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.
"Smart Data will help businesses reduce the risk of data loss and improve a range of activities such as operations, product development, predictive maintenance, customer experience, and innovation.
"The evolution of advanced data analytics tools and self-service analytics endows business users instead of just data scientists with the ability to conduct analyses.
"Technology developers can ensure much wider adoption of their solutions by offering in-built security mechanisms that can block attackers in real time. They could also develop new business models such as shared data economy and even sell data-based products or utilities."
The majority of governments deploying data analytics on open data are targeting to address smart city challenges and water crisis.
The research firm urges solution providers wanting to increase their footprint in the smart data market to:
- Employ augmented analytics and self-service data analytics tools
- Adding new data analytics services to existing offerings.
- Innovate with smart data solution provider across the world
- Collaborate with governments to address the issue of talent shortage and setting clear investment and data strategy goals.
For more information about the report, visit