Data Beats Oil As The World’s Most Valuable Resource

Data, The New World’s Most Valuable Resource

Data economy beats oil as the world’s most valuable resource as it grows faster and data companies now earn much bigger rather than oil companies.

Previously, the world’s most valuable resource was oil, but throughout the centuries a new commodity spawn a fast growing industry and that becomes the oil of the digital era. The profits of the tech giant are surging and reached over $25bn in the 1st quarter of 2017.

Most people already relies on Google’s search engine and news feed on Facebook. The competition of the companies also relies on the internet for their business transaction and can take account of offline rivals.

Valuable Resource

The control of data gives enormous power to the internet companies, which raises the concern of most people. The obsolete method of competition during the oil era has been outdated by the data economy today.

Internet and smartphones have made data abundant and more valuable. Every digital activity has a corresponding data value, wherein users have to pay the respective amount of the data they have consumed.

The abundance of data has changed the nature of competition, which makes technology giant earn more and become more dominant. The more users online, the more data will be consumed, which is beneficial for the technology companies.

Valuable Resource

Tech giants such as Google, Amazon, Facebook, Microsoft, and Apple were the most valuable listed firms in the world. Google can monitor what people search for or what they share on Facebook, while Amazon can see the activities in their own markets and what people buy on app stores and operating system.

What can you say about the data economy, which beats the oil as the world’s most valuable resource? Just feel free to leave your comments and reactions for this article.

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