The Faculty of Science’s newly launched Data Analytics Consulting Centre (DACC) helps clients to generate economic, social and scientific value from data using cutting-edge techniques and advanced data analytics strategies. This makes businesses smarter, more productive and more competitive, driving economic growth.
By 2020, the amount of data in the world will grow to 44 trillion gigabytes - more than doubling every two years [Source: The International Data Corporation].
Big Data refers to datasets whose size is beyond the ability of typical database software tools to capture, store, manage and analyse. These huge datasets may be analysed computationally to reveal patterns and trends, including relationships with human behaviour. This is referred to as Big Data and Analytics.
As a country with no natural resources, Singapore has identified data as a new “natural resource” and the importance of analytics in unlocking the value of data to drive economic growth. In Singapore, the Big Data and Analytics global market is forecast to grow at 34% compound annual growth rate (CAGR) and reach US$2.6 billion in 2018.
[Source: IMM2025 Infocomm Media Technology Market Sizing Study - PwC]
Singapore is driving our transformation into a Smart Nation, to improve lives, businesses and government. The transformation is made possible by data, better connectivity and computational technologies.
In addition, more than 80 of the top 100 software and services companies have regional headquarters in Singapore.
The convergence of the Internet of Things (IoT), cloud and Big Data is also creating new opportunities. The IoT generates massive volumes of structured and unstructured data. More of this data is being deployed on cloud services. As a result, demand is growing for analytical tools that enable businesses to exploit data anytime, anywhere.
To prepare the next generation of data scientists for the new global data economy, the DACC provides students in NUS’ Data Science and Analytics degree programme opportunities to solve real-world business problems with data-driven solutions. This programme, the first in Singapore, grooms data scientists with interdisciplinary expertise in statistics, mathematics and computer science to turn data into actionable insights for businesses.