Big Data, which has been used to ingest and integrate vast volumes of data from geospatial, graphical, text, and temporal data, enables predictive modeling to help decision-making in the natural resources sector. Seismic interpretation and reservoir characterization are two interesting applications of this.

 Among other advantages, big data has been used to solve current production problems and acquire a competitive edge.

  1. Government

Numerous government services employ big data, such as fraud detection, health-related research, financial market monitoring, and environmental protection.

Here are other instances that are more precise:

Large numbers of social disability claims submitted to the Social Security Administration (SSA) that are received as unstructured data are being analyzed using big data. The analytics are used to quickly and effectively evaluate medical data for quicker decision-making and to spot bogus or fraudulent claims.

Big Data is being used by the Food and Drug Administration (FDA) to identify and research disease and illness patterns that are related to food. This enables a quicker response, which has resulted in quicker treatment and fewer fatalities.

Big Data is used by the Department of Homeland Security in a variety of ways. Big data from multiple government departments are examined and used to safeguard the nation.

In this sector, big data providers include HP, Socrata, and Digital Reasoning.

  1. Retail and Wholesale trade

Retail and wholesale stores continue to collect big data from POS, store inventory, client loyalty, and local demographics.

Companies including Microsoft, Cisco, and IBM argued that the retail sector needed to embrace big data for analytics and other purposes during the 2014 Big Show retail trade convention in New York, including the following:

optimized staffing using information from purchasing habits, nearby events, and other sources

decreased fraud

accurate analysis of the inventory

Social media use also has a lot of potential applications and is still being gradually embraced, particularly by brick-and-mortar businesses. Social media is utilized for a variety of purposes, including product marketing, customer retention, and customer acquisition.

In this sector, big data providers include Vistex, First Retail, First Insight, Fujitsu, Infor, Epicor, and First Retail.

  1. Transportation

Organizations, governments, and individuals have utilized big data in the following ways:

Big Data used by governments for traffic management, route planning, intelligent transportation systems, and congestion control (by predicting traffic conditions)

Utilizing big data in the transportation industry for competitive advantage, technical advancements, and revenue management (by consolidating shipments and optimizing freight movement)

Individuals use Big Data for various purposes, such as route planning to conserve time and fuel, travel arrangements for tourism, etc.

Key Take-away

Here are some important conclusions after studying 7 industry sectors and the impact that big Data plays in them:

  1. Real money is being spent a lot on big data.
  2.  To take advantage of big data prospects, you must become familiar with:
  • comprehend industry-specific difficulties.
  • Comprehend or be familiar with each industry's data features.
  • Recognize your spending patterns.
  • Incorporate your capabilities and solutions with market demands.
  1.  For Big Data to be used successfully and efficiently, vertical industry expertise is essential.

 

 

 

 

 

 

 


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