A study by Accenture has noted that the big data market is expected to reach $105.08 billion by 2027. Companies who rightly invest in big data bear the fruits of informed decision making, customer satisfaction and other factors that determine the success rate of a business.
This is made possible via data analytics, a method of collecting, organizing and analyzing data to boost efficiency and productivity.
We take a look at the numerous ways in which data analytics benefits diverse industries and individual processes.
Big data in healthcare has a positive impact on preventing employee burnout, managing staffing, Electronic Health Records (EHRs) and emergency alerts to name a few. For instance, an American research collaborative collected EHRs of over 30 million patients, which serves as a predictive analysis database to improve the services and delivery of care.
2. Human Resources
In industries such as human resources, a 2016 survey by Deloitte observes that 44% of companies were using workforce data to predict the performance of their business. Data analytics in HR helps to answer questions about employee turnover ratio, the employee more likely to leave your firm within a year, and so on. This in turn offers insights on better employee policy formulation.
Data science helps to understand and predict the value of newer farming practices and techniques. Big data is changing the face of agriculture as we know it, especially for underperforming farms that can gain insight from these practices. Data science and machine learning help to quantify the probability of success using techniques for irrigation systems and of various types of fertilizers.
4. Government and Public Sectors
Even government sectors use data analytics to predict any problems that may occur well in time before they do. It ultimately helps to prepare for any major crises. A report by Deloitte noted how data analytics techniques helped locate and rescue millions of human trafficking victims, and aided in the prosecution of the traffickers.
5. Marketing & Advertising
Even amidst marketing and advertising businesses, the use of data analytics is rising. In 2017, 46% of marketers employed different methods of analytics to understand the needs of their customers and gain valuable insights.
Data analytics is used in the retail sector to not just understand consumer buying trends, but also make their online experience more personalized. An Adobe study found that a business is 3 times more likely to attain their goals when the customer experience is personalized. More so, analytics is also used to determine pricing and how to run timely sales campaigns.
Much like the retail sector, financial institutions leverage data analytics to provide personalized services, instead of mass marketing methods. A US bank adopted data analytics to prove that private banks were offering unnecessary discounts too often. With the help of this study, the problem was corrected and profits saw an 8% boost within a few months.
In 2019, the US was noted to have the highest market share of 86.7%, valued at $8,701.4 million, in the data analytics field. The compound annual growth rate (CAGR) is projected to be 26.2%.
With a large number of players in the big data market, it becomes moderately competitive. To retain their position in international markets, companies rely on technological advancement, mergers and acquisitions and geographical expansions. While staying up-to-date with trends and methods, businesses can ensure growth and success with the help of Ignitec’s services. We focus on your needs and areas of improvement and leverage the right data to help you reach your goals.