A Step Closer Towards Sustainable Economic Growth with Big Data Analytics

Abstract

Introduction: With the proliferation and amalgamation of technology and the emergence of artificial intelligence and the internet of things, society is now facing a rapid explosion in big data. However, this explosion needs to be handled with care. Ethically managing big data is of great importance. If left unmanageable, it can create a bubble of data waste and not help society achieve human well-being, sustainable economic growth, and development.

Purpose: This chapter aims to understand different perspectives of big data. One philosophy of big data is defined by its volume and versatility, with an annual increase of 40% per annum. The other view represents its capability in dealing with multiple global issues fuelling innovation. This chapter will also offer insight into various ways to deal with societal problems, provide solutions to achieve economic growth, and aid vulnerable sections via sustainable development goals (SDGs).

Methodology: This chapter attempts to lay out a review of literature related to big data. It examines the implication that the big data pool potentially influences ideas and policies to achieve SDGs. Also, different techniques associated with collecting big data and an assortment of significant data sources are analysed in the context of achieving sustainable economic development and growth.

Findings: This chapter presents a list of challenges linked with big data analytics in governance and achievement of SDG. Different ways to deal with the challenges in using big data will also be addressed.

Citation

Vaid, S. (2022), "A Step Closer Towards Sustainable Economic Growth with Big Data Analytics", Sood, K., Balusamy, B., Grima, S. and Marano, P. (Ed.) Big Data Analytics in the Insurance Market (Emerald Studies in Finance, Insurance, and Risk Management), Emerald Publishing Limited, Leeds, pp. 103-133. https://doi.org/10.1108/978-1-80262-637-720221006