Emerging economies, such as those in the Middle East, are poised in an excellent position to take advantage of all the information that big data has to offer. With the explosion of mobile phone and other electronic device ownership rising in the Middle East more, and extensively detailed, information is available to be captured by big data companies. Once processed, this information can then be sold to government agencies as well as private sector businesses. Whether you’re utilizing the rich information that big data collects, or are the collector of such information, the Middle East is the place to be to reap large profits.
Rapid ownership growth of digital devices heralds large amounts of data that are far too big to be processed by traditional data processing methods. These large sets of data have to be processed by computers with specially designed software programs. What makes this data so valuable, is that it can be used to predict human behavior. The data analyzed can uncover trends and patterns which can help businesses position products and services in the right place at the right time. Emerging big data companies in the Middle East stand to profit richly from collecting and analyzing this information and then selling it to governments and private businesses. New big data companies created to manage the influx of data will create many jobs in the Middle East as well.
The highly detailed information that big data analysis produces is of high value to commercial and retail businesses. This information allows businesses to target customer bases that they didn’t know were available. Additionally, businesses can target specific market areas by demographic, location, etc. This highly targeted marketing reaches consumers who are most likely to buy the businesses’ products and services, thus increasing sales. Not only are sales increased, but businesses save money by receiving a higher return on their advertising investment money. The increase of profits into the Middle Eastern economy is going to positively affect job growth and consumer spending. The potential for higher employee wages is also a distinct possibility.
Governments are equally as eager to get their hands on this information as private businesses are. Data, such as which roads are traveled on most and a how often, can support expenditures on infrastructure that needs the most repair the quickest. The analytics that big data offers can also assist with improving a government’s health services. The more information governments have, the more efficiently things will run. When things run efficiently, governments save money and have the option of lowering taxes. Such data will also allow governments to manage natural resources more efficiently as well.
As the usage of smartphones, sensors and the IoT (Internet of Things) grows in the Middle East, more and more information will be available to be used. The emerging companies who compile and analyze this data, as well as the private businesses and governments who use it, will have a competitive edge over those who don’t use it. The Middle East is about to experience substantial market and economic growth, and those who are first to take advantage of big data will no doubt profit the most.