Consumers are producing more data than ever before. As the volume of data increases at an exponentially faster rate, companies must have the best scientists on staff to aid them.
Employment for Big Data Surges
There has been a 29% increase in data scientists over the past year. The trend is even more significant if you look at it over a longer time interval. There has been a whopping 344% increase since 2013, which was only six years ago. Unfortunately, those that have the skill set grew at a substantially slower pace, only 14%. This obvious gap between the supply and demand for these professionals has led to a lot of money being spent on high salaries and great benefits packages to fill the demand. This means that people that can crunch data can realize a very lucrative for some. Of all major industries, the online gambling industry has probably benefited the most. There are dozens of major online gaming companies that are looking to Big Data for ways to save on costs. They also want to use data to develop better products for their customers.
How Big Data Plays A Role In Games
Most consumers prefer a personalized service. Big Data is one of the most effective ways to look at the websites in order for them to deliver a customized experience for each of their players, which in turn would enhance customer experiences and encourage them to return. Online casinos use Big Data to track previous customer experiences. This means that they are able to determine winning patterns and point scoring. Using Big Data also enables online casinos to work out the best and most accurate odds for their players. Being able to modify odds accurately as well as push pertinent notifications as well as exclusive real-time offers allows companies to be up-to-speed on player requirements. Tracking player movements online with big data can help companies know how to best target individual players and offer them promotions that are based on their preferences. For instance, if someone chooses to use an online casino finder to search for the newest UK slots sites, then collecting data on previous consumer experiences can give vital intelligence to new companies as they strive to identify the strengths and weaknesses that can either make or break them. There are other benefits that go beyond the customer experience. According to our colleague at DataFlaq, a number of companies are looking to big data. They have invested in a lot of different solutions that enable them to set better bookmaking rates for their users. According to Nate Vickery, they have been able to use big data to accurately predict the outcomes of different sports matches in a number of situations. This technology is a bit of a double-edged sword for online gaming companies. On the one hand, they can use predictive analytics to make predictions to set better rates for their patrons. By improving efficiency and minimizing their own loss rate, they could theoretically pass those savings onto their customers. The problem is that customers are using the same technology. This means that customers have a better chance of choosing the winning bets as well, which could be costly to the gaming providers. This means that the impact of big data will be much more mixed for sports betting bookmakers than for online poker, slots and other services. However, it could still be a boon for them too. They just need to know how to use big data to its ultimate effectiveness.
Big Data is a Gamechanger for Online Gaming
Knowing what people want to play, especially in a sector where there are hundreds of titles has an obvious advantage as casino game providers can then make a profile on who plays what and when which in turn will allow the developers like Microgaming, Playtech, and NetEnt make informed choices and decisions. Although 2018 saw a change in the General Data Protection Regulations, general data can still be collected easily which allows the customer experience to be bettered through Big Data and this has to be good for both the consumers and the industries that serve them.