4 Markets Where Data Will Thrive
Companies are realizing the value of business intelligence, and are unlocking the valuable insights contained in all their data. Business Analysts use these insights to identify ways to deliver a better customer experience through more personalization, more targeted solutions, and improvements in general business processes.
Here are four big markets where we expect the use of data analysis to expand in 2016 and beyond:
The connected car market is expected to reach $23B in revenue by 2020 and car manufacturers already have a connected car strategy to deploy enhanced in-vehicle infotainment (IVI) solutions, connectivity, and in-car apps. Data analytics will play an increasing role, not only in IVI monetization, but also in further personalizing the driving experience. By leveraging analytics to capture real-time data on the vehicle using GPS, it can help drivers find a parking spot in a crowded lot or avoid congested traffic by suggesting alternative routes. Combined with cloud computing, real-time analytics solutions for the connected car could also soon allow vehicles to share information about road conditions with other vehicles to help drivers reduce the risk of danger.
Telemedicine continues to rise, and data analytics makes it possible to create and clearly define custom-tailored health services. Data analysis also provides the insights to create a more user-friendly process when it comes to digital healthcare. When it comes to wearable medical devices, such as heartbeat and respiratory monitoring, analytics can allow physicians to gain real-time insight on patients’ vital signs remotely and be able to provide consulting to reduce risk. Healthcare data is stored in different locations. Data analytics tools give the business analyst an easy method to connect to the disparate data sources, visualize the data, and uncover the underlying themes, issues, and trends.
City planners looking to implement smart technologies can leverage a widespread network to power everything from utility grids, traffic, parking, and street lighting. Smart video surveillance systems are one way to increase security and safety. Video sensors can monitor traffic and detect potential anomalies to make sense of traffic congestions or accidents in order to improve road safety and efficiency. On the smart utility side, with smart meters for example, analytics can play a big role in helping municipalities gain real time alerts on potential leaks or pipe bursts when monitored and managed remotely. It can also benefit consumers who want insight into their water usage to help make conscious decisions to conserve water and ultimately lower their utility costs.
With more financial services going mobile, whether it’s banking, retail purchases, or transferring money to others, online customer support agents will need clear insight into the customer experience to be able to quickly pinpoint issues and resolve them. (See Data Analytics on Chat Sessions.) More revolutionary mobile payment systems, such as Apple Pay, are becoming widely accessible at retail locations, allowing consumers a payment system set up on their phones to easily tap and pay for goods and services. The shift in the market will create a new demand for personalized customer care as it will change the way people interact with payment processes and require special attention to each transaction. Another opportunity for financial tech services improving processes for trading floor companies. Analytics solutions can help improve the stock exchange with efficient buying and selling methods or gain better forecasting based on data trends.
As more sectors follow suit to gain new levels of intelligence, we will see analytics solutions become more tailored and readily accessible to accommodate the growing trends of connected devices, digitalized services, and increased online activity. Having real time data to translate into digestible intelligence will result in even more value with helping to improve processes.
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