Data is the New Oil; Meet the New Refinery
Digital data is expected to grow 50-fold from 2010 to 2020, according to insideBIGDATA. Thanks to improved computing power and the ubiquitous cloud, AI models are now able to analyze massive amounts of data, extracting value in the process. As data continues to accumulate and more companies utilize AI, the value they’ll be able to extract will also continue to grow. By how much? Accenture believes that by 2035, AI has the potential to boost gross value added in 16 industries by $14 trillion. Data has become the new oil and AI the new refinery.