Verizon focuses on data analytics at Palo Alto facility
Verizon (NYSE: VZ) has made Palo Alto, Calif., as the main site to conduct research and development for its growing data analytics practice.
The service provider said that the new center will help guide its "strategic direction for data analytics, artificial intelligence and machine-learning activities." A near-term focus of the lab will be to find ways to improve the efficiency of its own internal network infrastructure.
But as Verizon looks to drive more synergies between its wireline and wireless product lines, the data analytics team will help the telco's business units develop products and services for a number of key vertical market segments such as education, healthcare and IT, and machine-to-machine applications.
In February, the service provider announced that it created a new group focused on developing new products and devising new business models that will work across the company's wireless, wireline, cloud and enterprise groups.
Led by Verizon's Chief Data Scientist Ashok N. Srivastava, the big data analytics organization has hired more than 35 new employees, with most of those jobs located in Palo Alto at the labs and research center. The service provider added that it will continue its hiring throughout 2014 for the remaining open positions.
Verizon's timing could not be better. According to a recent IDC report, the market for big data and analytics is forecast to reach $16.1 billion this year, growing six times faster than the overall IT market.
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