Do we need data compression anymore?

Recently, we read many articles about data overloading. It seems, at least for next 2-3 years, we need new way of data compression unless hardware companies come up with new and cheap innovations. May be, the new generation of databases should compress their data before storing them.

economist.com - Data, data everywhere

By the way, do we need all of these data? Do I need each and every file in my hard-drives (150GB + 80GB and almost 85% full)? As a regular photographer do we need an 8 MagaPixel camera? Why don’t we delete unnecessary emails? Our virtual world is becoming a virtual trash the same as our non-virtual world.