Big Data and Data Analytics
Big data analytics have the potential to identify efficiencies that can be made in a wide range of sectors, and to lead to innovative new products and services, greater competitiveness and economic growth.
Abstract
Advances in information and communication technologies, the increasing use of electronic devices and networks, and the digitalisation of production processes mean that vast quantities of data are generated daily by economic and social activities. This 'big data' can be transmitted, collected, aggregated and analysed to provide insights into processes and human behaviours. Big data analytics have the potential to identify efficiencies that can be made in a wide range of sectors, and to lead to innovative new products and services, greater competitiveness and economic growth. Studies suggest that companies that adopt big data analytics can increase productivity by 5%10% more than companies that do not, and that big data practices in Europe could add 1.9% to GDP between 2014 and 2020.