Big data projects in the UK have received a large boost as the government has pledged to support the big data revolution by making £73m available to help unlock the potential of datasets.
In total 55 projects split across four groups that including medical, arts and environmental sectors will be benefiting from the investments made by officials.
It is claimed that within the next three years that big data will help to boost the UK economy by £216bn, making it one of the largest growing trends in the country. The most recent funding was announced by Universities and Science Minister David Willetts and follows the promised £189m funding announcement for big data in 2012.
The government also claims that big data projects will create 58,000 new jobs by 2017, as well as helping to drive innovation.
The funding is a boost to those working with big data and also for those who support its use to help develop advancements for society.
Receiving the biggest proportion of the money is the Medical Research Council who will be investing £50m in bioinformatics, which uses areas of computer science, statistics, mathematics and engineering to process biological data.
The Economic and Social Research Council will be investing £14m in four research centres at Essex, Glasgow, UCL and Leeds Universities.
It is hoped the centres will make data from private sector organisations and local government accessible to researchers. Currently, the data is being collected by these organisations but is not being used for research purposes.
The Natural Environment Research Council will be funding some of 24 projects with £4.6m to help the UK research community take advantage of existing environmental data.
Receiving the least amount of the funding the Arts and Humanities Research Council will be funding 21 new open data projects with £4m. It will make large data sets that academics would normally have access to available to members of the public.
The announcement comes as one of the latest in the global big data movement that is seeing countries, governments, and private companies try to seize the potential behind masses of information.
In the US $200m has been put into a big data R&D initiative and Japan’s Growth Strategy has allocated almost £90m for their research.
Outlining the need for investment in the sector Willets said: “Big data is one of the eight great technologies of the future and a priority for government. It has the potential to transform public and private sector organisations, drive research and development, increase productivity and innovation, and enable market-changing products and services.
“This funding will help the UK grasp these opportunities and get ahead in the global race.”
Image courtesy of the Department for Business, Innovation and Skills.