MOSCOW (Reuters) – A joint venture set up by Rostelecom and VTB aims to capture more than 10% of Russia’s market for “big data” products by 2025, the telecoms provider said on Tuesday.
Their Big Data Platform plans to launch more than 30 projects this year, it said.
Rostelecom and VTB set up the 50-50 joint venture last March saying companies from sectors such as finance, telecommunications and retail would be able to join the platform.
Big data refers to the maintenance and analysis of data sets too large or complex for traditional data processing.
In some sectors the venture aims for a larger role, in property appraisal, for example, Rostelecom said the venture could occupy more than 40% of the market, which is expected to reach 34 billion roubles ($448 million) by 2025.
State-controlled Rostelecom and VTB, Russia’s second-largest bank, face competition in big data from top lender Sberbank and internet players Yandex and Mail.Ru.
($1 = 75.8320 roubles)
(Reporting by Anna Rzhevkina, additional reporting by Caleb Davis; editing by Alexander Marrow and Jason Neely)
