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Data economy – Giving rise to new economy


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Data economy – Giving rise to new economy

Data economy – Giving rise to new economy

The current era of confluence of data, storage, algorithms, and computational power has set the phase of creative disruptionSeems digital and data is talk of the time over the past few years.

Data is generated by everything from cameras and traffic sensors to heart rate monitors, enabling richer insights into human and ‘thing’ behavior. It is said to be true that every day humans create 2.5 quintillion bytes of data and that 90 percent of this data has been created in the last two years. Social media sites, smartphones and other consumer devices including PCs and laptops have allowed billions of individuals around the world to contribute to this stock of data. Millions of networked sensors are being embedded in devices such as mobile phones, smart energy meters, automobiles, and industrial machines that sense, create, and communicate data. The volume of this incomprehensibly large data store is forecast to double in size every three years.

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