BrandPost: The Impact of COVID-19 on the Global Digital Economy

Prior to COVID-19, the world was undergoing massive business transformation illustrated by stunning success of mega-scale Internet businesses such as Amazon Prime, Twitter, Uber, Netflix, Xbox and others that are now an integral part of our lives and exemplify the new global digital economy.

The ability to apply artificial intelligence (AL), machine learning (ML), speech recognition, location services, speed and identity tracking in real-time enabled new applications and services once thought to be beyond the reach of computing technology.

Fueling this transformation are exponential increases in digitized data and the ability to apply enormous compute and storage capacity to it. Since 2016, digitization has created 90% of the world’s data. According to IDC, more than 59 zettabytes (ZB) of data are going to be created and consumed globally in 2020 and this is forecast to grow to 175 ZB by 2025. How much is 1 ZB you ask?  It is equivalent to a trillion gigabytes. Or, 100 million HD movies worth of data.

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