Implications of big data for individuals (4)

 


Economic Opportunities and Challenges

For data scientists, machine learning experts, and analytics, big data has formed a whole new economy. Experts with proper technical skills are sought after, earning good salaries, and they are the ones who are changing the face of the future of industries that extend from marketing to finance. This stands as a great economic opportunity for the people who have access to education and training.

On the other hand, the data economy causes the automation and displacement of the jobs too. The majority of traditional jobs are being gotten rid of by the AI systems that are based on big data, especially those in the fields of retail, logistics, and customer service. It generates economic uncertainty in particular for the workers, whose roles are most vulnerable to automation.

The speed of change means that people need new skills every day and they have to be ready to change if they want to be still on the labour market. Lifelong learning and digital literacy are becoming the must-haves. Yet, access to such resources is not the same for everyone, and this creates a big gap between those who can benefit from big data to improve themselves and those who are left behind.

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