The market for big data analytics, tools and technologies is dynamic and evolving
rapidly. As part of the broader digital and knowledge economies, the businesses
and organisations that are leading innovation in the big data space, along with
those deploying big data in their organisations, have an important role to play in
supporting economic growth.
Where big data and analytics are used to identify cost savings and increase
efficiency, they can contribute to a direct improvement in productivity. By
identifying areas of underperformance and reallocating resources to their most
productive uses, the overall performance of the organisation in question can be
improved. Where the operation is commercial this can contribute to increased
value for shareholders. Where the organisation is in the public sector, there can
be benefits for citizens both as taxpayers and as end users.
Beyond direct benefits for organisations that deploy big data analytics, there is
further scope for new markets in big data related tools and products to emerge.
The businesses that develop big data technologies are at the cutting edge of the
digital economy – ranging from large, established players to numerous smaller
and start-up companies offering innovative and niche services. The government
has set an ambition for the UK to become the technology hub for Europe. An
important second-order benefit of striving to capture big data opportunities in
the public sector will be the economic upside from the partnerships with big data
businesses that this will entail.
Of course, support for the big data industry should never drive the decisionmaking
process for government – the primary concern must always be taxpayers
and citizens. But where commercial partnerships make sense, this will send an
important signal of confidence for the big data and related sectors of the UK
economy.