Some of the biggest technology companies in Europe have teamed up with leading research bodies and the European Union to promote the development of big data applications across a number of markets.
The memorandum of understanding (MOU) was signed by the outgoing Vice President for the Digital Agenda, Neelie Kroes and the president of the Big Data Value Association (BDVA), Jan Sundelin, who represents some of the biggest European tech names and universities.
The partnership will start officially in 2015 with the aim to deliver the first projects in 2016 and will run will 2020. Members of the BDVA will commit €2 billion (about £1.6 billion, $2.8 billion, AU$3 billion) with the EC adding another €500 million (about £400 million, $700 million, AU$750 million) .
"Data is the motor and foundation of the future economy. Every kind of organisation needs the building blocks to boost their performance, from farm to factory, from the lab to the shop floor," Kroes stated.
The BDVA is a not-for-profit organisation headquartered in Belgium that counts 24 founding members including the likes of Orange, Siemens, SAP, Software AG, ATOS, IBM Israel and Intel Ireland.