Data driven economy

Lately I’ve been hearing and reading about data and how important it is in almost all business domains. How can you explain what “data driven economy” is in your own words.


The first thing that comes to my mind when hearing “data driven economy” is how digital data is exchanged for value. Currently, data driven economies are widely used. For instance, did you hear about the “cloud”? The cloud is a place where data can be stored and secured and can be accessed anytime. The public cloud service market is expected to reach $623.3 billion by 2023 worldwide. For more Cloud Adoption Statistics, you can check this website Cloud Adoption Statistics - It's Everywhere & Everyone's Using It in 2021!. After seeing my definition of a data driven economy, is it similar to yours?