KEY CONCLUSIONS:
- The big data market is growing exponentially
“By 2025, the global big data industry will reach some USD 100 billion, creating over USD 13 trillion of added value in other industries,” said Vladislav Boutenko, Senior Partner, Managing Director, The Boston Consulting Group.
“The European citizen’s personal data will grow to roughly EUR 1 trillion annually by 2020,” said Demetrio Russo, Vice President for Eastern Europe, Nokia Corporation.
CHALLENGES:
- The current regulation globally and locally is not adapted for the digital economy
“In Europe, each country has its own rules, but it will change from mid 2018, there will be an introduction of a new general data protection regulation. All companies will have the same rules and face the same legislation,” said Demetrio Russo.
“Currently, there are three aspects identified. The first one is the right to privacy; the second one is the lack of legal framework for big data processing both in this country and all over the world; the third one is the lack of government control,” said Alexander Zharov, Head, Federal Service for Supervision of Communications, Information Technology, and Mass Media (Roskomnadzor).
“The industry will evolve, experiment, but when implications of these experiments become obvious, they should be regulated,” said Igor Shchegolev, Aide to the President of the Russian Federation.
- The current infrastructure (optical networks, data centres) is insufficient for the digital environment
“In Russia, industries operating in global markets create a demand for big data analytics. In the future, Rostelecom will serve as a digital platform provider,” said Mikhail Oseevskiy, President, Rostelecom.
- Talent shortages and outdated educational standards
“Our current training system is based on professional standards. Such model fails to meed the demand for talent in the digital economy,” said Andrei Belousov, Aide to the President of the Russian Federation.
“Today, 90% of international companies claim the lack of so-called digital talent. The Government shall provide a basis for math and technical education, for competition protection,” said Vladislav Boutenko.
SOLUTIONS:
- Data digitalisation, digital platforms
“The Eurasian Economic Union needs a digitalisation programme. Common markets created on the basis of cross-industry digital platforms represent a new international division of labour. We shall implement common digitalisation standards across all our five countries,” said Tigran Sargsyan, Chairman of the Board, Eurasian Economic Commission.
“Digital technologies take small enterprises and private entrepreneurs out of the shadow, which changes the business environment,” said Alexey Repik, President, Delovaya Rossiya (Business Russia).
- Investment in R&D, innovation, protection of proprietary developments, monitoring and adjustment of third-party technologies
"The Government shall systematically support and encourage innovative development and promote technological standards,” said Vladislav Boutenko.
- Regulatory issues should be jointly addressed by the state and business community
“For regulation to be as attractive as possible, it shall draw upon the expertise of people pioneering the digital economy,” said Alexey Repik.
- Investments in human capital, production of new knowledge
“We are witnessing the birth of a new socio-economic paradigm where the basic process is the production of knowledge rather than goods. So, we need to start digitalising the human, that is, training people in digital technologies and improvement of their mental performance,” said Tigran Sargsyan.