The logo of the Asian Development Bank is seen outside the lender's headquarters in Manila, Philippines, on Feb 17, 2009. (JAY DIRECTO / AFP)
MANILA – Big data holds immense potential in fast-tracking post-COVID-19 economic recovery in Southeast Asia, with benefits in public health, social welfare and protection, and education valued at over $100 billion, according to an Asian Development Bank report on Wednesday.
The pace of digitalization clearly accelerated during the COVID-19 pandemic, underscoring the importance of big data for the effective and efficient delivery of key public services … It is crucial for policymakers across the sub-region to help pave the way for big data adoption, from strategic governance to building a data-driven culture.
Ramesh Subramaniam, ADB Director-General for Southeast Asia
According to the Manila-based bank's report, remote monitoring systems can bring 9.4 billion dollars in annual cost savings to the health care system in Southeast Asia by 2030 through fewer hospital visits, shorter hospital stays, and medical procedures, while the use of analytics to direct highly targeted health interventions for at-risk populations can lead to an estimated 15.5 billion dollars increase in the gross domestic product across the region by 2030.
The report also finds that using digital technologies to provide personalized and remote learning and job matching can contribute an estimated 77.1 billion dollars annually to the GDP of the sub-region by 2030.
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According to the report, digital technologies are transforming the global economy, estimating that in Southeast Asia alone, the size of the internet economy could triple to 300 billion dollars by 2025, compared to 2019.
"The pace of digitalization clearly accelerated during the COVID-19 pandemic, underscoring the importance of big data for the effective and efficient delivery of key public services," said ADB Director-General for Southeast Asia Ramesh Subramaniam during a webinar organized by the regional development agency.
"It is crucial for policymakers across the sub-region to help pave the way for big data adoption, from strategic governance to building a data-driven culture," he added.
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The report cautions that unlocking the potential of big data in public service delivery will require governments to lay the strategic and technical groundwork to maximize the opportunities of big data and mitigate its risks, including issues with data privacy, fraud, and cybersecurity.