The Information Technology experts in the country, have advised the Federal Government to leverage on big data to improve the state of the economy.
They gathered during a parallel session at the opening day of the 12th edition of the International conference , organised by the Nigeria Computer Society (NCS), in Akure, a researcher at the Saskatchewan University, Canada,Dr. Iyilade Johnson, has predicted that in 10 years time, big data will change every aspect of the economy.
According to him, big data is one of the intelligent industry solutions and it allows government to make better decisions by taking action based on patterns revealed by analyzing large volumes of data, which is related and unrelated, structured and unstructured.
"Data is the new oil of the 21st century with potential to spur innovation and social development in many sectors. By 2020, market size of the third IT platform technologies , which will reach $5.3 trillion and the counting has started this year(2013)".
Iyilade explained that there is huge money to be made from big data ,the only thing is that Nigeria should build software platform that would support this trend.
He further disclosed that big data is trending in Nigeria, according to Google's search and that the future belongs to the companies and people that turn data into products. Adding that big data is a critical support and pillar of economy.
Big data is not about the size but huge information that can give trends, patterns and associations especially relating to human behaviour and interactions.
Iyilade listed other challenges of big data to include huge volume that is already at 8 zetabyte and by 2020, the world will attain 40 zetabyte and that 50 per cent of the global data was generated in the last two years.
"80 per cent of the data , we have now is on structure(social media). Data is coming from various sources and as such it needs to be checked against reliability and value".
The conference, which was tagged: 'Information Technology for inclusive development', conference, a three day conference, according to the President of the association, Prof David Adewunmi,the theme is more appropriate now in Nigeria considering that development in all ramifications is pivoted in IT.
They gathered during a parallel session at the opening day of the 12th edition of the International conference , organised by the Nigeria Computer Society (NCS), in Akure, a researcher at the Saskatchewan University, Canada,Dr. Iyilade Johnson, has predicted that in 10 years time, big data will change every aspect of the economy.
According to him, big data is one of the intelligent industry solutions and it allows government to make better decisions by taking action based on patterns revealed by analyzing large volumes of data, which is related and unrelated, structured and unstructured.
"Data is the new oil of the 21st century with potential to spur innovation and social development in many sectors. By 2020, market size of the third IT platform technologies , which will reach $5.3 trillion and the counting has started this year(2013)".
Iyilade explained that there is huge money to be made from big data ,the only thing is that Nigeria should build software platform that would support this trend.
He further disclosed that big data is trending in Nigeria, according to Google's search and that the future belongs to the companies and people that turn data into products. Adding that big data is a critical support and pillar of economy.
Big data is not about the size but huge information that can give trends, patterns and associations especially relating to human behaviour and interactions.
Iyilade listed other challenges of big data to include huge volume that is already at 8 zetabyte and by 2020, the world will attain 40 zetabyte and that 50 per cent of the global data was generated in the last two years.
"80 per cent of the data , we have now is on structure(social media). Data is coming from various sources and as such it needs to be checked against reliability and value".
The conference, which was tagged: 'Information Technology for inclusive development', conference, a three day conference, according to the President of the association, Prof David Adewunmi,the theme is more appropriate now in Nigeria considering that development in all ramifications is pivoted in IT.
Sent from my BlackBerry® smartphone provided by Airtel Nigeria
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