Ireland seen as contender for data-driven investments

Ireland is the second most attractive location in the European Union for data-driven investments, a new survey shows. The survey of more than 200 global senior executives reveals that only Britain ranks ahead of the Republic in terms of attractiveness as an EU data-control hub.

According to the study, which was conducted on behalf of law firm William Fry by the US media company Forbes, 96 per cent of those surveyed viewed Ireland as a favourable investment location.

In addition, 82 per cent of respondents rated the country’s regulatory regime as good to excellent.

The survey reveals that 34 per cent of those surveyed, whose organisations have annual sales of between $1 billion and $4.9 billion, said a data-driven Irish investment was likely within the next year.

A majority of respondents welcomed the new EU General Data Protection Regulation (GFPR), which is due to come into effect in May 2018. Some 76 per cent of those surveyed said tighter regulatory controls over data were the necessary.

The new rules, which promise potentially huge fines for noncompliance, will force businesses across the EU to report breaches involving personal data to their appropriate national data protection authority.

The Forbes survey shows that 73 per cent of firms surveyed who do not regard themselves as technology companies say they are now data driven with 87 per cent saying they are exploiting big data to optimise business process and strategies.

The study reveals that 81 per cent of survey participants say privacy issues are driving the need for standalone data operations to be located in the EU with 61 per cent adding they were likely to consider an EU hub for data-driven investment in the near future.

David Cullen, partner and head of William Fry's technology department said the survey findings were overwhelmingly positive for Ireland.

“The finding that 75 per cent of survey participants believe physical facilities are the future of data-driven investment in Europe is significant,” he said, noting how Ireland has become a popular location for data centres.

“I strongly believe there is a real opportunity for Ireland to exploit big data and position itself as the jurisdiction of choice in Europe,” Mr Cullen added.