This is according to a new study conducted by Frost & Sullivan, looking at key market developments, technologies used to convert big data to smart data, government programmes and the companies applying data analytics.
The anticipated increase in the smart data market revenue generation is a result of:
- Advancements in data processing tools
- Increased adoption of next-generation technologies such as augmented analytics to extract insights from big data
- Frost & Sullivan predicts new data monetisation business models will expand growth opportunities for solution providers.
Naga Avinash, Research Analyst, TechVision, said: “Markets such as the US, the UK, India, and Dubai have rolled out several initiatives to use Artificial Intelligence (AI) and machine learning-powered data analytics tools to generate actionable insights from open data.
Source: Smart Energy International