What makes Big Data so ‘Big’? Big data has transcended industries, extending beyond just the tech sector into new frontiers. As new industries progressively leverage the power of analytical insights, the market is primed for immense growth - projected to grow from $307.52 billion in 2023 to $745.15 billion by 2030 according to Fortune Business Insights. To put that number into perspective, the world's largest automaker, Toyota, has a current market cap valued at approximately $250 billion. Let’s explore five unexpected industries harnessing Big Data to innovate!
Given the increasing global population and the depletion of arable land, harnessing big data becomes imperative for human survival.
The world has lost a third of its arable land due to erosion or pollution in the past 40 years
Source – The Guardian
The world’s population is expected to increase by nearly 2 billion persons in the next 30 years, from the current 8 billion to 9.7 billion in 2050 and could peak at nearly 10.4 billion in the mid-2080s
Source – United Nations
Big Data has helped farmers accomplish the following things
- Optimize water allocations for irrigation channels
- Early-stage detection of crop diseases
- Enhance detection of harmful pests that pose a threat to crops
- Limit use of toxic substances (fertilizer, pesticides, and herbicides)
- Improved detection of weather patterns
- Strategically plant crops that are in short supply
IoT agricultural devices
- Soil Sensors to measure moisture levels.
- Weather Stations to monitor meteorological conditions
- Global Precision Systems (GPS) used for precision farming.
- Automated Irrigation Systems to minimize water usage
- Remote Surveillance Cameras to capture videos of cropland.
- Automated Sorting Devices to sort and grade agricultural products.
- Crop Health Monitoring System to detect diseases and nutrient deficiencies.
With the industry facing immense staffing shortages and a surge in global health crises, the use of big data has become a necessity to provide the best possible patient care.
By 2025, the U.S. is estimated to have a shortage of approximately 446,000 home health aides, 95,000 nursing assistants, 98,700 medical and lab technologists and technicians, and more than 29,000 nurse practitioners
Source - Mercer
Big Data has helped healthcare professionals accomplish the following things
- Identify patient health issues at earlier stages
- Personalize treatment for individual patient needs
- Accelerate the development of new medications and therapies
- Forecast disease outbreaks and patient outcomes
- Enhance the protection of patient information and healthcare systems
- Better identification of openings for minimally invasive surgeries
IoT healthcare devices
- Wearable Health Monitors to track heart rate, activity levels, and sleep patterns
- Connected Medical Devices to monitor glucose levels and blood pressure
- Smart Pill Dispensers to help patients adhere to medication regimens
- IoT inhalers for patients with respiratory conditions
- Smart Beds to monitor sleep quality, movements, and vital signs
- Smart Health Scales to monitor weight and body composition
- Emergency Medical Equipment to transmit vital signs in ambulances
3. Fashion & Retail
As fast fashion explodes and consumer preferences shift toward online retailers, retail brands must harness big data to remain competitive.
Clothing sales doubled from 100 to 200 billion units a year, while the average number of times an item was worn decreased by 36% overall
Source – Earth.Org
eCommerce Revenue is expected to show an annual growth rate (CAGR 2023-2028) of 10.24%, resulting in a projected market volume of US$3.68tn by 2028
Source – Statista
Big Data has helped the retail industry accomplish the following things
- Minimize waste through real-time sales and inventory monitoring
- Improved trend analysis of consumer preferences and trends
- Enhanced shopping experience via customer personalization
- Fraud Prevention via advanced algorithms
- Implementing dynamic pricing strategies for competitiveness
- Supply chain optimization
IoT retail devices
- Smart Shelves to monitor product availability, stock levels, and consumer interactions
- Smart Carts to track item selection and analyze purchase patterns
- Digital price tags to adjust prices instantly
- Foot Traffic Sensors to track customer movement within the store
- IoT-Powered Fitting Rooms that provide product recommendations and check item availability
- Smart Mirrors to suggest complementary products
- Beacon Technology to send location-based offers to customers
The adoption of big data has not only improved performance and player safety but has also enabled franchises to increase profitability by monitoring fan consumer activity.
More than 56% of sports teams reportedly use data analytics to inform strategic decisions
Source - Zipdo
Big Data has helped the sports industry accomplish the following things
- Enhance player performance
- Improve player safety through injury prevention
- Optimize fan engagement and experience
- Increase revenue through targeted marketing and merchandising
- Improve talent scouting and recruitment
IoT sports devices
- Biometric measurement devices to monitor heart rate
- Smart sports equipment
- Smart helmets
- Location tracking devices
- Game sensors
- Smart stadium seating with occupancy sensors to monitor attendance
- Beacon technology for targeted promotions and location-based services within sports venues
5. Space Exploration
Big data is revolutionizing space exploration, enabling humans to better protect spacecraft and astronauts.
The Square Kilometre Array (SKA), the largest radio telescope ever built, will generate 700 terabytes of data every second, equivalent to roughly 35 times the data stored in the Library of Congress
Source - Venture Beat
Big Data has helped space discovery accomplish the following things
- Enhancing mission planning and execution
- Advancing autonomous spacecraft navigation
- Supporting satellite communications
- Predicting and managing space weather
- Monitoring of spacecraft health and performance
- Improving astronaut safety
IoT space exploration devices
- Autonomous rovers and landers for planetary exploration
- Radiation detectors for astronaut safety
- Remote sensing and Earth observation satellites
- Satellite communication systems
- Space weather monitoring sensors
- Telemetry and tracking systems for spacecraft
Big Data is everywhere! Therefore, your organization – irrespective of industry – should be considering how to harness analytical insights to gain a competitive advantage. Reach out to our experts here to initiate the conversation around pairing your company with elite talent in big data.