China Geared To Beat US In The Data Game
China expects to generate a lot more data as compared to the United States till 2025. This may be the result of China encouraging and investing into advanced technologies. According to latest reports, these new technologies include what is being termed as “Internet of Things”.
If studies published by Seagate and the International Data Corporation are to be believed, the data created and subsequently replicated within China have the potential to outpace the overall global average by a margin of 3 % per annum. According to this very report, China was responsible for generating data measuring nearly 7.6 Zetta Bytes in 2018. This figure is only expected to head north and reach a hefty mark of 48.6ZB by the year 2025. As a measure of size and storage, zetta byte is the latest common term and is nearly equal to one trillion gigabytes.
In comparison, the U.S. was able to generate nearly 6.9ZB data in 2018. The projected figure in 2025 is expected to be nearly 30.6 ZB. This measure will be critical as information has gained enormous significance in recent years and is currently being viewed as the asset on which global economy is reliant.
According to IDC analysts, data will be important for each and service that will be constructed using next-gen technologies. These include machine learning, artificial intelligence as well as Internet of Things. The report further stressed that companies are putting data to use in reaching new markets, improving customer service and also, creating new revenue flows by trading that information. Thus, this makes data the most valued intangible asset for any firm, in spite of it finding no mention in a company’s balance sheet.
The analysts cited the examples of Chinese tech moguls like Alibaba and Tencent, who went up against traditional banks of the country with the introduction of their popular payment digitally, powered services systems, Alipay and WeChat respectively. The creation of customized financial services that catered to specific preferences and behaviors of customers by these companies was based on the huge quantity of user data that these companies had successfully collected over a span of several years.