China is showing it has what it takes to outdo the world in the field of big data.
The country is still not a leader in big-data-intensive industries like data science, data management and data analytics, but that could change.
According to a report published by global research group McKinsey & Co, China will overtake the United States in the use of big-dynamic technologies (BDT), and the country will soon surpass the United Kingdom in the number of BDT companies globally.
The report, titled China’s Big Data Revolution: A Case Study in Progress, points out that China has overtaken the United Arab Emirates in the value of BDT companies, and is poised to surpass the U.S. in terms of the number and size of companies.
China is not the only country with a big- data mindset.
In fact, McKinsey estimates that the number one driver of big growth in the next five years will be the adoption of the Internet of Things (IoT) in manufacturing, logistics and services.
With the growing use of the IoT in these industries, we expect China to overtake the U of A as the global leader in IoT-related BDT.
As more people use the Internet and other smart devices to automate their daily activities, they will demand more from the companies that are already in the business of doing so.
This will bring about a greater need for big- and medium-sized data-driven BDT firms to grow.
The McKinsey report points out, however, that the Chinese government has taken the lead in creating policies to foster the adoption and use of IoT in manufacturing and logistics sectors.
The government has made clear its intent to build a digital economy, one that is driven by the Internet.
In the coming years, McKinseys report predicts that China will outpace the United Nations, which will drive a huge increase in the numbers of BDMB companies, as well as the number with global scale.