Smart navigation applications alone may offer some $500 billion in value to global consumers in time and fuel saved by 2020.

The amount of data in our world will continue to grow in the upcoming decades. According to research by MGI and McKinsey's Business Technology Office, analyzing large data sets will become a key basis of competition, underpinning new waves of productivity growth, innovation, and consumer surplus. As shown in Data Innovation Day last week, there is an increasing awareness about the benefits and opportunities that come from use of information by individuals and the public and private sector.