Applications of Domain-Specific Predictive Analytics Applied to Big Data

Abstract

Performing prediction on every domain belonging to industry/firm is measured as effective management. This prediction helps the firm effectively manage human power and other resources, which leads to good productivity. In this chapter, the authors discuss applications where predictive analytics are applied. The applications are as follows: evaluation of customer lifetime value used in retail industry, customer churn management in the telecommunication sector, credit scoring in banking, sentiment analysis on product reviews to understand the customer opinion, clinical decision support systems, news analytics, and social media analytics. They conclude the application areas of predictive analytics will drive the research community towards developing novel methods for handling big data.