Big Data’s entry into the IT world is nothing less than a revolution, as it aims to bring solutions to some of our most complex problems. Big Data refers to the practices and methods that help us deal with huge chunks of data that otherwise are beyond a human’s or normal computer’s comprehension power.
This dealing with data involves analyzing data sets, identifying trends and patterns, processing raw data, and developing insights from the data. As technology advances and more people and companies go digital or online, the everyday processes have increased exponentially, and so have datasets.
According to a Forbes report in 2018, 2.5 quintillions (2.5 x 1018) bytes of data were being generated every day, and the figure would undoubtedly be too high today. The same report mentioned how 90% of data ever created was created in the previous two years. With so much data at stake, Big Data technologies have come as a savior for humanity.
The popularity of Big Data is skyrocketing, and so is the demand for jobs in this domain. Big Data is now finding applications in many fields ranging from Health and Education to Manufacturing and Government. This is why many graduates are going for Big Data programs like AWS Big Data Course and others. These certificate courses, conducted mainly online, prepare candidates to handle large data sets, optimize them and prepare valuable insights.
Considering the growth statistics of the Big Data industry, there are different reports by different agencies. The highest prediction has been made by “Markets and Markets,” which expects Big Data to touch almost $230 billion by 2025. The survey believes that Big Data would grow at a rough Compound Annual Growth Rate (CAGR) of 10.6%.
Whether the industry breaches this mark or not, what is evident today is the massive demand for Big Data Analysts in the IT market and the lucrative salary they get. The average starting salary for Big Data is ₹10,00,000 in India and about $113,000 in the USA. The top 10 sectors where Big Data Applications are being employed today are:
- Media and Entertainment
- Government Sector
The rapid increase in IoT devices is another reason for the swift growth of the Big Data industry. Let’s get into detail about how Big Data is being applied in these sectors.
Big Data applications are today being used in the education industry to manage Student and Teacher ERPs, handle study resources, and a lot more. The COVID-19 pandemic has shifted the majority of the education sector online, thus generating more data through online meetings, recorded sessions, digital apps to access classroom services, etc. Big Data’s usage might not be visible in an average school or college, but there is no better respite for prominent universities housing thousands of students.
The medical industry has always possessed a lot of data, and the real challenge has been to process that. Big Data has helped scientists and researchers to develop new models and solutions to advance life-saving technologies. The rapid scale at which vaccines have been developed for coronavirus also involves an essential role of Big Data applications.
Insurance agents focus on identifying the needs of their target customers and then customizing their insurance schemes and policies accordingly to strike a chord. With Big Data, insurance companies have been able to analyze data related to their customers and their behavior trends and successfully utilize that to increase their sales.
The use of Big Data for the banking sector is not limited to only the data related to customers. More importantly, banks are now using Big Data to analyze datasets related to money laundering, cyber attacks, credit card frauds, loan defaults, etc. Big Data helps them conduct risk analysis and thus identify loopholes that keep them at the brink of banking fraud.
5. Media and Entertainment
Media is a vast industry, with each vendor’s target group involving a mixed breed. Media groups always focus on analyzing the tastes and preferences of their viewers so that viewers spend more hours streaming their services. OTT platforms like Netflix are good examples of media and entertainment companies using Big Data to provide a rich xperience to their subscribers.
6. Government Sector
Government is the most significant enterprise which has to maintain huge chunks of data. From Land Records to Agriculture Produce, Demographics, Income Levels, Logistics, Members in a Community, Outlays for Schemes, there is a lot on any government’s plate in this world. It would be justifiable to say that if any sector requires Big Data Applications, it is the government, especially in highly populated countries like India and China.
The role of Big Data in the transportation sector might look limited, but that is not the case. Here, Big Data applications can be deployed for Route Planning, Logistics, Monitoring Traffic, Toll Information, etc. Big Data is not limited to just existing mechanisms, and it also helps develop strategies to increase revenue, enhance navigation, etc.
E-commerce websites store more information than typical media and entertainment platforms. They deal with various information related to product preferences, addresses, and mobile numbers of customers. Companies like Amazon have pioneered Big Data, with the help of which they can suggest the best products to customers and thus increase their retention rate.
Telecom industries leverage Big Data technologies to identify parameters like Network Quality in an Area, Service Usage of a Customer, etc. Telecom companies today are also dealing with enormous data coming through smartphones.
Space is another less discussed domain that is setting its foot in the arena of Big Data. With so many celestial objects, and extraterrestrial phenomena happening every second, the space industry has a lot to explore through Big Data.
In addition to these, multiple other sectors employ Big Data Applications like Manufacturing, Energy, Automobile, Marketing, etc. Big Data has brought people together and eases the complex tangles in data networks. With internet services and IoT devices on rise, the industry of Big Data will only rise, with a lot of surprises in store.