The value of the big data industry is increasing exponentially, and is expected to reach $100 billion by 2025. As a consequence, trillions of dollars of value will be added to other industries. The problem in his new age of digital economy is that each country has its own rules, in terms of data regulations. The current global system hasn’t adapted.
There are three aspects that have been identified as potentially problematic. Number one is having a right to privacy, number two is the absence of a legal framework suitable for the processing of big data, and the third is lack of governmental controls. Current infrastructure, as we have mentioned, is insufficient for this new digital age. A new digital platform provider may be required to keep up.
The solution is a common marketplace of shared, cross-industry digital platforms. And new training methods will certainly be needed in order to allow employees to properly and effectively deal with the inevitable challenges thrown up by managing big data.
The key to all of this will be investment in people, training and technology, so that the new digital economy can be managed properly. As the big data industry evolves, these issues will require solving, and new regulations will come into play.