arXiv:2110.04160v3 Announce Type: replace-cross Abstract: In the recent years, generation of data have escalated to extensive dimensions and big data has emerged as a propelling force in the development of various machine learning advances and internet-of-things (IoT) devices. In this regard, the analytical and learning tools that transport data from several sources to a central cloud for its processing, training, and storage enable realization of the potential of big data. Nevertheless, since the data may contain sensitive information like banking account information, government information, and personal information, these traditional techniques often raise serious privacy concerns. To overcome such challenges, Federated Learning (FL) emerges as a sub-field of machine learning that focuses on scenarios where several entities (commonly termed as clients) work together to train a model while maintaining the decentralisation of their data. Although enormous efforts have been channelized for such studies, there still exists a gap in the literature wherein an extensive review of FL in the realm of big data services remains unexplored. The present paper thus emphasizes on the use of FL in handling big data and related services which encompasses comprehensive review of the potential of FL in big data acquisition, storage, big data analytics and further privacy preservation. Subsequently, the potential of FL in big data applications, such as smart city, smart healthcare, smart transportation, smart grid, and social media are also explored. The paper also highlights various projects pertaining to FL-big data and discusses the associated challenges related to such implementations. This acts as a direction of further research encouraging the development of plausible solutions.