Ireland is bidding to become a world leader in data analytics. It is the next big thing in technology with predictions of millions of unfilled jobs for mathematicians and statisticians around the world.

A new €1 million research centre is being funded by the government and a new masters and degree programme has also been unveiled.

Data analytics is about converting large amounts of raw data into valuable information using statistical techniques and advanced software. The sector is growing at about 40% per year.

In the United States alone it is estimated that there will be unmet demand in 5 to 10 years of 140,000-190,000 analysts and 1.5 million data-savvy managers.

Involvement of several multi-national firms

To target this the coalition is launching the €1 million investment in a research programme in data analytics with the involvement of companies like eBay, Accenture, Dell, Fidelity Investments and Qumas.

Minister Richard Bruton also announced a new education programme that will see diploma and masters programmes jointly run by the Irish Management Institute and University College Cork (UCC).

The initial research phase of the Technology Centre in Data Analytics called CeADAR - the Centre for Applied Data Analytics Research - will aim to make Ireland a world leader in this area.

The Department of Enterprise says data analytics is a key target sector identified as a Disruptive Reform in the Government’s Action Plan for Jobs. "Establishing an industry-led Data Analytics Technology Centre to work on developing viable business tools in this emerging area is one of the major actions contained in the plan aimed at realising this potential" it adds in a statement.

Jobs Minister Richard Bruton says the potential for employment is huge.