Is Data worth more than Oil?

Data is the new oil

The world has changed in a way, a century prior; the asset referred to was oil. The next question, which, comes to our mind, is data worth more than oil? Presently, the tycoons that trade in data, the oil of the digital time, are raising comparative concerns. These giants: Apple, Facebook, Alphabet, Amazon, and Microsoft—look relentless. They are the five most essential companies on the planet. Their benefits are flooding: they all together piled on over $50bn in net benefit in the main quarter of 2019. Amazon catches half of all dollars spent online in America. Google and Facebook represented practically all the income development in digital promoting in America a year ago.

look at how many people use the Internet, how much data is collected, is worth more than oil, it is gold. It’s weight in gold for companies that want to target people and know exactly who their customers are so that’s where this money is made. Facebook, it has 2.6 billion subscribers, the amount of data there, companies can follow this because this data is bought and sold so this is where this is actually data worth more than oil.

Data is the new Oil

Data is the new oil
Data is the new oil

If we compare the current scenario with 2016, many energy companies have dropped down and tech companies stepped up. These organizations have had the option to store up fortunes by building items and services utilizing advances driven by data proficiency. Presently, these organizations are concentrating on AI. This bodes well given that they all have had the option to gather enormous, significant datasets about products and individuals that a couple of different organizations approach. On the off chance that we are an oil organization, and are perched on a great deal of it, it’s an ideal opportunity to refine it and push it out into the market from various perspectives it can make esteem.

As Oil is powering the transportation era, in the same data also powers emerging transportation options such as driverless cars and hyperloop, which are based on an advanced synthesis of data. Data streams like oil, however, we should “drill down” into data to separate an incentive from it. Data guarantees plenty of new uses – treatment of diseases, course of traffic designs, and so forth. Similarly, as oil has created helpful plastics, petrochemicals, oils, fuel, and home warming.

Artificial Intelligence compliments data refinement

If Data is our new oil then, Artificial Intelligence will be definitely the advanced refinement technique. Unprocessed data is just as raw material. So with a combination of machine learning and intelligence, data can change the world, make machines talk, and walk adaptable to human convenience. The value for data goes up every day, as AI advances, soon there will be a market for it.

We are going to build economies on data. The more you know is proportional to the more data you have. We can extract information from data using modern-day processing Big Data tools such as Hadoop, Spark, Yarn, etc. It is prominent that economies will be data-driven and not wrong to say that data worth more than oil.

Today’s exabytes of big data opens countless opportunities to capture insights that drive innovation.

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