The transformative potential of big data

16/09/2019 - We intuitively know the volume of digital information yet the increasing numbers are still staggering. In 2013, 90% of all the data in the world had been generated in the preceding two years. Forecasts suggest that by 2020, there will be as many bits in the digital universe as there are stars in the physical universe. The world’s digital information is forecast to double in size every two years. This exponential growth in data combined with increased computational power and storage capacity has enabled advanced analysis and is driving a new kind of social change. Big data analytics have been presented as the panacea for information overload and big data itself as no less than transformative and world changing. In their 2014 book, Viktor Mayer-Scho?nberger and Kenneth Cukier emphatically declared that big data “will revolutionise the way we live, work and think”. Commentators have praised big data as the new oil of the 21st century, the world’s most valuable resource ….