By: Dr. Tarig Ahmed Khalid
We live in the era of what is known as the knowledge economy. In addition to the standard economic components (land, labor, and capital), knowledge becomes the cornerstone of the modern economy. Knowledge comes from analyzing information, which in turn comes from analyzing data. Last year, the world generated around 40 zettabytes (43 trillion Gigabytes). Big data is among the most significant features of our today’s economy.
Data is considered a valuable asset and becomes a significant source of wealth. Companies such as Statista, Facebook, and Booking are clear examples of how data monetization.
Data monetization is the act of generating measurable economic benefits from available data assets. The main driver for data monetization is the increase in the volume of data generation and the lower cost of data storage. According to McKinsey Global Institute, the data flows across the international borders contributed around $2.8 trillion to global GDP.
Concepts like Data as a Services, Insight as a Service, and Analytics enabled platform as a Service will be dominant business terms sooner.