According to Statista, the big data market is expected to reach $103 billion by the year 2027. This isn’t all that surprising, as internet users are said to generate a couple quintillion bytes of data every single day! It’s captured everywhere, from emails, smart devices, mobile applications, web applications, social media accounts, surveys, you name it. Those that are able to accurately capture and transform this data in meaningful ways through custom software applications will have tremendous advantages into the future. These big data processing tools provide a host of advantages, from risk management and predictive analytics, to tremendous insight into consumer behaviors and more. This is just the tip of the iceberg. Below we will outline a few industries that are set to be entirely redefined by big data in the days to come.
Big data is having absolutely profound effects on medicine as it is revolutionizing the way healthcare practitioners identify and treat illnesses. By harnessing big data, healthcare is striving to better understand each individual patient as much as possible and as early as possible in order to better identify early warning signs and treat illnesses before they become more serious and more expensive to treat. Overall, big data has incredible implications for our global community as doctors are able to both significantly improve our overall quality of life as well as prevent avoidable deaths. One of the greatest examples is in the human genome space. Given recent technological advances, clinicians are able to diagnose and treat deadly illnesses like never before as the delivery of genetic information has reached unprecedented speed and accuracy. This is largely due to custom data analysis software applications that, coupled with hardware, are able to conduct genetic profiling in just a fraction of the time and expense. We are fortunate enough to have partnered on a few of these projects and couldn’t be prouder!
When it comes to retail, understanding your customer base and anticipating their wants and needs is the key to big sales. Fortunately for retailers, big data is providing just that. Retailers are essentially sitting on a gold mine of opportunity. Those with a data-first strategy aiming to more thoroughly understand their customers and match them with the right products will reap big rewards. The great thing is, data analytics can be utilized at every stage of the purchasing process, from predicting future trends, optimizing prices based on competition, to identifying which customers are likely to be interested in particular products and what they will want next. The opportunity is virtually limitless.
Not surprisingly, data plays a big role in modern manufacturing as robotics and increased automation are reshaping manufacturing processes. Even on a smaller scale, data serves to transform more traditional manufacturing processes through embedded sensors in equipment. In doing so, manufacturers are able to capture invaluable data which allows them to monitor the health of the machines as well as output. For example, our client manufactures oven profiling hardware for electronics manufacturing. Essentially, by running their hardware through the thermal ovens, coupled with a custom web application for oven profiling, their customers are able to improve manufacturing efficiency while improving the quality of the end product. It’s a win win for everyone involved.