A new initiative that will support research and innovation in big data fields including energy has been launched in the EU.
The European Commission and Europe’s data industry, the Big Data Value Association, have committed to invest €2.5 billion (£2bn) and signed a Memorandum of Understanding to set up the public-private partnership (PPP).
The PPP, due to start in January 2015, hopes to create up to 100,000 new jobs in Europe by 2020 and help in developing personalised big data applications to improve efficiency of various industries.
European Commission Vice President Neelie Kroes said: “Data is the motor and foundation of the future economy. Every kind of organisation needs the building blocks to boost their performance, from farm to factory, from the lab to the shop floor.”
The big data sector has been growing at a 40% rate in the past few years – seven times faster than the overall information and communications market, according to the Commission.
Businesses that base their decision-making processes on knowledge generated from big data analysis have reported a 5-6% rise in productivity, it added.