Europe Big Data Market: Industry Analysis and Forecast (2024-2030) by Component, Deployment Mode, Application and Industry Vertical

Europe Big Data Market Definition:

The majority of European businesses are quite familiar with the Big Data technology, and big businesses in particular have several use cases for Big Data being implemented. Big Data is still a crucial technology for improving consumer experiences, cutting costs, and streamlining challenging corporate procedures. Despite the COVID-19 pandemic, the market for Big Data and analytics grew in the past two years, demonstrating that Big Data is a necessity rather than a nice-to-have technology that may help businesses foster digital resilience and escape dire crises more quickly. Europe Big Data Market is projected to grow during the forecast period at a significant rate during the forecast period.

A quarter of total BDA spending in 2023 has come from discrete manufacturing and banking. This is a result of ongoing interest in use cases including process automation and fraud investigation. The fastest growth during the forecast period is projected to be seen in sectors like professional services and healthcare.  Particularly in the healthcare industry, there is an extensive supply of patient data that will be used by Big Data analysts to understand patients, optimise and improve performance, and obtain insights from data. Observations over the past few years have shown that using Big Data applications can significantly improve the effectiveness and efficiency of decision-making in intricate communities and organisations.

Europe Big Data Market Dynamics:

In Europe, a huge volume of data is produced every day. These data can be connected together and analysed to produce fresh insights and ground-breaking remedies for the economy and society. The advantages that Big Data solutions can provide to European businesses and governments are becoming more well-known. European businesses are being forced to outsource their Big Data initiatives due to a lack of Big Data scientists. This indicates that in order to stay up with these advances, the Big Data Market in Europe is expected to experience rapid growth rate during the forecast period. Big Data-related operations that are straightforward and repetitive can be automated, but more complicated procedures strictly require human creativity, ingenuity and interpretation. Major changes in the workforce are being caused by this migration in various nations. Due to the rising automation of routine operations, low-cost nations are losing jobs, while other nations are creating highly skilled job requirements to meet the demands of automation. Offshore suppliers must develop the capability for these higher-value jobs in big data solutions if they want to remain competitive.

Due to the requirement for new digital solutions for businesses to continue operating, the present pandemic is accelerating the trend of digital transformation and automation. At the same time, opportunities may be presented to you by technologies like artificial intelligence, machine learning, and the Internet of Things. As the needs of the business and the market change, businesses are adopting digital technology more and more to develop new business processes and alter those that already exist. Digital transformation describes how firms are changing in the digital era. One of the primary technologies supporting and propelling the digital revolution is Big Data solutions. The capacity of gadgets to perceive and communicate data through networks and connections is creating extensive volumes of data that allow companies realise considerable benefits, which would be hard for humans to handle. According to a new update to the Worldwide Big Data and Analytics Spending Guide from International Data Corporation (IDC), European spending on Big Data and business analytics (BDA) solutions is predicted to exceed $50 billion in 2022, an increase of 7% over 2021. The estimate also indicates that during the following five years, when the European economy bounces back from the COVID-19 pandemic, spending on big data and analytics will increase. During the forecast period the projected compound annual growth rate (CAGR) for global Big Data Market will be 7.8 percent.

In terms of market restraints, Big Data poses a number of security dangers in addition to, or in some circumstances precisely because of, its advantages. Big Data systems are increasingly being targeted for attacks by threat hackers, and sophisticated and customised methods will be developed to take advantage of gaps and weaknesses.

To get more Insights: Request Free Sample Report

With respect to Big Data the European markets of Germany, the United Kingdom, France, and Italy are larger than those of the Nordic countries (Sweden, Finland, Denmark, and Norway). Companies that need effective business process monitoring, wish to boost their productivity, or want to add more value to their company can be found using the Nordic Big Data services. Given that Big Data is anticipated to play a significant role in many Nordic IT initiatives, the majority of business prospects can be found by providing business intelligence based on big data. The main drivers of this expansion are SMEs and large corporations. Companies in the CEE countries are projected to be seeking for solutions to comprehend and organise both the digital and physical aspects of running the organisation during the forecast period. Companies in the CEE are currently looking for solutions that involve analysing consumer experiences, providing digital services, and changing company ways.

Europe Big Data Market Segment Analysis:

On the basis of Component, the service market in Europe region is projected to dominate due to the nature of the IT sector in the region as most of the services in large magnitude are required from the banks situated in the region. The Data generated for the population is not just for Europe but from the consumers across all other regions and hence the service sector is projected to grow at a significant rate during the forecast period.  

On the basis of application, risk and credit analytics is projected to dominate the Big Data Market in the Europe region during the forecast period. This is due to the strong presence of banks that are involved in money lending and processing activities not just for the European region but also for the world. Many major banks and financial institutions have their head offices in the constituent countries of Europe region and hence have large demand for Big Data services in order to process and generate insights from the vast magnitude of data available with them.

On the basis of Industry Vertical, BFSI (Banking, Financial Services and Insurance) segment is projected to dominate the Big Data Market in the Europe region. This is due to the enormous growth of the banking sector in the region that will require Big Data products to process the large amount of data being generated in order to organise and comprehend customer insights.

The objective of the report is to present a comprehensive analysis of the Europe Big Data market to the stakeholders in the industry. The report provides trends that are most dominant in the Europe Big Data market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Europe Big Data Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

The qualitative and quantitative data provided in the Europe Big Data market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Europe Big Data market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Europe Big Data market.

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the Europe Big Data market. The report also analyses if the Europe Big Data market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly if the market is dominated by a few players, etc.

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Europe Big Data market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Europe Big Data market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Europe Big Data market is aided by legal factors.

Europe Big Data Market Scope:

Europe Big Data Key Players:  

• Excadel (Poland) 
• SAP SE (Germany)
• Cortical.io (Austria)
• Centaurea (Belarus)
• Opinum (Belgium)
• Koola (Bosnia and Herzegovina)
• Valuer (Denmark)
• Beemray (Finland)
• Shift (France)
• Itransition (Belarus)