The term big data has been trending for a while in the education sector, banking, industries etc. They are now involved in every field of life. The value of Big Data and its applications is increasing day by day. Various organizations are now constantly in search of ways to stay ahead of times using such data. This post will discuss in detail about the latest trends and big data applications in 2024.
What Is Big Data?
A large amount of data is being generated every year. When this data is collected in huge volumes, it forms Big Data. It expands with time and is not static. Social media is one of the best examples of Big Data. It generates a wide variety of data every day. Every human being is capable of creating data. This data is stored in devices and spaces called the cloud. The moment we connect with another person, device or technology and perform some activity, we are becoming the source of data.
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Big Data can be categorized into:
Structured Big Data has a specific length and format. Most of us deal with structured data. It is permanently stored and retrieved in a fixed format. This type of data is handled by machines and used by organizations in the form of excel-sheets.
Data that does not have a specific structure is known as unstructured data. This type of data is there almost everywhere. It can be created by both humans and machines. Unstructured data is analyzed, and structured data is formed out of it. This is not stored in excel-sheets like structured data.
It contains both the above types of data. It does not have a specific format. The data entered is arranged in a hierarchical manner. There is a possibility that entries within a group may have different characteristics. Semi-structured data cannot be stored in excel sheets like unstructured data.
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It has the following characteristics
Data becomes Big Data only when it is enormous in volume. Therefore, the characteristic that decides whether a particular data is Big Data is volume. Hence, it is definitely one of the critical features of Big Data.
Variety as a feature is evident from the types of big data itself. There should be structured, unstructured and semi-structured data. Data nowadays is available in a variety of forms and formats.
Data should be generated quickly to meet the demand of users. The speed with which data is created determines whether it is Big Data or not.
Veracity is related to the reliability of data. This feature is crucial as it determines whether the data can be used for various requirements.
Working of Big Data
Big Data provides you with a lot of information on any topic instantly. This data helps you to make ideal decisions. A systematic and well-structured approach is essential to handle this much data. The first step in managing enormous volumes of data is to sort out relevant information. This data is now integrated and stored. Data specialists can store it in the cloud or any system, and you have the option to choose the form in which data is to be held. The stored information is analyzed and used for various purposes. Such calculated results can be used for research, getting knowledge about the preferences of your customers, making business decisions etc.
Importance of Big Data
Industries and companies use big data to know their customers, their preferences, to make decisions and increase their profit margin. Companies using these techniques are always ahead in the market. They have an added advantage over other companies. This is attainable only if the data is used effectively. Such data collected by companies also help them to find out the changing needs of users and adapt to them. Apart from companies, it is also used in the medical sector. It allows researchers to conduct various experiments and reach meaningful conclusions. They are helpful in finding medicines and treatments for multiple diseases. This viable information is also shared with the government for the benefit of the entire nation. There are many other sectors in which big data plays an important role.
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Big Data Applications In 2024
The following are the big data applications in 2024.
- EDUCATION SECTOR
Big Data is used in the education sector to understand students, their behaviour and grades. This information is helpful for teachers as well as parents. Teachers use this information for improving their style of teaching and also to give special attention to individual students. Parents generally get an idea about the performance of their ward in school. Besides this, a large amount of data is generated every year in educational institutes such as the students enrolled, their grades, attendance, fees paid etc. Analysis of this data is beneficial for the institute as well as students. The data used for analyzing students’ performance usually contains their choice of subjects, their source of study, attentiveness in class etc.
The study of students’ performance helps the school authority in choosing the grading system. The choice of a marking system should enhance the overall skills of students. Looking at these skill sets, teachers can assist them in choosing the career path that suits them. Nowadays, the biometric system has been introduced in educational institutes for recording and capturing attendance, facial expressions in class etc. the camera in their system captures data mainly to analyze the attentiveness of a student. On the basis of this information, an institute can develop specific programs for individual students to regain their attention. This technique has eventually improved the results of students.
2. BANKING SECTOR
A considerable amount of diverse data is generated in banks. The data is related to customers. The banking industry has benefited mainly from this kind of data. It helps them to identify the projects that will invite more customers to their bank. Such data plays a vital role in magnifying the business of banks. These days customers do not have to visit the bank; instead, the bank trips them. With the advent of Smartphone devices, technology, ICT, online banking services, customers are not seen in banks standing in long queues. These services are beneficial for both customers and banks as well. It has reduced the burden of staff. They can now focus more on essential works rather than clerical work.
