In addition, the foundation offered a conditional grant of £10 mill over five years to support research by the Alan Turing Institute on engineering applications of big data.
The review looks at how big data developments might impact the safety and performance of the engineering assets and infrastructure going forward, such as energy, transportation and shipping.
It draws on the findings of an international advisory panel led by Prof Sir Nigel Shadbolt, Professor of Artificial Intelligence at the University of Southampton and chairman of the Open Data Institute.
Prof Richard Clegg, Lloyd’s Register Foundation managing director, said: “Our report concludes that within the next five to 10 years, we are going to witness step changes in sensor technology, data-driven intelligent systems, computer science and algorithms for data analysis, impacting all aspects of the business life-cycle - from design to manufacturing, maintenance to decommissioning.
“This report sets the high-level strategic direction and funding priorities for the foundation in the field of ‘data-centric engineering’. Big data is going to bridge the gap from monitoring 'what is' to predicting 'what if'. The foundation intends to become a major supporter of international research in the field, partnering with organisations, including the Engineering and Physical Sciences Research Council.”
Four priority action areas have been identified:
Technology road-mapping:collaborating with the research community to forecast technology developments in data-centric engineering and plan and co-ordinate efforts.
Design for data: recognising that embedded sensors, intelligent systems and data management will form part of engineering design requirements.
Codes and standards: as more data is generated, collected, transmitted, stored and manipulated by engineering systems, there is a need for assurance of the quality, traceability, security and integrity of that data.
Data analytics: developing algorithms and mathematical models for data analysis, helping make informed decisions to enhance the safety, reliability and performance of assets and infrastructure.
The UK government has committed £42 mill to March 2020 to help fund the Alan Turing Institute to lead research, education and knowledge transfer in the data sciences. The London-based Institute will provide a national centre to promote advanced research and translational work in the application of data science.