The European Commission in conjunction with the European Data industry has pledged €2.5 billion in a public-private partnership (PPP) in order to reinforce Europe’s data sector.

The EU will contribute €500 million of the tax-payer’s money over the next five years, to the industry consortium’s €2 billion purse.

European Commission Vice President Neelie Kroes spoke of the matter:

“Data is the motor and foundation of the future economy. Every kind of organisation needs the building blocks to boost their performance, from farm to factory, from the lab to the shop floor.”

What this could mean for Europe is as follows:

1) up to 30% of the global data Market for European suppliers;

2) 100,000 new data-related jobs in Europe by 2020;

3) 10% lower energy consumption, better health-care outcomes and more productive industrial machinery.

An MoU has been signed by the European Commission Vice President Neelie Kroes and President of the Big Data Value Association, Jan Sundelin, representing companies like ATOS, Nokia Solutions, Networks, Orange, SAP, SIEMENS, and research bodies such as Fraunhofer and the German Research Centre for Artificial Intelligence.

Due to start on 1 January 2015, the partnership will emphasize “public, private and academic research efforts to support research and “innovation in game-changing big data ideas in fields such as energy, manufacturing and health to deliver services like personalised medicine, food logistics and predictive analytics,” explained the EU press release.

Among other things, “Innovation Spaces” will be established to provide secure environments for experimenting with both private and open data, while simultaneously be a business incubator and hub for the “development of skills and best practices.”

European Commission’s recent policy on Big Data and action plan to fast-track the development of Europe’s data-driven economy sees this PPP as the maiden move towards its Big Data ambitions.

(Image Credit: Rock Cohen)

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