Did you know how much data we are generating every day? 2.5 quintillion bytes that is equal to 1.7 MB of data every second. What is even more interesting is the fact that almost 90% of that data was created in the last two years and almost two-third of it is generated by individuals not companies, as shown by statistics. Big data industry will be worth more than $77 billion by 2023.
Even businesses have realized the importance of big data as 53% of businesses are already using big data analytics and have managed to increase their revenue. Unstructured data and security and privacy is still a major concern which is hampering big data adoption but these issues will be resolved as the technology matures even further.
In this article, you will learn about how big data will revolutionize different industries in future.
7 Industries That Big Data Will Revolutionize in Future
Here are seven industries that big data will transform in years to come.
Modern healthcare management systems are already harnessing the power of big data and we will continue to see this trend gaining momentum in years to come. With big data analytics on their side, health care organizations can not only collect a large amount of data, but they can also analyze it quickly and extract useful information to identify patterns and diagnose diseases.
Additionally, this also enables them access to a bigger network of patient information. All this information can help them better understand drug interactions and explore various treatment options. In short, it will be a win-win situation for both doctors and patients especially if they manage to keep the patient data safe, which would be a big challenge.
Technology in general and the internet have changed every facet of our lives. Shopping is no exception. The way we buy and sell things have changed drastically. Retailers must adapt to this shift and embrace data first strategy which would bring them closer to big data analytics. Big data analytics systems will enable them to develop a better understanding of their customers and allow them to match them to products. This allows them to increase their sales and revenue and deliver a better customer experience at every stage of a buyer’s journey.
Big data makes it easy for retailers to predict future trends, forecast demand and optimize prices to stay ahead of the competitors. Additionally, it can also tell them which customers are more likely to take interest in which products so they can launch hyper targeted marketing campaigns. That is not all, it can also tell retailers what is the best way to reach out to those customers? Apart from that, it will also guide you on how to persuade them to make the next purchase.
When it comes to science, the more data you have the better outcome you can get. With tons of data at your disposal, the sample size could be larger, which would increase the accuracy of scientific experiments. This reduces the margin for error and could pave the way for new insights. More and more scientists will be able to use that data to spot trends that even lie beyond their scope of observation, which might lead to new innovations and discoveries. We might see a dawn of a new era of scientific discoveries and scientific breakthroughs in the future thanks to big data.
John Deere, US agricultural manufacturer is embracing big data by adopting big data practices. They are facilitating farmers by offering data enabled services. Farmers can get access to real time data collected from thousands of users. Many new platforms are popping up which use big data and IoT to collect data from sensors embedded in agriculture devices to help farmers make the right decision about when to sow the seed, water the plants and so on and so forth. These systems will also alert them about potential pesticide attacks and provide useful information about how they can protect their crops from it.
We are already seeing automation and robotics playing a major role in modern manufacturing processes. Big data will join them and make manufacturing processes even more efficient, fulfilling the dream of zero waste and higher productivity. Brands like Adidas have already invested billions of dollars in automated factories and many others will follow suit.
Thanks to sensors embedded into manufacturing equipment, you can easily identify when there is a problem and fix it quickly. This minimizes downtime and reduces impact on production. By capturing and analyzing data from these sensors, manufacturers can get a better idea about the efficiency and health of the machines. Many manufacturers are also embedding sensors in their products, which give them access to valuable data about how users are using their products.
Supply Chain Management and Transpiration
Smart systems equipped with digital cameras are used to monitor stock levels in a warehouse but when combined with big data, they can easily alert the business owner when they need to restock. Pass that data through machine learning frameworks and algorithms and it will help you forecast future demand of a product. This will make it easy for businesses to place orders for resupply and never runs out of stock.
With transportation companies collecting and analyzing telematic data, they might use it to include features that will not only improve the driving experience of vehicles but they will also take it to the next level by using that data to improve driving behavior, help drivers choose the best possible route and make vehicle maintenance a breeze.
Insurance companies will also use big data and it will help insurers set the right policy premium. This data can also help insurance companies in identifying fraudulent claims and increase the effectiveness of marketing efforts. Many companies will start offering incentives to users for letting them monitor their data to better understand their lives and design packages accordingly.
How would big data impact industries in your opinion? Share your opinion with us in the comments section below.