The European Commission hopes to create 100,000 jobs in big data and improve medicines, energy consumption and food provision through a $2.6 billion partnership with some of the region’s biggest technology firms. To create an entire “value chain”, the project brings together research institutes, people working in the industry and industrial-scale demonstrators boost the number of data projects taking place.
Results & Impact
The project hopes to capture 30% of the global data market for European suppliers, and create 100,000 new jobs in Europe by 2020. At present only two of the top 20 companies working on big data are European
The European Commission, the Big Data Value Association, ATOS, Nokia Solutions and Networks, Orange, SAP, SIEMENS, and research bodies such as the German Research Centre for Artificial Intelligence
The partners will pool public, private and academic research to collaborate on creating new data products and services. Industry and academic partners have together chosen a set of priorities, such as data protection and anonymisation, to focus their research on. To create an entire "value chain", the project also intends to create industrial-scale demonstrations of what big data can do. Lastly, it will connect technologists with potential buyers of their services and try to nurture collaboration in the data industry
Cost & Value
Running since 2014
While data presents valuable commercial opportunities, it is also a challenge for traditional businesses since the data sets are complex and usually demand both training and new tools to process. Firms also need to protect their data from hackers and security threats
A $2.6 billion project seeking to strengthen Europe’s data economy has seen the European Commission partner with some of the region’s leading data industry giants.
The partnership hopes to put Europe at the forefront of the global data race by ensuring the project can capture up to 30% of the global data market for European suppliers and creates 100,000 new related jobs in Europe by 2020. The EC also wants to use the data to lower energy consumption by 10%, improve health-care outcomes and bring about the kinds of changes which would see industrial machinery become more efficient.
The project partners the EC with an organisation called the Big Data Value Association which acts on behalf of companies including ATOS, Nokia Solutions and Networks, Orange, SAP, SIEMENS, and research bodies such as Fraunhofer and the German Research Centre for Artificial Intelligence. The EU will contribute around €500 million in investment over a five year period from 2016-2020 from its Horizon 2020 program. Private partners are expected to contribute €2 billion altogether.
The partners will marshal their resources to focus on public, private and academic research efforts in big data ideas in fields such as energy, manufacturing and health. The project hopes to innovate in the delivery of personalised medicines, solutions on food logistics and innovation in predictive analytics.
The partners will pool public, private and academic research to accelerate the creation of new data products and services. Industry and academic partners have together chosen a set of priorities, such as data protection and anonymisation, to focus their research on. To create an entire “value chain”, the project also intends to create industrial-scale demonstrations of what big data can do. Lastly, it will connect technologists with potential buyers of their services and try to nurture collaboration in the data industry
By implementing a masterplan called the Strategic Research & Innovation Agenda, the partnership will strengthen Europe’s big data community and lay the foundations for a future data-driven economy. The collaborators will also be able to work in “innovation spaces” which will offer secure environments for experimenting with both private and open data. The spaces are expected to work as business incubators which will develop best practices.
The data sector is growing at a rate of 40% each year and businesses that build their decision-making processes on knowledge generated from data can see a 5‑6% increase in productivity. Big data technology and its related services are also expected to create millions of new jobs around the world in the coming years. Yet while data presents incredible opportunities, it is also a challenge to traditional businesses since the datasets are so huge and complex to process that they require new ideas and tools to process. Advanced layers of privacy and security also need to be put in place.