There is a sudden explosion in the amount of data in the world today. Multiple bytes of information is being captured by businesses about their operations, customers and suppliers, and in the physical world, millions of networked sensors are being installed in devices such as cell phones and automobiles, sensing, creating, and communicating data. The digital media and individuals with mobile phones and on social network sites will continue to feed this exponential growth. Big data -- large pools of data that can be captured, transmitted, integrated, stored, and analyzed -- is now part of every sector and function of the global economy. The huge volume of data, in itself, is a global phenomenon -- but what significance does it hold? Many people around the world dismiss this data flood as a mere intrusion to their privacy. But there is a strong support in the favour of big data playing a significant economic role to the benefit not only of private commerce but also of national economies and their citizens. Research finds that data can enhance the productivity and competitiveness of businesses and the public sector, creating significant value for the world economy and generate substantial economic gains for consumers.
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Kadambari et al. (2014) studied this question.