Data has quickly become the lifeblood of economies, surpassing oil as the world’s most sought-after resource.
In 2023 alone, an astounding 328.77 million TB of data were generated every day, with projections indicating that the global ‘datasphere’ will reach 175 zettabytes by 2025, according to Statista. To put this massive number into perspective, if you had a movie in 4K resolution and it had the size of just 1 zettabyte, it would take almost 23 million years to watch it.
This explosion of information is without a doubt reshaping industries and influencing decision-making processes, and those who are able to harness the true power of data will quickly rise to the top.
In the UAE, this shift is particularly pronounced. The nation is not only embracing data but actively investing in its potential to drive economic growth. The UAE’s data center market is projected to reach Dh6.3 billion by 2027 and grow to Dh9 billion by 2028, reflecting a commitment to building a comprehensive and progressive data economy that spurs innovation and attracts investment.
Harness power of data
As the UAE positions itself as a leader in the data economy, discussions surrounding data oriented industries are imperative for facilitating collaboration among global stakeholders and policymakers, providing a platform to share expertise and shape narratives that promote sustainable data practices and drive innovation across sectors.
As we move forward into a data-driven future, it is essential that we unite our efforts and expertise to harness the power of data for the greater good. By fostering collaboration among global stakeholders and policymakers, we can establish a sustainable framework that not only drives innovation but also enhances the quality of life for all communities.
Data-driven decision making
The economic implications of our data-driven existence are undeniable and those that effectively harness data can increase their profitability by 20-30%, according to a study by McKinsey. Companies like Amazon and Netflix have built their business models around AI and data analytics, in fact, Netflix attributes over 80% of its viewership to its recommendation algorithms — demonstrating how data can drive engagement and loyalty.
The same principles can be applied to governance and various sectors and industries, where data-driven decision-making can optimise resource allocation as well as enable transparency and accountability.
Sustainable approach to data management
With great power comes great responsibility, and this is echoed by the need to harness the power of data sustainably. The ‘tsunami’ of data is projected to consume as much as 20% of the world’s electricity by 2025, and their operations could contribute up to 5.5% of global carbon emissions.
Goldman Sachs Research estimates that data center power demand will grow 160% by 2030. This alarming trend highlights the urgent need for sustainable data solutions that minimise environmental footprints while maximising operational efficiency.
In this context, green storage strategies are gaining traction, focusing on energy-efficient technologies and practices that reduce both energy consumption and carbon emissions. The UAE has recognised the importance of integrating sustainable practices into its digital infrastructure strategy. As part of its commitment to innovation and environmental responsibility, the nation is investing in smart city initiatives that leverage data analytics for efficient resource management while adhering to eco-friendly principles.
It is clear that the discussions and collaborations taking place will play an important role in shaping the future of data utilisation across sectors, and represents a unique opportunity for global experts, policymakers, and industry leaders to come together and explore how data can be harnessed as a powerful tool for progress and innovation.
