What comes to your mind when you think of “Big Data applications”? It is predicted that Big Data business will grow at a 27 percent compound annual growth rate to $32.4 billion through 2017. As the adoption of Big Data continues to grow, it is important for small and large enterprises, across all verticals, to understand how big data is applied. The following are four examples of Big data applications that are changing the world:
- Fraud detection
For industries whose operations involve transactions and claims processing, fraud detection is one of the most fascinating Big Data applications example. In many cases, fraud is only discovered after the act. At that point, the only thing that can be done is to minimize the harm and prevent it from happening again. Today, Big Data platforms analyse transactions and claims in real time, detecting any strange behaviour from individual users. This has changed the game of fraud detection. For instance, the Security Exchange Commission (SEC) uses Big Data Analytics to monitor activities of financial market by using natural language processors and net analytics. This helps to detect unlawful trading activities in the financial market.
- Targeting and Understanding Customers
This is one of the most known areas of Big Data application used today. In this area, Big Data is used to understand customers, their preferences, and behaviours. Companies are expanding their traditional data sets with browser logs, text analytics and social media data to understand their customers more. In many cases, the main objective is to make predictive models.
Nowadays, people are on social media, tweeting complaints about certain products on Twitter or “liking” enterprise pages on Facebook. Big Data Analytics is being used to collect and analyse social media activities. Therefore, with the help of Big Data, you can use social media to offer real-time insights into how a specific market is responding to your products, services, and campaigns. With those insights, you can adjust your promotion, pricing, and campaign for optimal results.
One of the companies that use Big Data to understand and target customers is Wimbledon Championships. The company leverages Big Data to provide comprehensive sentiment analysis on the tennis games to mobile, web users and TV in real-time.
- Improving Public Health and Healthcare Services
The Big Data analytics allows healthcare providers to decode DNA strings in seconds. This enables researchers to find new cures and predict disease patterns. Imagine what happens if all the individual data from wearables devices and smart watches can be applied to research on various diseases. In future, clinical trials won’t be limited by the small size of data but could include data of every person. For example, the University of Florida uses Google Maps and free public health data to create visual data that enables efficient analysis of healthcare information. This allows healthcare providers to track the spread of chronic diseases. This is also helping out in Cancer research.
- Financial Trading
Financial trading is another category of Big Data application. Big Data finds many uses in High-Frequency Trading (HFT). Here, companies use Big Data algorithm to make trading decisions. These days, equity trading takes place through data algorithms that take into account news websites and social networks to make, sell and buy decisions in seconds.
These are a few big data applications examples that are changing the world. Other popular Individual industries have their own use of Big Data Analytics. The aim of this artile is to help create more awareness of the Bid data indutry expecially for Students, Researchers and startup businesses. If you want a full course or study programme on Big Data , checkout any university around you or this MIT Big Data and Social Analytics Course Online.