The Value of Data

 

According to Global Partnership for Sustainable Development Data, "Five of the top six companies in the world by market valuation are data companies." Not only is the growth of data rapidly expanding but so is the market for data and its value.

It is difficult to place even an estimate on the value of all the data available in the world. This is because data or information belonging to an individual isn't very useful or of much value. It is when data belonging to a large group of people, in which trends and patterns can be noticed, is extremely valuable, and this can vary in importance depending on the type of people the data belongs to and what it can be used for. The fact that governments around the world pay hackers or partners millions of pounds in order to collect and process data is a good visualisation of how much data is worth today.

The future of Big Data will only increase as new innovations and developments are made in the fields of Big Data and Software Development.


References:

Jenna Slotin, What do we Know About the Value of Data? - Data4sdgs.org (https://www.data4sdgs.org/news/what-do-we-know-about-value-data)

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