Big Data Platform, the joint venture established between universal Russian bank VTB and the long-distance telecoms provider Rostelecom, has announced its ambitious development strategy to occupy 10% of the target market for Big Data by 2025.
The joint venture between two of Russia’s largest companies has set high ambitions with the aim of creating a Russian market leader in Big Data.
Big Data is a phrase coined to describe data that is literally huge in size, yet growing exponentially over time. Due to its large file size and general complexity, no traditional management tools can process or handle it efficiently.
Big Data is typically split into three sections: structured, unstructured and semi-structured data. As an example of Big Data’s application in real-time, a single jet engine accumulates 10+ terabytes of data over just 30 minutes of flight time, with the daily generation of such data typically reaching Petabyte levels.
The goal of VTB and Rostelecom’s newly formed Big Data Platform is to create a market leader in the field of services based around Big Data, including combining unique arrays of depersonalised data, technologies, and competencies.
Among other ambitions, The Big Data Platform plans to launch Big Data exchange platforms, services for remote property assessment, new services for demand forecasting, and services for accessing the Big Data cloud infrastructure.
“We are betting on a huge synergy due to the combination of ‘big data’ of PJSC Rostelecom and PJSC VTB,” comments Alexander Aivazov, member of the Board of Directors of Big Data Platform, and Vice President for Business Development of Rostelecom. “The Platform’s technical solutions are based on machine learning and artificial intelligence systems and allow us to count on the rapid launch of various popular products to the market. This approach has shown high efficiency among our foreign colleagues, and we expect to repeat the success here in Russia. At the same time, we plan to actively develop a partnership direction that provides for the use of our products, platforms, and infrastructure by other organisations according to the service model.”
The company plans to launch more than 30 pilot projects with potential customers by the end of this current year, with plans for the platform to occupy more than 10% of the target market for Big Data products in Russia by 2025.
“Our Big Data Platform company has an ambitious goal – to take a leading position in the field of Big Data-based services by 2025” comments Vadim Kulik, Head of the Board of Directors of Big Data Platform, and Deputy President and Chairman of the Management Board of VTB. “According to experts” he continues, “in 2025, the volume of the company’s target market for Big Data products in Russia will amount to 34 billion rubles, and the Big Data Platform plans to capture more than 10% of this market. At the same time, our share in a number of segments will be significantly higher, for example in remote property valuation, we expect to take more than 40% of the market.”
According to the strategy, the target products for the “Big Data Platform” are Big Data exchange platforms, services for remote property assessment, new services for demand forecasting and access to cloud Big Data infrastructure, Big Data projects in the field of scoring individuals and legal entities, advertising programming, personalisation of offers and lead generation, and geoanalytics.
- Tyler Smith
Tyler is a Fintech Junior Journalist with specific interests in Online Banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.
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