Big data analytics and the Internet of Things (IoT) are projected to add £322 billion to the UK economy by 2020, according to new research conducted by the Centre for Economics and Business Research (Cebr).
56% of UK companies currently employ some form of big data analytics and the adoption rates are expected to rise to 67% by 2020. IoT adoption is estimated to increase from 30% in 2015 to 43% by 2020.
The big data analytics is expected to add an average of £40 billion per year to the UK economy over the period from 2015 to 2020, which will total £241 billion. The total economic benefit of the IoT is going to be £81 billion.
Adoption of big data analytics and the IoT are also expected to create 182,000 new jobs over the period from 2015 to 2020.