{"id":1215488,"date":"2023-07-18T14:49:11","date_gmt":"2023-07-18T12:49:11","guid":{"rendered":"https:\/\/www.ie.edu\/insights\/?post_type=articles&p=1215488"},"modified":"2023-07-18T14:49:11","modified_gmt":"2023-07-18T12:49:11","slug":"the-community-of-data","status":"publish","type":"articles","link":"https:\/\/www.ie.edu\/insights\/articles\/the-community-of-data\/","title":{"rendered":"The Community of Data"},"featured_media":1215490,"template":"","meta":{"_has_post_settings":[]},"schools":[],"areas":[466],"subjects":[423],"class_list":["post-1215488","articles","type-articles","status-publish","has-post-thumbnail","hentry","areas-data","subjects-law"],"custom-fields":{"wpcf-article-leadin":["Javier Fern\u00e1ndez-Lasquetty details the European approach to regulating the Data Economy."],"wpcf-article-body":["About three years ago, the idea began to be bandied about that data is the liquid gold of the 21st<\/sup> century. The concept is still with us today, although other issues have sidetracked us, like how we humans will be replaced by artificial intelligence, our move into the multiverse, and most recently how generative AI will supply us with unlimited, authorless books, music, and audiovisuals.\r\n\r\nWhile these ideas and stories ran like wildfire, inundating the news and scaring the wits out of humankind, something less spectacular but much more useful continued to take shape: the data economy. In its report \u201cThe data driven enterprise of 2025<\/a>,\u201d McKinsey indicates that by 2025, \u201csmart workflows and seamless interactions among humans and machines will likely be as standard as the corporate balance sheet, and most employees will use data to optimize nearly every aspect of their work.\u201d\r\n\r\nThe data economy has had an impact on regions around the world, most particularly the United States, countries in Europe, and in Asia. Unsurprisingly, it\u2019s those countries with high data accessibility and broadband consumption that are most likely to benefit<\/a> from the data economy.\r\n\r\nA recent and interesting study \u201cValuing the U.S. Data Economy Using Machine Learning and Online Job Postings<\/a>,\u201d conducted by Jose Bayoan Santiago Calder\u00f3n and Dylan G. Rassier of the US Bureau of Economic Analysis, indicates that \u201cannual current-dollar investment in own-account data assets for the U.S. business sector grew from $84 billion in 2002 to $186 billion in 2021, with an average annual growth rate of 4.2 percent\u201d and that \u201ccumulative current-dollar investment for the period 2002\u20132021 was $2.6 trillion.\u201d Meanwhile, in China, \u201cthe size of the country's digital economy more than doubled between 2016 and 2021<\/a>, growing from RMB22.6 trillion to RMB45.5 trillion and accounting for 39.8% of GDP by the end of the five year period,\u201d according to the Hong Kong Trade Development Council with data from the China Academy of Information Technology and Communications.\r\n\r\nAnd, in the European Union (EU27), the data economy was nearly \u20ac500 billion and is expected to grow to \u20ac640 billion by 2025<\/a>, with a share of GDP of 4.8%. For a united Europe, the data economy does not solely represent economic growth but also sovereignty and competitiveness, continued innovation, and even improved public services. This doesn\u2019t simply happen overnight, of course. No, it takes time, planning, and united regulation.\r\n\r\nFor this reason, in 2015, the European Union launched its Digital Single Market project to create a data economy in line with the EU's principles of maintaining competition through the regulation of companies and prevention of the growth of monopolies. The future digital market regulations had to address a series of issues, including:\r\n