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UK companies could benefit by £322 billion from big data and IoT

From Information Age

"The value of big data equity in the UK was estimated at £12 billion a year or 0.7% of the annual Gross Domestic Product (GDP) in 2012. Four years flew by and the second report by the Centre for Economics and Business Research (Cebr) has put the opportunity at £46 billion by 2020, or 2.2% of GDP – nearly four times the original value.

And that’s just big data analytics adoption. We’ve now put a value on what adoption of the Internet of Things (IoT) could deliver to the UK economy in 2020 – a further £16 billion, so £62 billion in total.

Big data and IoT together are expected to generate £322 billion in revenue for the UK economy from 2015 to 2020. To put this in perspective, it’s twice the size of the combined education, NHS and defence budgets for 2014-15, and more than one-fifth (22%) of the UK’s net public debt (circa £1.5 trillion in 2014-15).

This extra revenue to UK plc should be taken seriously when you consider how the UK government – as evidenced by The Chancellor’s recent Budget – is having to tighten spending, amid predictions of an economic slowdown.”

Read more at Information Age


NCC Weekly News Update 29 March 2016 

 

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