Big Data has come to stay and more than three-quarters of the world’s large organizations have invested or will do so in the coming years to have better information management. The economic and social impact will be a boost for the growth of all sectors, and also for the greater welfare of citizens.
After the emergence and consolidation of what is known as the Information Society, recent years have shown us how data can be very valuable.
Information is the basis of Big Data, which consists of storing large amounts of data and the procedures used to find repetitive patterns, classify them, filter them and use them for some professional activity.
The strongest technology companies in the world such as Google and Facebook rely on obtaining data from users for much of their business.
Today, companies based in the state of California could easily relate our main tastes, hobbies or daily routines thanks to the constant information they collect thanks to our network activity.
The information, the data, have more and more value, and the tendency for the next few years is that the protection of companies to have their information securely continue to rise.
As an asset, it is presumed that in the coming years Big Data will have a direct impact on the local and global economy, but in what way?
4 Ways Big Data Will Impact on Local & Global Economy
1. An Asset For The Company And Society
Big Data is already an asset that is part of thousands of companies worldwide. Managing a large volume of data, which also varies and changes constantly or comes from multiple sources, requires a comprehensive control that only technology allows.
The affectations are multiple in economic key. First, the benefits it reports to the company are very broad.
In addition to the value of the data itself and its good cataloging (confidential internal documents of the company, user and customer data, competition reports, etc.), the technology that allows you to quickly manage so much information also reports benefits in terms such as the efficiency, productivity or business generation of any company.
As we can see, the economic impact on the business sector is very evident.
Although Big Data is transversal and affects all types of business sectors, there are some who at the moment observe more clearly the importance of the value of information for its development.
An example cited is the technology sector, with many variants, in which the use of information, its cataloging and rapid movement are keys to generate more business.
2. A Double-Edged Phenomenon
Just as data management can be a very important asset for the business sector, the use of personal data also led to many controversies related to privacy. Companies like Facebook have modified their privacy policies in the face of complaints from their users, who demanded more capacity to protect their privacy.
Recently we have also known the case of Yahoo, which has admitted data theft of 500 million users.
In the coming years the user’s privacy will likely be maintained as a prominent topic on the network, and also that new regulation will be established to guarantee the right to privacy of people and the confidentiality of their data.
3. Why Businesses need AI enabled apps
Many may wonder why Big Data has hatched so importantly in recent years. Data and information have always been part of the business sector or society.
Logically, technology is the determining factor that has enhanced the value of data and has allowed all types of companies, public bodies, and civil society entities to have a much higher amount of information than in previous decades.
The relevance of Big Data and the progressive trend that is expected in the coming years is also due to the consolidation of mobile devices as the main tool for access to citizenship information.
A few years ago, the desktop computer was the only device that allowed us to access the Internet, the omnipresence of smartphones, tablets or Smartwatches in our day to day has exponentially multiplied human activity on the network and, with it, the constant movement of information (more than 1,570 terabytes per minute, through social networks, electronic commerce, etc.).
In addition to personal devices, cities, companies have increasing IoT, which involves a continuous exposure of information.
In demographic terms, the new generations, known as Digital Generation or Generation Z, born in the digital era, have different needs from their predecessors, and already conceive the interconnection and activity on the internet as a daily need.
As experts, now and in the future, they will demand more and more speed, efficiency or interconnection, and that will require information management processes even more optimized than the current ones.
Therefore, more business, more employment, more companies dedicated to Big Data or that have in their data the key to their success. As a result of this business need to hire app developers for AI enabled apps.
4. An Expected Economic Impact
Although Big Data has not reached its peak of splendor and is a concept that seems very recent, the truth is that its economic impact has been magnificent and has encouraged artificial intelligent development.
As a conclusive fact, we know that almost three-quarters of the world organizations have invested in Big Data since 2014 or had it planned to do so in the coming years. The United States, as a predominant country, and the media, as an especially pioneer sector, have been the main investors of recent years.
Just as years ago the trend showed that the presence on the Internet by companies, administrations or individuals would become essential, everything indicates that in the coming years the proper handling of information will also be an important requirement to be competitive in any business sector.
- Explore How Big Data is Changing The Android App Development Industry
- How is MongoDB Influencing Big Data Management Across Multiple Niches?
- Future Tech Trends 2020 – A Prediction
Author Bio: Kenneth Evans is a Content Marketing Strategist for Top App Development Companies, a research platform for top app development companies in USA, UK, India, UAE, Australia and around the world. He has been contributing to various blogging platforms and Forums.