Data analysis has £216bn potential

“Big data” analysis has the potential to add £216bn to the UK economy by 2017, according to research out today from the Centre for Economics and Business research and SAS UK. The huge amount of data generated by online and mobile activity can be analysed to “unlock previously unseen patterns, sentiments and customer intelligence,” the report said. By stimulating the growth of new companies, tens of thousands of new jobs could be created, while efficiency gains are expected to make up most of the direct financial benefit. The public sector would also be expected to benefit, saving £2bn in fraud detection and generating £3.1bn in better performance management, the report estimates.

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