The Increase of Big Data
Between 2015-2020, it’s forecasted that big data analytics will drive an annual £40bn into the UK economy, accumulating a value over £200bn.
The manufacturing industry is set to experience the largest gains from these trends, with a foreseen accruement of £57 billion throughout the five years. This is due to the wide assortment of participants within this industry combined with the potential for connectivity and data sharing. Supply chain developments, data-led decision-making, and customer intelligence enrichment are all examples of areas that would be affected by the surge of big data.
The Economic Value of IoT
The economic gain from IoT is set to rise to £81 billion between 2015 to 2020. Rapid adoption rates and business gains in efficiency and innovation are influencing this increase in value.
As with big data, manufacturing is again expected to experience the largest profits from IoT movement as a result of connected devices, processes and business management systems.
The adoption of IoT is set to rise from 30% to 43% in the aforementioned period of 2015-2020, falling behind the 67% that are expected to implement big data in this time.
A powerful combination
The combined clout of big data and IoT is set to strengthen our economy like nothing else, and although IoT is currently behind in adoption rates, the technology is still early in its lifecycle and very much evolving.
IoT will ultimately provide more data in new areas of analytics that will benefit the UK economy, alongside big data.
Research by SAS UK.