Data Will Become the New Raw Material for the Economy

Norbert Csizmadia

Chapter 15 in Geofusion:Mapping of the 21st Century, 2020, pp 197-209 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Big Data refers to the large quantity of information accumulating in various information systems and the classification and structuring of this data. Big Data fundamentally emerged simultaneously with the automation of information processing; although companies had already made strategic decisions based on accounting data, analytics and surveys in the past, there is far more information available today than mere statistics and projections. They can rely on up-to-date, structured and unstructured data packages broken down to every individual. (For example, data on Internet searches, credit card use or the information shared on social media such as people checking into their favorite coffee shop.) The great challenge and opportunity of our age is how we will use these data.

Keywords: Globalization; Geopolitics; Geoeconomics; International Economics; Urban Research; Futures Studies; Futurism; Liveable Cities; Global Networks; Future Cities; World Systems (search for similar items in EconPapers)
JEL-codes: F6 P25 (search for similar items in EconPapers)
Date: 2020
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