4 Young Industries That Already Understand the Value of Big Data

Many of the industries that have tapped into big data’s potential have been around for hundreds of years, and it often took the people within those sectors quite a while to realize that big data offered valuable capabilities.

However, there are other, much-newer industries — including those spotlighted below — that didn’t take long to figure out how to use big data in worthwhile ways.

1. Online Dating

Not too long ago, people had to rely on face-to-face interactions to find Mr. or Mrs. Right, but now an increasing number of individuals are turning to the online realm for matchmaking purposes.

It’s often hard to look for the gems of humanity among the thousands of profiles, but many leading online dating sites use big data to help users have more successful results.

The online dating industry generates more than $2 billion per year. Some of the companies within it, ones using big data, know the technology could solidify reputations of certain sites over others and lead to higher customer satisfaction rates.

The most popular sites for online dating boast millions of members, so big data applications have plenty of information to sort. The ways these sites use big data varies. Some capture statistics about how people behave as they use the sites and others take information from other sites users frequent, such as Netflix and their favorite online shopping destinations.

2. Wearable Technology

Because wearable tech is so ubiquitous now, you probably have a hard time remembering the first time you asked something like, “What’s a Fitbit?”

Many people argue the wearable technology industry is ripe for big data usage precisely because the devices within it track things about a huge market of users, from their sleep patterns to step counts.

However, wearable tech companies are doing more than figuring out how to collect the data and deliver it to users.

Some are also building software programs that make huge amounts of data easier to digest. They’re compatible with any wearable tech device, and let people with non-specialized knowledge mine through the data and make sense of it.

3. Medical Marijuana

There are approximately 2.2 million total medical marijuana patients within the U.S. areas where it’s legalized. Through the collection of data about medical cannabis patients’ spending and satisfaction with medical marijuana, physicians and political administrations alike can make more informed decisions about how to regulate and legalize or criminalize cannabis in the future.

Additionally, marijuana doctors can use such information to better inform their business and prescription decisions as more clients turn to cannabis as a medical option.

4. The Sharing Economy

When people use technology to get what they need from each other, they’re engaging in what’s known as the collaborative, or sharing, economy. Uber and Airbnb are two major examples of companies within this newer sector that often allows people to make money with resources they want to offer others.

One of the ways to utilize big data within the sharing economy occurs when individuals or companies depend on algorithms to figure out areas of greatest need to boost the possibility of successful ventures.

Also, while big data analysts pore over data to find unmet needs, customers who benefit from offerings within the collaborative economy freely share data about themselves to make requirements known. Even BMW has used big data in this way with its DriveNow car service, which requires data from customers seeking electric cars so they can efficiently find suitable matches.

These industries were ahead of the curve when it came to capitalizing on big data, and that reality resulted in fascinating outcomes.

It’ll be interesting to see what other emerging sectors follow suit.