THURSDAY, March 28, 2024
nationthailand

Data more valuable than oil in digital era, says Huawei chief

Data more valuable than oil in digital era, says Huawei chief

The digital economy is growing quickly in many aspects and will be a key to driving the economy after the Covid-19 era, Huawei’s top executive said.

Speaking at the “Thailand Digital Fast Forward” seminar, Huawei (Thailand)'s chief executive officer Abel Deng said on Wednesday that the digital economy will increase flexibility and facilitate faster economic recovery.

According to International Data Corporation in 2020, the worldwide economy was slowing down and the gross domestic product dropped by 2.8 per cent but IT expenditure rose by 5 per cent, reflecting the significance of the digital.

IDC has forecast that some 50 per cent of businesses around the world will be driven by digital this year. In 2023, the cloud computing workload will grow to 72 per cent while 5G applications unlock an additional US$13.2 trillion by 2035. By 2025, the digital economy will also create 60 to 65 million new jobs.

However, connectivity and computing will be the bedrock of the digital economy, with the power of technologies including 5G, Internet of Things, IPv6, AI, cloud, etc. They will strengthen the management including driving the overall digital economy, the Huawei CEO said.

Data more valuable than oil in digital era, says Huawei chief

He said digital technology adaptation should not be overlooked, as it was used completely to connect many sectors and it will increase digital competitiveness.

Deng said Thailand is the 5G leader in the region and among the top in the world, as reflected by the usage in the industrial sector. Thailand also has the most 5G users in the region with almost 5 million users.

He said Thailand is also the leader in fibre-to-the-premises (FTTP) access with 58.96 per cent while the worldwide accessibility percentage is 56 per cent.

Moreover, cloud optimisation increased from 59 to 78 per cent. 
Many industries are also adopting AI technology, especially for digital transformation.

He explained that the most valuable resource is no longer oil, but data. The trend is growing significantly because digital platforms, digital services, and new technologies will change daily lives and businesses, especially metaverse.

However, the important thing is managing and using it to create the most benefits possible.

Data more valuable than oil in digital era, says Huawei chief

He said Thailand is moving forward well as government agencies are giving importance to managing information, privacy, and cybersecurity.

Deng said that the worldwide recent trend is developing technology while conserving the environment, leading to green technology.

To reach that point, digital technology must be used to create carbon neutrality. By using only 2 per cent of ICT technology, it will reduce up to 20 per cent of CO2 emissions.

It is an important subject for every sector to join hands, to move to a smart and low carbon world in the future, he said.

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