105017Spectra Analytics - The Artificial Intelligence FactoryClosedFeasibility StudiesInnovate UK"The amount of data that we are collecting has increased exponentially, driving a new world quantum of data storage. This has left many businesses with information overload, making it difficult for them to operate and to achieve a Return on Investment (ROI). How can companies harness this data to inform decision making and drive business growth? The answer is data science. Data science -- or data analytics -- is the application of mathematical and statistical modelling, and machine learning / artificial intelligence (AI) to extract insights from data to inform -- and possibly automate -- processes and decision making. Companies have Big Data Plans, but they are realising they also need a Data Science Plan. IDC estimates that the big data and analytics market will grow to $203bn by 2020 - doubling from 2015 -- and Gartner estimates the business value derived from AI will be $5trn+ by 2025 with Decision Support/Augmentation growing by 44% to 2030\. Unfortunately, building a Data Science team is extremely difficult and expensive. PWC found a large and increasing demand for AI/Data Science skills -- increasing by 40% over the next 5 years - but due to the advanced level of skills required there are few qualified practitioners.This preventing companies from delivering cutting-edge solutions. This presents a large and growing market for data scientists and AI product development. To address the need, Spectra Analytics (""Spectra"") has developed a disruptive new business model, the ""AI Factory"". A specialist AI/Data Science firm that allows companies to outsource and/or partner to develop AI solutions."