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Big Data and Policy Directions for Korean Service Firms

Author Kang Minsung(강민성) Date 2020.08.31 Series
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With the development of IT technology and the emergence of online platform business models, data accumulation is increasing exponentially, and unit accumulation cost is decreasing exponentially. Most of all, data is recognized as a new economic resource.
The following summarizes concerns about the role of governments in promoting industrial and corporate development through the use of data, a new economic resource:
“The ability of public authorities to respond effectively to new and possibly disruptive market and technological developments and business models will also be critical. This could include investment in new technology that supports public action, including big data analytics, to gather more detailed information on online platforms ecosystem”.
Source: European Commission (2016), “Online Platforms and the Digital Single Market - Opportunities and Challenges for Europe”, p.5. 

Policy considerations of the economization of data and in particular, the expansion of investment in the accumulation and analysis of big data and the enhancement of response capabilities are now a challenge for most countries.
The purpose of this study is to grasp the proliferation status of big data usage from the perspective of companies, which are the main agent accumulating and utilizing big data.
From this perspective, companies are not only producers but consumers in the data economy.