Core Highlights and Facts
- A data economy depicts a whole fool proof digital-backed ecosystem wherein the data is accumulated, succeeded as well as traded via network of vendors for value building, predictably from superior efficiency or exceptional insight.
- Within the year 2027, the global Big Data Market is overall anticipated to touch a staggering $243.4bn.
- As according to the recent report from Dubai Future Foundation (DFF) in tandem with the Dubai Economy, the big data market economy is back on the track and is poised to form one of the major economic arenas globally.
- As the biosphere retorts to the Covid-19 pandemic, data is serving policymakers and businesses makers core verdicts related to resuming services, while justifying supply chain disturbances and contributing to imperative research.
- The pandemic has also powered the progression in other sectors like that of the retail and investment banking.
DFF’s chief executive, Khalfan Belhoul, stated out that; “Data is considered a high-value asset and a national resource for governments that boosts their competitiveness and preparedness to face future challenges.”
DFF has paired up with numerous stakeholders in the Emirates and overseas to study the future of data, recognize emerging trends and make references to leverage data.
The global retail market is anticipated influence a staggering $29.4 trillion in 2025, mounting at an annual rate of 7 percent, conferring to a report on Research and Markets.
The global investment banking marketplace is anticipated to intensify to touch up to $137.9bn in 2025, mounting at 5 percent on an annualized basis, Research and Markets stated it out.
According to Google’s guesstimates, the worth initiating just from Search and Maps data in the UAE is about $2.7bn a year. This worth can be optimized if data is utilized more competently, the firm stated.
Businesses and regimes are utilizing the data for the intensification of the efficiency, rationalize procedures and derive strategic visions with a level of accuracy that was not beforehand possible, the report stated.
In advanced economies, like that of the Germany, the UK and the Netherlands, the data economy even now signifies up to seven to 10 percent of the economy and is anticipated to double over the forthcoming few years, it further added.
Data is also encouraging the progression of an entirely latest technologies and business models. The opening of geographic information systems (GIS) data, for an illustration, has triggered massive progression of the global positioning system industry that presently represents a market worth over $128bn, according to the US market research firm Reportlinker.
The report endorsed stepping up alliance among numerous stakeholders to progress data quality and management.
“This will enable public and private sector entities, start-ups and innovators to access and exchange open-source data with researchers and other interested parties,” it stated out.
In the healthcare arena, data sharing and analytics transversely research institutions and hospital facilities have motivated the emergence of the meticulousness medicine industry. The global precision medicine industry is anticipated to be valued at $105bn in next five years, according to India-based research firm UnivDatos Market Insights.
Other proposals included evolving prevailing open data platforms, fast-tracking data exchange via the sharing models, curbing anti-competitive performs by large data holders and aligning data-sharing necessities with the requirements of specific sectors.
Chief executive of corporate strategic affairs sector in Dubai Economy, Mohammad Al Saadi, stated out that; “What makes the city stand out among the rest in the region is the fact that digitalization has been built into the government’s public service and economic development strategy. Moving forward, we need to power ahead of the competition with our digital innovation, business-friendly data policies and technology investments to ensure maximum returns for our society, business and economy.”
Dubai has been at the lead of technology embracing since it announced the initial ICT strategy in 1999. It was surveyed by initiatives like that of e-Government, m-Government, Smart city, open data, autonomous transport and the authorizing of blockchain for government transactions.