Big data is crucial for determining customer needs and identifying market trends. To obtain a competitive advantage in the market and make informed decisions to avoid or eliminate risks, every large and small-scale firm requires data analytics.
India is one of the most rapidly growing countries which are adopting artificial intelligence, big data analytics, and the Internet of Things.
Impact of Big Data in Industries:
Big Data became one of the greatest blessings for the healthcare industry in India. Several hospitals, R&D centers, and pharmaceutical enterprises are using predictive analytics and big data technologies to provide patients with the best treatment.
R&D centers and pharmaceutical companies are utilizing data analytics for the development of drugs. Using statistical tools and predictive models for discovering drugs has made simulations and trials cheaper. Predictive analytics and AI technologies can diagnose potential risks that a patient may face and assist medical practitioners in taking preventative measures.
Also, data analytics has assisted to create cancer treatments. Predictive analytics is used to identify the success rates of various treatments and generate personalized treatment plans which suit the patient’s needs best.
The use of big data in education has allowed researchers and educators to better meet the needs of students. Big data is being used by educational institutions to analyze students’ performance depending on the many assignments and activities assigned to them. Monitoring different actions of students like time taken to answer questions, the cause behind their inability and ability to answer some questions, the source utilized for the preparation of exams are readily obtained through data analytics. Universities and colleges are utilizing analytics to create customized programs for students to follow classes and study at their own pace.
The Indian fintech industry is growing quickly. Fintech companies in India are depending heavily on big data analytics to make critical business decisions and to get a competitive advantage in the finance market. The relevance of big data is well acknowledged in the finance and banking industries. It has aided finance corporations in reaching out to the country’s most remote markets and facilitating banking and financial services.
The future of Big Data in the Indian Industrial ecosystem
Big data is presenting incredible possibilities that were unthinkable just a few years ago. In India, there is a growing demand for data analytics. As a result, the demand for data scientists in the country has increased. Various industries in India like retail, manufacturing, and e-commerce have adopted big data to ensure business growth and customer satisfaction. The future is bright for big data in India.