Did you know that we perform 40,000 search queries every second (on Google alone) which is approximately equal to 1.2 trillion searches per year? In Aug 2015, over 1 billion people used Facebook in a single day. Every minute up to 300 hours of video is uploaded to YouTube alone. By 2020, we will have over 6.1 billion smartphone users globally. There’s an ocean of data flowing all around us. The data volumes are exploding, more data has been created in the past two years than in the entire previous history of the human race. So the big question is, ‘Are we putting this data to any use?’ To frame it in a different way, ‘Can we derive something meaningful out of this magnanimous amount of data around us?
Let us try to find some great derived uses out of the BIG DATA REVOLUTION.
BIG DATA in Healthcare
Until now healthcare sector had been plagued by unsuccessful attempts at utilizing the electronic data to make it cost-effective for both the industry & the customers. However, Big Data has now aided hospitals in using the data collected from a cell phone app, from millions of patients, to allow doctors to use evidence-based medicine. Isn’t that great?
Free public health data and Google Maps have been used by the University of Florida to create visual data that allows for faster identification and efficient analysis of healthcare information, used in tracking the spread of chronic disease.
BIG DATA in Banking & Securities
Big Data has changed the picture for banks & other financial institutions to an extent that they are already heavily dependent on data for trade analytics, pre-trade decision-support analytics, sentiment measurement, Predictive Analytics etc. Banks also rely on big data for risk analytics including; anti-money laundering, demand enterprise risk management, “Know Your Customer”, and fraud mitigation.
BIG DATA in Transportation
God bless Google map and other related apps for making our lives easier. Big data has helped governments in traffic control, route planning, intelligent transport systems, congestion management and so much more. We get to our destinations now despite heavy traffic because the intelligent apps of today use data & GPS to find the most convenient route for us to reach our destinations.
These are just a few of the hundred areas getting impacted by data on an everyday basis. It has also impacted governments and agencies in being impactful & efficient. Well, I am excited about the Big Data Revolution, are you?
Source: forbes.com, simpilearn.com for statistics.