Data is at the heart of the disruptions occurring across the economy. It has become a critical corporate asset, and business leaders want to know what the information they hold is worth. In Europe, one major trend in the market is deep learning and artificial intelligence. The report states that one challenge in Europe’s big data market is data security and privacy.
According to Goldstein Research estimates, by 2020, big data can improve the European GDP by 1.9%, and will be responsible for more than 3.5 million jobs in Europe by 2018.
Machine learning has broad applicability in many common work activities:
Recognizing known patterns 99%,
Generating natural language 79%,
Understanding natural language 76%,
Enhanced sensory perception 59%,
Optimizing and planning 33%.
Mc Kinsey, 2017 report analyzed how the European Union’s public sector could use data and analytics to make government services more efficient, reduce fraud and errors in transfer payments, and improve tax collection, potentially achieving some €250 billion worth of annual savings. But only about 10 to 20 percent of this has materialized.
Based on big data end-users: Banking and finance sector accounted for the largest revenue share of 35% in Europe big data market in 2016
Geographically, Western Europe accounted for the largest market share with USD 6.8 billion in revenue share in Europe’s big data market. Germany accounted for the largest market for big data in Europe with around 28% market share, closely followed by U.K. Eastern European countries such as Poland and Russia are likely to grow significantly at a CAGR of 18.2% over the forecast period.
Europe holds a shortage of digital skills, especially in AI and machine learning. Every major European tech center ranging from Berlin, Amsterdam, Stockholm, London, Paris, Eindhoven are short of professionals with requisite AI skills.
Sweden has taken the top place in the shortage of talent list. The most demanding high-tech jobs in Europe range from artificial intelligence and deep, machine learning, cloud security/encryption to robotics and blockchain, and fintech technologies.
Finland needs about 9,000 software developers, and that number is expected to rise to 15,000 by 2020 as the population ages and industry demand grows.
2030, Germany could face a shortage of 3 million skilled workers, with a considerable number of them being IT professionals.
Top companies based out of Europe that provides data related services include- Anderson, Altoros, HData Systems, Scalefocus, etc.
Key players in Europe’s big data market.
Amazon Web Services
TIBCO Software Inc.