Big cities, big data! Today, Mayor Bloomberg joined NYU President Sexton to announce partnerships between Center for Urban Science & Progress and Microsoft and Lutron Electronics and to inaugurate the new Brooklyn office. Find out more at NYU CUSP’s website.
Photo credit: Edward Reed/NYC Mayor’s Office
This morning, NYCEDC Executive Director Kyle Kimball hosted an industry panel on big data at Columbia University’s Institute for Data Science and Engineering. The panel featured Shawn Edwards, CTO of Bloomberg LP; Jennifer Tour Chayes, Distinguished Scientist and Managing Director of Microsoft Research New England and NYC; Justin Moore, Engineer at Facebook; and Ben Fried, Chief Information Officer at Google. Find out more.
Big Apple + Big Data = Big Bang
The volume, velocity, variety, and value of private sector, government, and individual data have expanded with a big bang, opening up a whole new universe of Big Data: datasets whose sizes are beyond the ability of typical databases to capture, store, manage, and analyze.
Tech research firm IDC estimates that digital data is more than doubling every two years, much of which are stored in “Big Data” bundles. And according to a recent McKinsey report, in 2009, nearly all U.S. companies with more than 1,000 employees stored, on average, at least 200 terabytes of data—twice the amount Walmart stored in 1999.
As a result of this growth, business strategists are now paying increased attention to the potential economic value of Big Data as it helps generate significant performance efficiencies, realize product/service model innovations, and identify customer service improvements. In fact, the Big Data technology and services industry is forecasted to grow from $3.2 billion in 2010 to $16.9 billion in 2015.
This spring, as part of our ongoing Media.NYC.2020 initiative, NYCEDC President Seth Pinsky and Hearst Magazine President David Carey convened about 50 media industry thought leaders at Hearst HQ to discuss the strategic implications of Big Data for New York City’s media industry. Keep reading.