|2 March 2016|
New research has revealed that big data analytics and the Internet of Things (IoT) are expected to add £322 billion to the UK economy from 2015 to 2020.
The research undertaken by the Centre for Economics and Business Research (Cebr) and SAS ‘The value of big data and the Internet of Things to the UK economy‘ shows the UK is on track to take full advantage of digital revolution.
“The combined benefits of IoT and big data will fuel our economy like nothing else,” said Mark Wilkinson, SAS Regional Vice President – Northern Europe and Russia/CIS. “The global environment continues to be in a state of flux, with only one thing certain – that everything is changing. Just under half of UK businesses are not using any form of big data analytics, and those that are will sometimes be using it infrequently in just one or a few areas of the business. Less than one in three have adopted IoT.
“This report illustrates the considerable impact over the coming years of more organisations embracing big data and IoT to improve decision-making that affects efficiency, risk management and new business opportunities. Among the sectors that are set to benefit most over the next few years will be manufacturing, professional services, retail banking and telecoms.”
A SAS press release put the £322 billion into context saying it was twice the size of the combined education, NHS and defence budgets for 2014-15, and more than one-fifth of the UK’s net public debt (circa. £1.5 trillion in 2014-15). This equates to an average of £54 billion per year, or 2.7% of the annual GDP over the next five years.