ICTC is pleased to announce the release of the Big Data Analytics (BDA) report, the last stop in our Social, Mobile, Analytics, Applications and Cloud (SMAAC) publication series. The report examines the economic and labour market impact of big data adoption in Canada, linking it to the broader Internet of Things (IOT) economy, which is expected to add trillions to global GDP. The report provides a detailed breakdown of Canada’s big data market, business models, job trends and emerging occupations.
Big Data has been described as the “new commodity” for the 21st century digital economy, due to its immense, untapped value. Its adoption is seen as critical for organizations that are looking to extract knowledge from massive data sets in order to streamline connectivity, reveal insights about consumer trends and develop more profitable business models. As a result, 43,700 Canadians are employed directly and indirectly as a result of big data adoption. This is expected to reach 56,000 by 2020.
Having distinct competition with other advanced industrialized economies, Canadian companies must ensure their success by staying up to date with digital technologies. This requires upgrading business processes, digital skills and technology management expertise. To make Canada a more competitive player in the global big data market, industry, policymakers and post-secondary institutions must come together to overcome adoption challenges and skills shortages by treating big data as the evolution of business analytics.
Take the first step towards Canada’s digital advancement by immersing yourself into the Big Data Report.
ICTC’s ongoing research into IOT will shed new light on the economic potential of big data analytics and the new business models being created to maximize its value. To learn more about the dynamic relationship, download ICTC’s Monetizing IOT: Capitalizing on Connectivity Trend Focus report.
Funding Provided by:
The Government of Canada’s Sectoral Initiatives Program