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‘Energy firms in Middle East must invest in big data’

Technology

German software corporation SAP has urged companies, including oil and gas, in the Middle East region to invest in big data technologies

Big data and the Internet of Things (IoT) could benefit supply chain, research and product development, customer preferences, and location-based services and offers, the company said.

“In this emerging digital economy, as more objects and devices are connected together, they are creating vast amounts of data that Middle East businesses are looking to leverage.”

Deloitte has estimated that revenue from the Internet of Things (IoT) in the Middle East will reach nearly US$2bn in 2015.

Growth in the region’s IoT market has outpaced the global average, with revenue from IoT hardware and services set to increase further.

The advancing inter-connected IoT era will connect at least 50bn devices and generate US$14.4 trillion in value by 2020, according to a report by Stephenson Strategies and SAP.

Deloitte also predicted that global IoT analytics revenues will grow by 500 per cent over the next four years.

SAP head of customer office, SAP MENA and head of quality management for SAP MENA and EMEA Emerging Markets Frank Forndron said, “The IoT will be the Middle East’s biggest game-changer, and enterprises need to develop comprehensive strategies to re-imagine their businesses in the digital economy.

“We’re seeing strong demand for our SAP S4/HANA real-time in-memory business suite, which reduces complexity and cost, and delivers customer value and boosts the region’s economy.”

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