Big Data: An economic dud?

If pencil marks on some colossal doorjamb could measure the growth of the internet, they would probably be tracking the amount of data sloshing through the public network that spans the planet, the Times of India reports. Christened by the World Economic Forum as “the new oil” and “a new asset class”, these vast loads of data have been likened to transformative innovations like the steam locomotive, electricity grids, steel, air-conditioning and the radio. The astounding rate of growth would make any parent proud. There were 30 billion gigabytes of video, e-mails, Web transactions and business-to-business analytics in 2005. The total is expected to reach more than 20 times that figure in 2013, according to Cisco. How much data is that? Cisco estimates that in 2012, some two trillion minutes of video alone traversed the internet every month. … Other economists believe that Big Data’s economic punch is just a few years away, as engineers trained in data manipulation make their way through college and as data-driven start-ups begin hiring.

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