How Data Analytics is used in Business along with different industries
The past 5 years have been painting the picture of the forthcoming overall revolution. With fast technology and digital adoption, the market is reaching up to new heights of standard and customer value. Data analytics, on the other hand, is creating new and better opportunities to explore and drive performance with competitiveness. With the 4th industrial revolution, it is high time for industries to be able to manage and organize data, now especially when the technology is not that far from home or that expensive.
Data analytics has managed to overcome a lot of industry issues with its applications and the ability to transform business. Some of them include data analytics in the oil and gas industry, financial sector, cybersecurity, and a lot more.
Data Analytics in Business
Different industries are trying their best to utilize the scattered data in the form of texts, documents, financial records, etc in a proper and organized manner. Companies are now working on using data and leveraging it by using it in an ad hoc manner to practice it to forecast and plan better strategies.
Predictive analysis is one such asset of data analytics that companies are working on extracting its huge benefits and outcomes. It can help in finding better leads, aligning sales and get better at marketing, setting up marketing automation, and last but not least, understanding customer behavior.
According toPRNewswire, The global Big Data and Business Analytics Market size was valued at $171.39 Billion in 2018 and is projected to reach $512.04 Billion by 2026, growing at a CAGR of 14.80 percent between 2019 and 2026
Also, collaborating with Artificial Intelligence or machine learning makes the systems smarter and better by increasing the ability to perform complex tasks/analysis consequently helping in leading the market.
Data Analytics in different industries
Now the first thing to achieve with the help of technology and data analysis lies in customer-oriented solutions that provide complete customer satisfaction. By offering exactly what the customer requires and by understating customer-buying behavior, one can identify the issues and provide better results by learning the production issues, the prediction shortcomings, and the maintenance cycles.
For example, a part of data analysis is being used in manufacturing industries for predictive maintenance, prize optimization, warranty analysis, demand forecasting, product development, and a lot more.
On the other hand, the healthcare industry is transforming digitally by leveraging data analysis to identify and treat illnesses, avoiding the preventable deaths, and by enhancing the quality of life by providing healthy alternatives. Such applications are created by using big data techniques that can monitor a baby’s heartbeats by observing its breathing patterns and warning about an infection even before the physical symptoms are visible.
As for the retail industries are concerned, the usage of data is being the top-notch priority as it helps in understanding their customers and matching their products/services exactly as per their demand and requirements. Not just this, it helps in predicting trends, consumer demands, optimizing prize, learning the best approach to find and target customers, finding the target audience, etc.
For the financial and banking sector, data is the best way to discover fraudulent behavior or transactions which helps in analyzing and securing data.
Whereas, the oil and gas industry is leveraging data analytics in its business by offering fiber optics solutions that provide a broad range of data presenting the industry with environmental conditions such as the equipment performance, temperature change, and oil reserve levels. It simply improves the performance, operations, and provides proactive decision-making solutions.
Also, as per credence research,the oil & gas analytics software market is expected to grow at a compounded annual growth rate (CAGR) of 17.5% during the forecast period from 2018 to 2026.
Data Analytics in the future
Different industries are leveraging the application of data analytics to just be better at everything, from investments to performance, from decision-making to planning, from security to detecting fraudulent transactions. As per Business Analytics Market, retail, BFSI, and Telecom & IT are witnessing the maximum business analytics market solutions adoption with healthcare and media & entertainment contributing great opportunities to the vendors. Moreover, in terms of deployment type, the cloud is the fastest-growing segment. Data was, is, and will be the best solution and go-to strategy for many industries across the global scale all over the market.