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Big data and IoT to add £322 billion to UK economy by 2020

Big data and the ‘internet of things’ (IoT) are projected to boost the UK economy by £322 billion by 2020, according to research from the Centre for Economics and Business Research (Cebr) and SAS.

Entitled The value of big data and the internet of things to the UK economy, the research aims to establish the value of big data and the IoT and their combined future impact on the UK economy across a number of different industries.

It achieved this by analysing adoption rates of big data and IoT analytics solutions and the average amount of data stored by businesses in the last 12 months.

On average, 56 per cent of UK businesses are currently using some form of big data analytics, which currently contributes over £46 billion to the UK economy (when combined with the IoT).

The report suggests the adoption rate of big data analytics will rise to 67 per cent across all industries by 2020 which, when combined with the IoD, will have contributed £322 billion to the UK economy.

Investement banks and telecoms companies were among the top users of big data solutions, averaging 2.83 and 2.62 analytics solutions per firm respectively.

The professionals services sector employed among the least amount of big data analytics solutions, averaging 1.75 solutions per business.

In terms of the average amount of data stored by businesses in the last 12 months, investment banking (37 TB), telecoms (30 TB) and insurance (TB) are among the highest.