But the report released yesterday also said the vast expansion of computer analytics of large data banks creates new threats to privacy, and recommended updated rules and laws to protect stored information.
"The big data revolution presents incredible opportunities in virtually every sector of the economy and every corner of society," said John Podesta, a former White House chief of staff who led the Big Data and Privacy Working Group.
Podesta, in a blog post accompanying the report, said "big data is saving lives" by helping analyze trends in disease, infection and caring for babies born prematurely, among other things.
The same analytics are being used to make government more efficient and help crack down on fraud in health care.
The report said big data can help the military as well, and cited a project that allowed researchers to more easily locate and destroy improvised explosive devices in Afghanistan.
But Podesta said privacy can be a victim of big data and the task force said a range of regulations need to be revisited.
The report said the privacy protections of electronic communications should be "consistent with that afforded in the physical world," making it more difficult for government to snoop on email.
Civil liberties and digital rights groups immediately hailed the privacy recommendations in the report.
"The most important takeaway is that our privacy really does matter when it comes to big data," said Nuala O'Connor, president of the Center for Democracy and Technology.
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