Future of Big Data



                                                                    Future of big data

            Trillions of information about people, their transactions, and information provided by sensors create unimaginable data. The data are becoming an integral part of human and organizational life. Therefore, in recent days, many companies and industries have increased their investment in big data analytics. Big data is linked with Data Science, Machine Learning, Artificial Intelligence, Deep Learning and so on which have helped the business to use the big data in the various form as per the need. 

In terms of employment, the department of labor statistics has predicted that the computer and information technology occupation is anticipated to increase 13 percent from 2020 to 2030, which adds about 66,7600 new jobs to the market (U.S. Bureau of Labor Statistics, 2022). Therefore, it is obvious that the trend of using big data in the industries will increase and it continuously adds value across the different industries.  For example, retail, manufacturing, healthcare, government, and most important banking and financial industries. These businesses have used big data and analytics for making informed decisions, implementing insight and recommendations, and predicting current and future trends, which eventually help businesses increase their wealth.  

Big data has already been used in the healthcare industry. It has helped to build the “learning” health care system where the practices are identified from clinical data and then distributed back to providers (Katie, 2016). In Biomedical research, big data significantly helps to serve with meaningful information for the patients, doctors, administrators, and researchers themselves. A decent example of it is presented in Harvard school of public health (2022) and says that machine learning tools can predict which COVID variants will cause case surges. Furthermore, in the future, the data is accumulating since the baby is born and all the data related to his life are collected. The system will keep growing the historical data itself with the help of ambient, contact, and embedded sensors. I am predicting that there might be less need to take the medical examination because the person’s data will be continuously monitored. Big data helps the researcher to know the trends by evaluating the other patient’s data as well. 

As far as the banking and financial industry is concerned, big data helps to detect financial fraud. Thanks to innovation and advancements in technologies, people now can use their full banking and customer service from home with the internet and mobile application. However, the risk of being attacked is also increased. The report presented by the Federal Bureau of Investigation (2022) says that from October 2013 to December 2016, 40203 cases of financial fraud were reported, which cost about $5,302,890,448. Therefore, the banking industry has increased its investment in big data. In the future, the bank will invest more money to analyze the customer expenses behavior and alert the customer if there are any suspicious activities in the account. Besides, it is predicted that the bank transaction will be a success after meeting the condition of the sensor, biometric information, or the unique things that only a person has. Bank investment is more to keep customer accounts secure, such as credit card numbers, loan information, Social Security numbers, tax details, and other sensitive data. The artificial intelligence system tracks and analyzes customer behavior, detecting suspicious or unusual activity at a faster rate

Furthermore, banking and financial institutions will lunch the artificial intelligence power application that advises customers about financial literacy, spending, saving, and investment based on the preference of the client. This application will give the heads up to the customer early such as when the free trial ends and when they have to pay the subscription fee, warning customers of possible planned costs in the next period, and so forth. This also monitors transactions in real-time by identifying the customer habits and giving insight. 




Federal Bureau of Investigation- FBI (2022). Business e-mail compromise, e-mail account compromise: The 5-billion-dollar scam. U.S. Department of Justice, Federal Bureau of Investigation. https://www.ic3.gov/Media/Y2017/PSA170504

Harvard School of public health (2022, June 12). Machine learning tools can predict which COVID variants will cause case surges. https://www.hsph.harvard.edu/news/hsph-in-the-news/machine-learning-tool-can-predict-which-covid-variants-will-cause-case-surges/

Katie, C. S. (2016). Labor markets in 2040: big data could be a big deal for jobseekers. Monthly Labor Review, U.S. Bureau of Labor Statistics. https://doi.org/10.21916/mlr.2016.6

U.S. Bureau of Labor Statistics. (2022). Computer and Information Technology Occupations. https://www.bls.gov/ooh/computer-and-information-technology/home.htm


Post a Comment