Governments, non-profit organizations and companies in India and around the world are extracting tremendous amounts of value from data. But, in view of what’s coming our way, this is just the beginning. By the year 2025, over 50 per cent of the world’s data will be in real-time. This trend will probably increase close to 90 per cent.
Most of the data, i.e., 80 to 90 per cent will be behavioural or transactional, which would be called ‘event data’. This trend is most like to reach 90 to 100 per cent by the end of 2025. Staying on the edge, we might have around 572 Zettabytes (ZB) of data by 2030, which is 10 times more than today, which is called ‘state data.’
Let’s look at what contributes to this rapid data growth?
1. Control by Companies
Today, industries use data to add value in almost every aspect of our life, enhance social lives, lower business costs, and provide products, services and information to facilitate all forms of interaction. They do this by using cookies and device tracking technology to follow online activity and predict consumer behaviour.In 6 years time, a company will have 4 times more data than available today. Its data predictions can get 8 times faster and cheaper. Startups and retail businesses are investing crores in research and development to acquire Artificial Intelligence and Machine Learning (AI and ML) technology.
2. Governments Taking Measures
Data has crossed international borders long back. But for national security and economic competitiveness, governments are investing in data and digital infrastructure critically. Favouring privatisation, data and IT policies are encouraging industries for automation in production and to have their own thriving technology.Central governments have begun to write rules and make policies, like the Personal Data Protection Bill (PDP), 2019, India. National-level constraints are being placed on foreign direct investment (FDI) in the data and information technology sector by world powers. They are also increasing their means of social regulation to take the advantage of Artificial Intelligence (AI) and generate economic development.
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