The European Commission and Europe's data industry will invest €2.5 billion in a public-private partnership (PPP) that aims to strengthen the data sector in Europe. A Memorandum of Understanding to set up the PPP on big data will be signed today by European Commission Vice President Neelie Kroes and President of the Big Data Value Association, Jan Sundelin, who acts on behalf of companies including ATOS, Nokia Solutions and Networks, Orange, SAP, SIEMENS, and research bodies such as Fraunhofer and the German Research Centre for Artificial Intelligence. The EU has earmarked over €500 million of investment over 5 years (2016-2020) from Horizon 2020 which private partners are expected to match at least four times over (€2 billion).

The Big Data Value Association, a non-profit, industry-led organisation whose members include ATC, IT Innovation, IBM, SINTEF, University of Bologna (CINI), Polytechnical University of Madrid, NOKIA Solutions and Networks, THALES, University of Duisburg Essen, Siemens, SAP, Engineering, TIE Kintetx, ANSWARE, Software AG, Orange, Atos, INDRA, ITI, VTT, Fraunhofer, DERI, and the Technical University of Berlin.

"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," said Neelie Kroes.

The money is needed to help companies process some of the 1.7 million gigabytes of data she said is generated around the world each minute. This data, including climate information, satellite imagery, digital pictures and videos, transaction records and GPS signals should be put to use by European companies, Kroes said.

The PPP will help focus public, private and academic research efforts to support research and innovation in game-changing big data ideas in fields such as energy, manufacturing and health to deliver services like personalised medicine, food logistics and predictive analytics.

The PPP is due to start on 1 January 2015.