The data industry, which has a far-reaching impact on various industries, is quickly becoming a “game player” in China, driving the country’s economic growth and digital transformation.
According to the National Data Authority (NDA), the total volume of data created nationwide reached 32 zettabytes last year, equivalent to the digital assets of more than 10 million national libraries.
Originating from the application of data technologies to develop products and services, the data industry is an industrial form that covers a wide range of digital activities, including the collection, storage, processing, management, application, circulation and transactions of data.
As the once abstract concept of “big data” becomes more widely adopted into business practices, it presents companies with significant opportunities to improve efficiency and expand their market reach.
In 2023, the market size of China's database industry exceeded 52 billion yuan ($7.28 billion), and it is expected to reach 93.03 billion yuan by 2028.
This growth is complemented by the data transaction sector, which laos email address has experienced stable and rapid development in recent years. In 2022, the total data transaction market size reached 87.68 billion yuan, accounting for 13.4% of the global data market, and is projected to exceed 500 billion yuan by 2030, according to industry data.
Contributing to this rapid growth is the fact that the number of data-driven enterprises in China has grown from 110,000 to more than 1 million in the last decade. These enterprises are playing a major role in maximizing the use of data elements and driving further expansion and innovation in the data industry.
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“In the new stage of development, when data has become a new factor of production, we see the emergence of new factors of production, new data space and new infrastructure, as well as the growth and evolution of new forms of industry ,” says Zhang Xianghong, a professor at Beijing Jiaotong University.
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