Big Data in the Digital Economy
The digital economy is increasingly becoming a major contributor of gross domestic product (GDP) growth on a global basis. This digital economy is underpinned by the fourth industrial revolution, a collective force that fuses physical, digital, and biological worlds. According to Huawei, industry digitalization (e.g., manufacturing, public service, transportation, and consultation services) stands to create US$23 trillion by 2025. Total production in the digital economy will be a function of conventional factors of production (land, labor, and capital), but also technology and data. The latter stands to be a key foundation behind many products and services that are fast becoming indispensable to modern life. At present, less than 2% of data that gets generated has been stored. Within that, less than 10% has been analyzed and applied. In other words, 98% of the means of production when it comes to data is not being used. That is significant in terms of productivity and innovation gains.
In telecoms, there is agreement that with 5G, the direction of travel is towards huge amounts…
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