Data Analytics is becoming a hot topic in many industries globally, and its impact is growing at an exponential rate.
The Global Big Data Analytics Market was valued at US$ 37.34 billion in 2018 and is expected to reach US$ 105.08 billion by 2027 at a CAGR of 12.3% throughout the forecast period from 2019 to 2027. Increasing volume of data and adoption of big data tools to spur revenue growth during the forecast period.
Source: Research and Markets
Data analytics is the process of converting information, including data, into meaningful insights and knowledge. Data analytics incorporates tools and techniques from fields like computer science, statistics, data visualization and business intelligence.
Rather than relying on human expertise, data-analytic tools handle large amounts of raw data to identify actionable patterns, trends or associations, Web scraping is one application of advanced data analytics that has now evolved into powerful programming languages (e.g TimescaleDB in Python) that can be used for scraping websites like Google Analytics or Facebook to yield insights on the fly.
Data analytics is changing the nature and functions of businesses. It enables organizations to be more systematic, increases the velocity of their processes, and enhances decision-making capabilities.
Data analytics has been an instrumental component to the growth of organizations in various industries such as retail that use it for making purchasing decisions, travel and transportation that use it for routing passengers, or finance that uses it for risk analysis.
In the past years, Businesses are becoming increasingly reliant on data analytics. The use of data analysis is not limited to one field of work. Various industries are using this technology for better decision making.
Healthcare, banking and financial services among others are using it.
Top Industries Using Data Analytics To Thrive.
-Finance
-Healthcare
-Manufacturing
-Education
Finance
Globally, finance is one of the most critical sectors in the world. This sector requires Finance management efforts to achieve its goals and involves a lot of effort and time.
But since the adoption of data analytics in the finance sector, enables the financial managers to work quickly and efficiently to analyze to make a better decision to manage finance.
Finance is a field of activity that is always dependent on data. Financial managers rely on data to make decisions and track trends in the market.
The increasing influence of data analytics in the finance sector enables firms to utilize data to capitalize on short-term opportunities as well as identify long-term trends in order to ensure the durability of their business in the market.
The Finance sector heavily depends on data Analytics for monitoring financial markets through network activity monitors and natural language processors to reduce fraudulent transactions.
Areas of applications of data analytics in the field of finance.
-Risk Analytics
-Real-Time Analytics
-Consumer Analytics
-Customer Data
Management
-Financial Fraud Detection
-Healthcare
The health sector is one of the fastest-growing industries with a clear impact of the colossal data analytics in the digital world. It is certainly an era of technologies like Artificial Intelligence, Virtual assistants, and Machine Learning.
Globally, Data analytics is turning into a vital instrument within the health sector, the increase in the supply and accessibility of patient data, together with its analysis and interpretation, produces valuable insights into the requirements of patients and helps generate ideas on how to optimise medical procedures.
In today’s world of health information overload, it can be confusing to sort out what we should trust. Now more than ever before, there is no doubt that data analytics plays a vital role in transforming health care delivery. After all, the industry needs to know precisely how many people are being vaccinated and why they are not.
From improving patient care to cutting costs, data analytics is playing an increasingly important role in the healthcare sector.
According to health-care data analytics platforms Remente or HealthTap, the growing adoption of digital health tools has been accompanied by a sharp increase in the volume of data collected. This growing volume of information requires the deployment of large data sets across all aspects of patient care and business operations.
Areas of applications of data analytics in the health sector.
-Virtual assistance for patients and customer support
-Managing customer data
Creation of drugs
-Improved Decision making.
-Research
-Manufacturing
Data analytics is used in multiple areas of the manufacturing sector and it has proven to develop the nature of work in the manufacturing sector.
In today’s market, it is no longer enough for an organization to just survive in the industry without the use of data analytics.
The manufacturing sector has seen the rise of big data. This has been triggered by changes in technology, cultural shifts, the sharing economy and globalization. Analytics is one of the single most effective tools that organizations in the manufacturing sector are resorting to. Organizations of all sizes and verticals are leveraging analytics to make smarter decisions, identify growth opportunities and streamline services.
Data analytics is helping manufacturing companies to:
-Optimise, logistics and distribution
-Make better decisions.
-Understand the market structure.
-Understand customer desires.
Education
Like many other industries, the education sector heavily relies on data analytics.
Data analytics helps solve various educational problems, from the management side and other areas in the sector.
For instance, designing new curriculums by teachers, the use of data analytics is helping teachers and education consultants to effectively design curriculums for schools.
Data analytics usage allows for more effective evaluation of programs, resources, and interventions to help students, schools, and districts succeed.
From students’ point of view, data analytics is being applied to enhance their experience, including course selections, tutoring and more advanced online tools.
Data analytics is an instrumental component to the growth of organizations in various industries. An organization needs to embrace the impact of Data analytics as highlighted in this article the thriving impact of data.