24 Dec Future of Big Data in 2020
Mark this Statement, “Data is Wealth”.
Look the given below stats,
Stats Shows, In 2020, Every Single person will generate 1.7 Megabytes Data in every second. Amazing!
Nowadays, Just because of Data, we have the capability to predict the future.
These things sometimes like illogical to listen. But all these are very interesting and amazing.
Actually, When I was doing research for this article. I found lots of interesting information about Big Data.
In this article, I’m going to share with you all the stats and other interesting information about Big Data in 2020.
After reading that, You will say Wow!
Let me tell you quickly
What is Big Data?
Big Data is the process of analyzing large, complex or too big sets of data that can’t be done with the traditional software.
For example – Your age, Profession, Name, Hobbies, Favorite Actors/Actresses, Favorite Movie, Your Education, Your Social Media Watch, Share, Search history all of these comes under the data.
When the number of users grows. Then, the Collection of data also grows and it’s got to difficult to analyze all that data. Because that is very large data.
Brands use these data to find out, Customer needs, interests and then provide content or solutions.
The best examples of it are – Netflix’s, Facebook, Google, YouTube, Coca-Cola, and many other brands are using big data.
Examples of How Big Data in 2020 Changing The Industry
Almost every big Brand for manufacturing, marketing, and advertising takes the help of Big Data.
To reach out to their targeted market segment.
Let me share with you some industries that are using Big Data very effectively:
Media And Entertainment Industry
Report Shows, The market of media and industry will be 2.1 Billion USD by 2021.
Almost 43% of the world population has a smartphone and growing constantly.
Now, You can understand how big is big data in the media and entertainment industry.
Brands like Netflix, HULU, Amazon Prime and many others are creating content.
Because they are using data to find the need and interests of their users.
Even, Every social media uses big data to enhance their user experience.
You must have experienced on YouTube after watching some same type of videos, YouTube automatic starts showing you the same category videos.
The healthcare industry has been always bright. But the risk factor is also so high in it.
By using big data in the health industry we can analyze past cases and can calculate the risk factor. This is really a very big advantage for the healthcare industry.
Big data not only helps to decrease the risk factor also give the option to Doctors to the done treatment of patient more effectively.
Big data is always been best to identify consumer behavior.
Students are also like consumers.
According to reports, U.S Education Industry growth is expected to 2040 Billion USD by 2026.
The education industry always tries to find something which can increase the engagement rate of the student.
Big data can help it more and more.
By using big data, they can analyze their student’s needs, interests, IQ levels, Behavior and much more.
After that, they can create their syllabus, environment and can do other activities to increase the enrollment of students.
We all know about Amazon, Flipkart, Walmart. How big market giants they are.
Actually, World Richest Person Jeff Bezos is the owner of the Amazon company.
If they will use the lakhs of humans beings to analyze their data after that they can’t analyze.
Just because of big data Amazon doing up and cross-sell very well.
An E-commerce website is nothing without data. That’s it!
If they want sales and revenue they have to use Big Data.
Online Marketing and Advertising
Actually, Online or Digital Marketing has been possible because of big data.
Think himself, What were the cons of traditional marketing?
Simple: You can’t find out your targeted customer or can’t predict your customer behavior.
But, With the help of Digital marketing. You can target even a single person.
All these things are done! Because of Data.
As much Data we will collect the targeting will be more clear.
Benefits of Big Data
Above, I have given some examples of industries. Those are using big data very well.
Also shared, How they are getting benefits from it?
Some more benefit’s I will share with you to make your understanding better:
1. Big Data saves your cost of hiring human beings for analyzing or storing of data.
2. Saves your lot’s of time of analyzing or storing of data. Even that much large data can’t be analyzed by human beings.
3. Very helpful for a business to develop new products or services, as per the customer need.
4. Brands can find the problem of their customers by using big data. after that, they can sell a solution to their customers.
5. Big data can work as a competitive advantage for you.
6. Dynamic prices can be done with the help of big data.
7. Big data can help you to increase your sales and loyalty with your customers by finding their interest, need and behavior.
8. Big data can help you to increase the accuracy of your decision or prediction about anything.
9. Big data doing very well for marketers. Now they can run more targeted campaigns.
10. It does not only help you to develop new products but also helps you in the innovation of products.
Future of Big Data?
If You take look at stats, Application and analytics segments of the Big Data market are expected to nearly 20 Billion USD by 2026.
Every second hundreds or thousand of the user and connecting with technology anyhow.
As many users will connect that many large sets of data will increase.
If, We look at the examples, benefits, and Stats of big data. All these things say only one thing that is, “Future is Data and Future of Big Data is Bright forever”.
It’s creating an opportunity for both job seekers and businesses.
You can master your skills in Data Scientists. Who has the technical skills to solve complex problems or have a curiosity about what problems should be solved?
Technology has the power to change the livings of people. In short, it’s a golden chance for you to understand and opt the big data for your business. Because “Data is Wealth”. Hope! This article helped you to understand about Big Data in 2020.