The analysis of such data helps to differentiate between customers. This allows banks to design services satisfying the needs of customers individually. The data collected for this purpose includes the services most used by customers, the number of accounts they own, their preferences etc. The banks also collect data through their sales personnel. The interaction that customers have with these sales personnel is stored in the form of data. Know Your Customer (KYC) is also one way banks collect customer’s data. Such information collected is held with high security.
3. HEALTHCARE INDUSTRY
One of the most important areas where Big Data has played a vital role is in the healthcare industry. It has been used for various purposes in this field. It is used to predict the outbreak of epidemics, prevent the spread of diseases, discover medicines and treatments for multiple conditions. Like corporate companies, healthcare professionals collect data from their patients. This collectively helps hospitals and doctors to know more about their patients. Accordingly, they can decide specific treatments and target services for individual patients. The decisions taken after analyzing the information have proven to be helpful for patients. It has led to the discovery of treatments for rare diseases.
The Big Data collected has assisted the healthcare industry in deciding the number of staff required. Its analysis acts as an aid in figuring out the team essential in each shift. Secondly, it is practically difficult to maintain physical records of patients for a long duration. So such documents are now stored electronically and retrieved as per requirements. This has also solved the problem of misplacement of records. Nowadays, there are various devices to check if a person is suffering from any disease, such as diabetics, Blood pressure etc. The data collected in this manner can predict the conditions he/she may suffer from.
Big Data application in government has a widespread impact. Its impact can be seen across nations. The government of any country on a day to day basis suffers from a lot of issues. The decisions they make to solve them have to be accurate. The aftermath of these decisions can be seen at the local, state and national level. In this scenario, Big Data helps them to reach appropriate solutions. Even a minor mistake in the decision can have the worst outcomes. By using Big Data, they can analyze a large amount of data in a go. Careful analysis of the data collected is also essential. Just like that, it is equally necessary to make quick decisions at the right time.
Such data is used for the security of the nation. Intelligence agencies analyze this data to tighten the safety of the country and stay alert. This encourages the government to invest in Big Data and technologies supporting it. Such efforts from the government can improve the security of the nation. The government of one country can also share data with another country. Such data is helpful in bilateral trade, security issues etc., so that both countries can offer assistance to each other. Internal problems of a nation can also be solved using this data.
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5. FINANCIAL SECTOR
Big Data in finance helps to solve complex financial issues, keep up with the latest trends and increase the business’s profit. It is increasingly used by commercial sectors to know their customers and improve their services according to them. The stock markets are also functioning with the help of Big Data analytics. In this information age, large volumes of data are generated. Keeping track of this data is vital for commercial and business organizations. Earlier, when less data was generated, humans analyzed it, but now most of the work is done by computers.
Better trade decisions are possible nowadays with the help of massive data collected. Analysis of the data helps companies to know what services will suit their customers. They can predict the outcomes of their products and services. This increases the risk appetite of the companies as they can take calculated risks. Customers are the soul of any business. Therefore it becomes imperative to satisfy their needs by giving them appropriate services. Financial organizations can now figure out fraudulent activities. They can monitor all the transactions from anywhere, anytime. They are making use of technology for the same.
Social media sites, broadcasting agencies, publishers etc., all come under the garb of media. Media is used by individuals for entertainment and for keeping themselves up-to-date. These day users have a lot of options. There is informative content everywhere. So the media houses have to be alert to understand the choice of users. Here Big Data comes into the picture. Entertainment companies can use this data to analyze the behavioural patterns of users. They can predict what the user is interested in seeing more often. Investigating such types of data can bring them closer to the trends. A clear understanding of trends helps them to design user-centric information.
7. INSURANCE INDUSTRY
The insurance sector, like the banking industry, revolves around data. Big Data is considered to transform the insurance sector from its traditional ways. Insurance is usually given to compensate risk a particular event holds. It assures safety to the customer in risky situations. Therefore it can be clearly seen that this industry is based on the management of risk. Managing any risk requires proper study of the problem. Such a task is possible with Big Data and analysis of this data. The predictions have to be made with respect to situations that are yet to occur. Therefore, it requires a structured system of research which is possible with Big Data.
The term Big Data was used for the first time in the 20s. However, it has been in existence for a long time. The uses of Big Data kept on increasing. Today in the information age, it has become the most important thing. There is no field in which Big Data is not applied. Almost every human, machine etc., has become the source of Big Data. It has reduced the burden of humans to a considerable extent. Without Big Data, it would have become practically impossible to interpret such a vast amount of information generated.
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