What is big data is a real question these days. Big data is recognized as a term describing the great volume of structured and unstructured data. That is the obvious aspect as it is not the amount of data that matters but the way how the organization uses this data matters. In 2019, the big data market is grown by 20% and by 2020; every individual will produce 1.7 megabytes in a second. Furthermore, the big data analytics market is intended to surpass $103 billion by 2023.
The aspect of big data is crucial in businesses. Understanding what is big data and analyzing big data in a better way can lead to enhanced insights, better decisions, and strategic business moves. Under this post, we are stating how brands are using it to leverage the benefit. The immense amount of data in the world got created mostly in recent years and it is quite surprising to see the huge data created in a shorter time frame.
Big data for boosting customer acquisition and retention
Internet users are generating around 2.5 quintillion bytes of data each day. Big data facilitates businesses to check out different customer-related patterns and trends.
Checking customer behavior and the pattern is crucial to analyze the loyalty of customers.
So the more data the company has, it will be easier to identify more patterns and trends. In the modern world, big data is transforming the ways a business operates. Thus plan the better ways to explore big data for customer acquisition and retention.
Big data analytics offering marketing insights
As per the stats, internet user spends 2.8 hours per day online and 4.1 billion internet users spent around 6.5 hours online on a daily basis and this readily created a great amount of data by each user.
This data is being effectively used by several companies. Targeted and customized campaigns can bring more business while saving money with efficiency. This is because of big data that companies can target right with relevant products. Big data analytics served as the path for advertisers through which they can understand customers’ purchasing behavior. Through this way, businesses can have an appropriate reach to people avoiding the losses by irrelevant ads.
Big data analytics for risk management
Comprehending what is big data and its analytics help greatly to create risk management solutions while it also facilitates businesses to quantify the risks and manage them accordingly. These tools have great potential to enhance the quality of risk management. Thus, businesses are enabling smarter ways to reduce risk leading to make strategic decisions.
Big data analytics serving as a driver of innovations
Another advantage of big data analytics is that it helps companies to bring innovation and develop great products. Big data is churning up the ways to bring additional revenue streams. So it is a driver of innovations in the companies.
While seeing the global data market growth as forecast by Statista, it is shown that the big data had the highest growth rate in years. In 2012, the big data growth rate was 61% while in 2013 it was 60%. In 2018, a big data market observed great potential as it grew by 20%.
Regarding social media and big data, in 2019, there are 2.3 billion active Facebook users, which resulted in the generation of huge data. Ultimately, through this data, brands are making great benefits.
So check all the aspects and develop the ways to bring the best results leading to the success of brands.
If you are having a startup or business and want to implement a big data aspect well in it, then reach out to the best digital media agency of UAE and make the most of industry potential.