UK based charity, the Lloyd’s Register Foundation, has released its Foresight review of big data and announced a conditional grant offer of £10 million to support research by the upcoming Alan Turing Institute on engineering applications of big data, earlier this week on Monday.

“Our report concludes that within the next five to 10 years we are going to witness step changes in sensor technology, data-driven intelligent systems, computer science and algorithms for data analysis, impacting all aspects of the business life-cycle – from design to manufacturing, maintenance to decommissioning. This report sets the high-level strategic direction and funding priorities for the Foundation in the field of ‘data-centric engineering’,” explained Prof Richard Clegg, Managing Director of the Lloyd’s Register Foundation.

Their news release states:

“The Foundation’s Foresight review of big data, towards data-centric engineering, looks forward at how developments in the area of big data might impact the safety and performance of the engineering assets and infrastructure on which modern society relies, such as energy, transportation and shipping.”

The expert advisory panel that carried out the review comprises of an international ensemble and is headed by Professor Sir Nigel Shadbolt, Professor of Artificial Intelligence at the University of Southampton and Chairman of the Open Data Institute. The Foundation is known to be dedicated to research and education in science and engineering and based on the recommendations in the review, it has pledged a conditional grant of £10 million over five years to the Alan Turing Institute for the purpose of supporting its research in the engineering applications of big data.

Earlier this year in March, as part of the UK government’s 2014 budget, the announcement came for the Alan Turing Institute to be established as a national centre for data science, where the current funding will help in Big Data research and infrastructure.

Read more here.

(Image credit: Bernt Rostad)

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