The Digital Economy's Use of Big Data

Abstract

The function of Big Data technology and Data Science in the contemporary digital economy is examined in this article. According to the author, large and medium-sized businesses in the retail and service sectors have a greater interest in utilizing them. Banks, mobile operators, and major manufacturing firms actively employ these technologies (Artificial Intelligence) to evaluate data on equipment failures and minimize downtime, which enables cost-reduction. Big Data technology serves as a liquid product and a prerequisite for boosting business profitability through individualized customer care and predictive analytics. It is crucial to ensure the formation of unique data exchanges and legalize a single definition of big data for the modern digital economy.