The use of Big Data has had, has and will have an impact on the global economy. More and more companies are looking to develop new disciplines thanks to Business Intelligence and the use of data to improve comprehensive strategies that lead to positive results.
A study by consulting firm McKinsey estimates that better use of data could generate $3 trillion in additional value each year across seven industries.
McKinsey estimates that more than half of this value will go directly to consumers, who would benefit from shorter wait times for traffic and improved ability to compare prices. The remainder will be estimated to create new data-centric products or usage data to gain an advantage over competitors.
Already, many companies around the world are using big data to offer new products, improve their margins and gain market share over their rivals.
International trade is also having a big impact thanks to Big Data. Another McKinsey report found that global flows of trade, finance, people and data increased global GDP by between $250 billion and $450 billion each year.
The advantages of developing information technologies in organizations are vast and more and more companies are daring to take the step to generate more efficient strategies that lead to high profitability.
The main impacts Big Data has on the growth of the global economy are summarized as:
