A new €88m Science Foundation Ireland research centre focused on data analytics has been launched in a joint initiative between several third level institutions.
Called Insight, it will lead to the creation of 300 direct jobs, as well as to the training of the next generation of data analytics experts.
It brings together more than 200 researchers from Dublin City University, NUI Galway, University College Cork and University College Dublin and other partner institutions with 30 industry partners.
The industry partners range from small Irish start-ups to established SMEs and large multinationals and include RTÉ, Cisco, Microsoft, Alcatel-Lucent, Santry Sports Clinic, Avaya and TE Labs.
Over the next six years, Insight research is expected to result in 12 new spin-out companies, around 50 patent filings, and over 50 technology licenses, leading to thousands of indirect jobs in the data analytics sector.
The global market for business analytics is estimated to be worth more than $34bn, with Big Data driving a 60pc increase in the operating margins of retailers, while the annual value of data analytics for the US healthcare system is valued at $300bn.
CEO of Insight, Professor Barry Smyth, said: “Data analytics represents a huge growth opportunity for Ireland and we are perfectly positioned to take advantage of it.
“Spending on Big Data technologies is growing at 30pc per annum as demand for data analytics skills continues to outstrip supply. In Insight we have brought together the country’s leading data analytics researchers to meet this demand and create new opportunities for Ireland and our industry partners.” Business and Leadership.