Exabyte Economy: Jordan's Path

In January 2024, the first edition of the Future Readiness Index was launched as a collaboration between Newsweek Vantage Global, Horizon Group Switzerland, and the Government of the United Arab Emirates. The index assesses future opportunities arising from major global transformations, with the Exabyte Economy—valued between $11 trillion and $17 trillion by 2030—taking center stage. This emerging economic model, also known as the Big Data Economy or Smart Data Economy, reflects the increasing role of computing power, data storage, and advanced technologies in optimizing efficiency, productivity, and innovation across multiple sectors.

Big data has become a powerful force in shaping global economies, politics, and security. Of the 402.74 million terabytes of data generated daily, around 54% consists of videos shared on social media, with an additional 13% coming from other digital interactions. In an era where data is often referred to as the "new oil," the question arises: How can Jordan, a resource-limited nation, harness this digital revolution to drive economic growth and development? The definition of wealth has shifted beyond natural resources like oil and minerals to include data as one of the most valuable intangible assets. Data accounts for 90% of the market value of major corporations such as Google and Uber, which leverage analytics to enhance services, predict trends, and create new market opportunities. For instance, Google generated $238 billion in advertising revenue in 2023 by analyzing user behavior.

Jordan possesses significant potential in the digital economy but faces key challenges that must be addressed. Opportunities exist across various sectors: the financial industry can leverage big data for fraud detection and customer experience enhancements, as seen with Bank al Etihad’s AI-powered loan processing system, which reduced approval times by 50%. In healthcare, initiatives like the Electronic Health Record (EHR) project illustrate the government’s efforts to enhance medical services through data analytics. The agricultural sector can also benefit from data-driven climate monitoring to optimize crop yields, which is crucial given Jordan’s water scarcity challenges.

Despite these promising opportunities, Jordan faces considerable challenges, including gaps in digital infrastructure, a shortage of skilled professionals in data science and AI, and a digital divide that limits internet access for 30% of rural households. To overcome these obstacles, Jordan must invest in digital infrastructure by expanding data centers and accelerating fiber-optic connectivity projects. Developing human capital is equally essential, with universities like Al Hussein Technical University and Princess Sumaya University for Technology serving as leading models for integrating global partnerships into educational programs. Additionally, supportive policies—such as strengthening the Personal Data Protection Law and establishing a national open-data platform—are necessary to ensure privacy and security. Jordan can further benefit from international collaborations to secure technical expertise and financial backing.

On a global scale, big data has proven to accelerate progress toward the Sustainable Development Goals (SDGs), particularly SDG 8 (Decent Work & Economic Growth) and SDG 9 (Industry, Innovation & Infrastructure). Startups like Nakheel Tech demonstrate how data-driven solutions can support smart agriculture and sustainable practices. Given that the global big data market is projected to reach $17.6 trillion by 2032, Jordan cannot afford to remain on the sidelines of this digital transformation. Investment in big data will create jobs and attract foreign investment, but success requires strong political will, a clear strategy, and government-led initiatives. The recent establishment of the Future Technologies Council, chaired by Crown Prince Al Hussein bin Abdullah II, reflects the country's commitment to digital innovation.

Ultimately, big data presents Jordan with a strategic opportunity to drive economic growth and sustainable development. By investing in infrastructure, talent development, and regulatory frameworks, Jordan can position itself as a regional leader in digital transformation. The key to success lies in turning data from a raw resource into digital gold, paving the way for a knowledge-based economy and a thriving digital future.