The economic value of meteorological big data could reach 5 to 6 trillion won (US$49 – 58 billion) by estimating its own value and indirect ripple effects caused by the big data. (image: ARM Climate Research Facility/flickr)
SEOUL, July 16 (Korea Bizwire) – Big data is used in various fields not only in retail, construction, media or financial sectors. Big data has unlimited possibilities and can help create effective results through the integration of data with other sectors.
The Korea Meteorological Administration (KMA) recently published a special issue of its journal “Meteorological Policy” to analyzing the economic value of meteorological big data and raise the range of the practical use of it.
In the biannual journal, Prof. Ahn Joong-bae of Pusan University who analyzed the socio-economic value of meteorological information took the Battle of Red Cliffs as a good example of using meteorological data to the military’s advantage. The Battle of Red Cliffs was a decisive battle fought at the end of the Han Dynasty in 3rd century China in which the allied forces of Zhuo and Wu led by military strategist Zhuge Liang outwitted his northern opponent Cao Cao.
Prof. Ahn said, “The meteorological data is a resource for the high value-added products and intangible social infrastructure. By providing various and customized services following the tastes of the customers, it is needed to vitalize the meteorological industry.
Meanwhile, Song Keun-yong, a director of the Korea Meteorological Industry Promotion Agency, argued that the economic value of meteorological big data could reach 5 to 6 trillion won (US$49 – 58 billion) by estimating its own value and indirect ripple effects caused by the big data.
Song said, “Despite the potential value that the meteorological data may generate and supports for the practical use of the data, however, the scale of value-added products in the industry is insufficient. As small companies are hard to equip themselves with their own infrastructure to collect and process the data, the government needs to construct a big data platform that the companies can share together.”
Meanwhile, the KMA will keep analyzing and researching weather-related big data and invest in technology to create value from meteorological data.
Written by John Choi (johnchoi@koreabizwire.com)
Technology (Follow us @Technews_Korea)
