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We might not even realize how much our Digital Footprints contribute to the universal Big Data.
BIG DATA DIGITAL TRANSFORMATION- According to Analytics Insights estimates, the market size of this mystic technology is expected to touch US$301.5 billion in 2023, up from US$193.5 billion in 2020, growing at a CAGR of 10.9% over the forecasted period from 2019-2023. Big data is increasingly used for everyday marketing optimization, customised predictions, vitals monitoring, improved banking and education and bolstering operational estimates. Analytics Insight brings you an exclusive list of 10 use cases of Big Data from everyday life explaining Digital transformation.
Banks use big data to safe keep massive financial information’s. This big data is analysed for spending patterns from savings, to credit card purchases to detect frauds and prevent them before happening. It might happen if you are swiping your card for a high-value purchase you may get a call/ mailer from your banker to make sure the transaction is genuine.
Besides, most banks use this big data for identifying identity thefts. For example, if a salaried person makes small value purchases of grocery at the start of the month if but suddenly the bank witnesses a spike in gas stations and convenience stores all over town, the bank knows that something is up. They might contact their customer to ask about the recent purchases to establish whether or not the customer’s card is stolen and needs to be frozen.
Big Data in retail has led to a drastic change in the entire industry. Retailers leverage big data from the moment a customer begins their shopping. Targeted advertisements to the delivery of your parcel, big data is everywhere. The webpages you visit, tracks your cookies and history for curated shopping experiences, giving retailers a fraction of the information allowing them to optimize their offerings.