UAE businesses must embrace Big Data analytics: Experts
Can UAE firms turn their face from Big Data analytics? Experts say large and complex data processing is going to be a must for firms to test the waters when it comes to Internet of Things (IoT) technology.
Savitha Bhaskar, COO of UAE-based IoT consultancy Condo Protego, says more than half of the organisations in the country need to adopt advanced Big Data analytics to succeed in the IoT, a network of devices, sensors and machines that enables communication, collection and exchange of data between these objects.
“The UAE is a leader in using data to drive citizen happiness and new streams of revenue, from Smart Cities to digital transformation of government services and businesses,” she said.
“As the IoT advances, UAE organisations need the advanced data management solutions to make better use of their existing data, and store, analyse, and protect the massive amounts and different types of data to remain competitive,” added Bhaskar.
According to the market research and consultancy firm International Data Corporation (IDC), governments and businesses in the Middle East and Africa (MEA) region will invest more than $6.6 billion in Internet of Things (IoT) hardware, software, services and connectivity in 2016.
The consultancy projects that IoT revenues in the region will increase at a compound annual growth rate (CAGR) of 21.3 per cent over the next four years to total more than $14.3billion in 2020.
By 2020, 32 billion connected things will generate 44 trillion gigabytes of data, with a market of $1.7trn, according to IDC.
Dubai is gearing up to host GITEX Technology Week 2016, which will run from October 16 to 20 at the Dubai World Trade Centre and is expected to attract local and international Big Data players.