Rise in demand for cloud-based big data analytics software among SMEs, and multiple benefits provided by big data and business analytics solutions augment drive the market growth
PORTLAND, Ore., Oct. 22, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Europe big data and business analytics market by Component (Hardware, Software, and Service) Deployment Model (On-premise and Cloud), Analytics Tools (Dashboard & Data Visualization, Data Mining & Warehousing, Self-service Tools, Reporting, and Others), Application (Customer Analytics, Supply Chain Analytics, Marketing Analytics, Pricing Analytics, Spatial Analytics, Workforce Analytics, Risk & Credit Analytics, and Transportation Analytics), and End User (Manufacturing, BFSI, Healthcare, Government, Energy & Utilities, Transportation, Retail & E-Commerce, IT & Telecom, Education, and Others): Opportunity Analysis and Industry Forecast, 2020–2027." According to the report published by Allied Market Research, the Europe big data and business analytics market garnered $44.21 billion in 2018, and is projected to reach $105.82 billion by 2027, registering a CAGR of 11.5% from 2020 to 2027.
Key determinants in the market
Growing adoption of big data analytics software by multiple organizations, rise in demand for cloud-based big data analytics software among SMEs, and multiple benefits provided by big data and business analytics solutions augment the growth of the Europe big data and business analytics. Conversely, high implementation cost and lack of skilled workforce impede the market growth. Nevertheless, emerging trends such as social media analytics and increase in need to gain insights for business planning usher new opportunities for the market players in the near future.
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- Europe has been amongst the worst impacted regions due to Covid-19. Therefore, major industries in Europe have been affected. However, the software firms including the big data and business analytics market have adapted certain changes to continue amid the crisis.
- The demand for big data analytics has been increased from end-use sectors such as hospital, education, and retail and e-commerce. However, clients from manufacturing and oil & gas sectors are likely to hold back their spending for related projects.
- The firms have adopted the remote working system, on the other hand, to continue their businesses, and offer services to the customers.
Get detailed COVID-19 impact analysis on the Europe big data and business analytics market:
The software segment dominated the market in 2019
Based on components, the software segment accounted for the largest share in 2019, contributing to nearly two-fifths of the Europe big data and business analytics market, and is estimated to maintain its dominant position during the forecast period. The same segment is estimated to portray the highest CAGR of 12.8% during the forecast period. This is owing to surge in need to manage cloud-based big data analytics services and rise in integration of artificial intelligence technologies in several industries.
The on-premise segment to lead the trail throughout 2027
Based on deployment, the on-premise segment held the largest share in 2019, holding nearly two-fifths of the Europe big data and business analytics market, owing to its high data transfer speed and security features. Nevertheless, the cloud segment is expected to register the highest CAGR of 16.6% from 2020 to 2027. This is owing to rise in adoption of cloud services across various industries.
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Austria to manifest highest growth rate by 2027
Based on country, Austria is expected to grow at the highest CAGR of 14.2% from 2020 to 2027. This is owing to development of the e-commerce industry in the country and increase penetration of big data and business analytics in telecom industry. However, the rest of the Europe dominated the Europe big data and business analytics market in 2019, accounting for more than one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. Italy and Spain are gradually adopting big data analytics across various industries such as government, hospitals, clinics, finance & insurance agencies, and research centers which drives the market growth in this region.
Leading market players
- Oracle Corporation
- Hewlett Packard Enterprise Development LP
- SAP SE
- SAS Institute Inc.
- TIBCO Software Inc.
- Teradata Corporation
- Amazon Web Services
- Fair Isaac Corporation
- IBM Corporation
- Microsoft Corporation
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