Report : Europe Big Data Analytics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Software and Services), Analytics Tool (Dashboard and Data Visualization, Data Mining and Warehousing, Self-Service Tool, Reporting, and Others), Application (Customer Analytics, Supply Chain Analytics,
At 15.8% CAGR, the Europe Big Data Analytics Market is speculated to be worth US$ 153.92 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe big data analytics market was valued at US$ 63.89 million in 2022 and is expected to reach US$ 153.92 million by 2028, registering an annual growth rate of 15.8% from 2022 to 2028. Growing database across industries and Surge in adoption of big data analytics in supply chain management are the critical factors attributed to the market expansion.
The rising digital solutions are exponentially growing data across several industries such as education, BFSI, retail, agriculture, healthcare, IT, and telecommunications. For example, artificial intelligence (AI) has revolutionized precision farming, risk management, and pest control in the agricultural sector. Big data analytics are used in the agriculture industry to examine large amounts of structured and unstructured data sets such as natural trends, advanced supply tracks, optimal crops, and risk assessment collected through sensors, smart machinery, GPS-equipped tractors, and soil sensors. Medical companies can still not meet the information needs of patients, physicians, administrators, and policymakers. Big data analytics can enable personalized and precise treatment based on unique data, supplied in real-time and adapted to patients. Further, systems that can quickly learn about the data provided by people in clinical treatment and everyday life must be implemented. This will allow for data-driven decision-making and better personalized prognosis and treatment response predictions. Corporations are using bots to modernize and automate their work environments. Furthermore, virtual assistants such as Amazon Alexa, Apple Siri, and Google Assistant generate important data. Technological advancements have boosted the rise of social media users in network access and smartphone technologies. Various data sources, such as YouTube videos, Snapchat, Instagram, Facebook, and WhatsApp chats, generate massive amounts of data. As a result of technological advancements in industries, smart applications, and social media platforms, the industrial revolution is predicted to create huge databases. Thus, the growing database across these industries is driving the growth of the big data analytics market.
On the contrary, stringent data security regulations and data security concerns hurdles the growth of Europe big data analytics market.
- Based on component, the Europe big data analytics market is segmented into software and services. The software segment held 65.0% market share in 2022, amassing US$ 41.55 million. It is projected to garner US$ 96.27 million by 2028 to expand at 15.0% CAGR during 2022–2028.
- Based on analytics tool, the Europe big data analytics market is segmented into dashboard and data visualization, data mining and warehousing, self-service tool, reporting, and others. The dashboard and data visualization segment held 39.4% market share in 2022, amassing US$ 25.19 million. It is projected to garner US$ 58.98 million by 2028 to expand at 15.2% CAGR during 2022–2028.
- Based on application, the Europe big data analytics market is segmented into customer analytics, supply chain analytics, marketing analytics, pricing analytics, workforce analytics, and others. The customer analytics segment held 40.0% market share in 2022, amassing US$ 25.56 million. It is projected to garner US$ 65.39 million by 2028 to expand at 16.9% CAGR during 2022–2028.
- Based on end use industry, the Europe big data analytics market is segmented into pharmaceutical, semiconductor, battery manufacturing, electronics, and others. The others segment held 79.7% market share in 2022, amassing US$ 50.90 million. It is projected to garner US$ 121.75 million by 2028 to expand at 15.6% CAGR during 2022–2028.
- Based on country, the Europe big data analytics market is segmented into the Germany, UK, France, Italy, Russia, and Rest of Europe. Our regional analysis states that the UK captured 23.4% market share in 2022. It was assessed at US$ 14.97 million in 2022 and is likely to hit US$ 38.63 million by 2028, exhibiting a CAGR of 17.1% during the forecast period.
Key players dominating the Europe big data analytics market are Amazon Web Services, FICO, Hewlett Packard Enterprise Development LP (HPE), IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Teradata, TIBCO Software Inc. among others.
- In 2021, Hewlett Packard Enterprise announced enhancements to its HPE Ezmeral software portfolio, including new technologies and collaborations aimed at assisting enterprises in unifying data access from the edge to the cloud to power their digital transformation ambitions. The HPE Ezmeral portfolio, when combined, offers clients an end-to-end hybrid cloud analytics platform that enhances quality, repeatability, throughput, and speed to value for AI/ML, analytics, and data-intensive applications.
- In 2020, Oracle has made the Oracle Cloud Data Science Platform available. Oracle Cloud Infrastructure Data Science is at the heart of the solution, assisting organisations in jointly building, training, managing, and deploying machine learning models to improve the effectiveness of data science initiatives.