The real world around us is rapidly being digitalised. Consider for a minute the notion that our environment is a living system with infinite characteristics from which we can measure and capture data. This data can then be processed into information to help us have a greater understanding of our environment so we can better manage our lives – for example, predict adverse weather, the impacts of climate change, pollution etc.
Similarly, industry and commerce are also dynamic and living systems in which people trade and machines produce, with systems and processes forever being developed and improved to transform raw inputs into finished goods and services.
The characteristics of these systems are also infinite and the more characteristics we measure through data capture, the more we can understand, predict, control and optimise industry and commerce to better serve us.
The scope of data-gathering is growing in all walks of life. Consumer sectors including games, finance, health and consumer goods and services are identifying new ways to acquire user data.
The emergent bio-economy promises to shape the future of sectors such as medicine and healthcare delivery. It relies on massive harvesting of biodata – DNA, health statistics, disease symptoms and additional insights generated by our bodies. Analysts estimate the market for the health data collected through connected wearable fitness and medical devices, namely the internet of things (IoT) will be worth at least $US300 billion ($450 billion) by 2025.
These practices gather the building blocks of life and develop massive and ever-growing health data sets, which present an opportunity for doctors to gather reliable, long-term patient insights to develop more targeted treatment plans.
Denne historien er fra May 2023-utgaven av Money Magazine Australia.
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Denne historien er fra May 2023-utgaven av Money Magazine Australia.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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