INVESTING in big data would create $100 billion worth of value for Southeast Asian countries, including the Philippines, according to the latest report from the Asian Development Bank (ADB).
ADB said this will go a long way in fast-tracking post-Covid-19 economic recovery in Southeast Asia and would greatly benefit sectors such as health, social welfare and protection, and education.
In its latest report, ADB estimates that in Southeast Asia alone, the size of the internet economy could triple to $300 billion by 2025, compared to 2019.
“The pace of digitalization clearly accelerated during the Covid-19 pandemic, underscoring the importance of big data for the effective and efficient delivery of key public services such as health care, social welfare and protection, and education,” ADB Director General for Southeast Asia Ramesh Subramaniam said in a statement.
“It is crucial for policy makers across the subregion to help pave the way for big data adoption—from strategic governance to building a data-driven culture,” he added.
ADB also estimated that remote monitoring systems can bring $9.4 billion in annual cost savings to the health-care system in Southeast Asia by 2030 with fewer hospital visits, shorter hospital stays, and medical procedures.
The report pointed out that the use of analytics to direct highly targeted health interventions for at-risk populations can lead to an estimated $15.5 billion increase in gross domestic product (GDP) across the region by 2030.
ADB also said the use of digital technologies to provide personalized and remote learning and job matching can contribute an estimated $77.1 billion annually to the GDP of Southeast Asian countries by 2030.
The report, however, cautioned that unlocking the potential of big data in public service delivery will require governments to lay the strategic and technical groundwork to maximize the opportunities of big data and mitigate its risks, including protection for data privacy, fraud, and cybersecurity.