The data economy is fast becoming one of the largest economic sectors in the world, according to a new report from the Dubai Future Foundation (DFF) and the economy of Dubai.
The global big data market is expected to reach $ 243.4 billion by 2027, more than tripling from $ 70.5 billion last year, according to the report titled New data economy, noted.
A data economy is a digital environment in which information is assembled, managed and exchanged by a network of suppliers to create value, usually from greater efficiency or a single view.
As the world responds to the Covid-19 pandemic, data is helping policymakers and businesses make key decisions related to resuming services, while mitigating supply chain disruptions and helping to reduce ‘important research.
âData is seen as a valuable asset and a national resource for governments to strengthen their competitiveness and their readiness to face future challenges,â said Khalfan Belhoul, Managing Director of DFF.
DFF has partnered with various stakeholders in the UAE and abroad to study the future of data, identify emerging trends, and make recommendations for leveraging the information.
The pandemic has also led to growth in other sectors such as retail banking and investment banking.
The global retail market is expected to reach $ 29.4 trillion in 2025, with an annual growth of 7%, according to a report on Research and markets.
The global investment banking market is expected to reach $ 137.9 billion in 2025, growing 5% on an annualized basis, according to Research and Markets.
According to Google’s estimates, the value coming from Search and Maps data alone in the UAE is around $ 2.7 billion per year. This value can be optimized if the data is used more efficiently, the company said.
Businesses and governments are using data to increase efficiency, streamline operations and gain strategic insights with a level of precision not previously possible, according to the report.
In advanced economies like Germany, the UK and the Netherlands, the data economy already accounts for up to 7-10% of the economy and is expected to double in the next few years, has t -he adds.
Data is also driving the development of entirely new technologies and business models. The openness of geographic information systems (GIS) data, for example, has fueled the growth of the global positioning systems industry which currently represents a market of more than $ 128 billion, according to the research firm. Reportlinker American market.
In the healthcare sector, the sharing and analysis of data between research institutes and hospitals has fostered the emergence of the precision medicine industry. The global precision medicine industry is expected to grow to $ 105 billion over the next five years, according to Indian research firm UnivDatos Market Insights.
The report recommended stepping up collaboration between different stakeholders to improve data quality and management.
“This will allow public and private sector entities, start-ups and innovators to access and exchange open source data with researchers and other interested parties,” he said.
Other suggestions included expanding existing open data platforms, accelerating data exchange through sharing models, tackling anti-competitive practices by large data holders, and aligning data requirements. sharing of data on the needs of specific sectors.
Dubai has been at the forefront of technology adoption since it announced the first ICT strategy in 1999. It has been followed by initiatives such as e-government, m-government, smart city, open data, autonomous transportation and the mandate of blockchain for government transactions. .
“What sets the city apart from others in the region is the fact that digitization has been mainstreamed into the government’s public service and economic development strategy,” said Mohammad Al Saadi, general manager of the strategic business sector. of Dubai’s economy.
âGoing forward, we must stay ahead of the competition with our digital innovation, business-friendly data policies and technology investments to ensure maximum returns for our society, our business and our economy. “