What the Data Mining Industry Really Does

dataminingindustry

What do you know about the data mining industry? It’s no secret that businesses have information about you, but most people don’t know how they get it or how much they have. Here are a few things about the data mining industry that you might find interesting if you enjoy having privacy.

Estimated Value

Before understanding what the data mining industry does, it’s good to understand how much the industry is worth. According to many statistics, this field is worth about $31 billion, but it’s expected to grow to about $106 billion by 2016. The truth is that it might grow beyond this because it has made many impressive gains.

Storing Information

What does the data mining industry really do? The answer is simple: acquire and store information. That doesn’t sound bad, but the sinister thing is that it’s information about you and other consumers.

The acquisition of your information is much simpler than you think. These companies place cookies, or small packets of data, on many popular websites. Whenever you visit a site, the cookie will be installed on your computer. It will then collect and transfer data about your online activity.

Except for a select few, almost every popular website has cookies. Social media sites are the biggest offenders because you will give them information about your entire life before you can even make an account.

Stored Information

You probably know some of the things that businesses want to know about you. They want to know how much money you have, if you have kids and what your living conditions are. All of this information is stored on a data mining company’s server.

Business Use

Businesses use this information constantly to improve their sales. Have you ever noticed that most online ads are incredibly relevant? This is because they are all based on your demographical information. They also changed based on what you are searching for. If you want to buy SEO services or get a payday loan, then all of the ads will change to serve this need.

The data mining industry is dangerous for your privacy. The worst part is that they already know a lot about you. It’s nearly impossible to escape their clutches, but knowing about the industry will help you reduce its influence.

Source: MastersinIT.org

Sunday, November 3rd, 2013 Internet

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