3 Industries That Benefit the Most From Data

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While some may not realize it, the modern world runs on data. So many different industries use data in their daily operations that it’s impossible to remember a time when things ran differently.

Since the big data analytics market is set to reach $103 billion by 2023, it’s more than obvious data is here to stay. Not all industries use data the same way, however, and some benefit from it more than others. Let’s take a look at some industries that have the potential to harness data to its full potential.

How data and cloud go hand in hand

Conversations about cloud computing and big data often go hand in hand, especially for those who know a thing or two about cloud application development.

Since SaaS applications are growing in popularity, it’s smart to know the basics of what a cloud infrastructure is and what type of data it can hold. It’s also important to know the difference between data and the cloud.

  • Big data is a term used to describe large sets of data, regardless of their type, that are output by various programs.

  • Cloud computing describes processing anything on the cloud, which is a collection of high-power servers. One of the things that can be processed on the cloud is big data analytics.

These two are closely connected because cloud computing providers often utilize a SaaS model to allow simple data processing for their customers. It provides users with real-time big data processing capabilities, which makes data and the cloud a perfect match.

Cloud computing services exist mostly due to big data, and users are able to collect big data and process it easily thanks to cloud computing. 

So, regardless of what industry you’re in, if you want to take advantage of big data, you need to choose the perfect cloud solution provider that will allow you to collect and analyze it.

It’s best to use private cloud solutions that will provide you with everything you need. By doing this, you will get something that is as efficient as a public cloud but also has a rich feature set, enhanced security, and amazing performance.

Finance

The financial industry has always revolved around numbers, but before modern solutions, this industry was never able to reach its full potential. Thanks to the use of data and complex algorithms, people in this industry can get information that supports their trading decisions.

If you know how to use live and historical data feeds, you will be able to alert yourself to new investment opportunities faster than ever before and gain a competitive edge.

The modern financial industry would be lost without historical option data, which plays a big part in investing. Many large global hedge funds and bank trading desks use historical data and option analytics as well as risk metrics to ensure consistency and accuracy.

Thanks to robust historical options and data that includes the volume, feeds, market size, and quotes for each traded asset, investors can make data-driven decisions without any guesswork.

Retail

The retail industry has changed dramatically since the rise of the internet and the use of big data, specifically when the eCommerce market came into existence. Now, retailers can make sure they put the right products in the right hands easier than ever.

Thanks to data analytics, not only can online retailers ensure they create great recommendations for each online shopper, but they can also provide hyper-personalized experiences to their customers.

If you as a retailer take a look at past user behavior and use all of the data at your disposal, you can make sure user engagement is higher than ever before. With predictive analytics, you can improve customer experience by analyzing customer behavior and past searches. This will, in turn, help you earn a higher profit and expand your business in a short time.

Healthcare

There is an argument to be made that the healthcare industry has more potential to use data for good than any other industry. Sadly, most of the data used by healthcare institutions is unstructured, which makes it hard to gather and analyze.

However, this may change soon as global healthcare spending could reach over $10 trillion by 2022, a portion of which will go towards better data usage. Healthcare centers are now actively employing data analysts who can make sense of that unstructured data and turn it into something that can be used.

Data analytics has made it much easier to manage electronic medical records, which is just the beginning since more and more healthcare institutions will start seeing the value of data soon.

Some of the areas in the healthcare industry that can benefit greatly from data analytics applicability include drug discovery, post-care monitoring, disease diagnosis, and much more.

Final thoughts

While the industries we talked about benefit from data more than others, that doesn’t mean other industries can’t get into the world of big data analytics. No matter what industry you’re in, data can become your best friend if you learn how to utilize it properly.

Since we live in a technologically advanced world, we have a plethora of opportunities to make our jobs easier, more efficient, and simpler. All of this is thanks to big data.