Big data in Europe is projected to grow from US$36.5 billion in 2018 to US$63.6 billion in 2023 at a CAGR of 9.1% during the forecast period. A large amount of data is being produced every day and when this data is analysed and interlinked, they provide a potential outcome to create new knowledge and innovative solutions for the economy and society. Growing penetration of the internet coupled with the adoption of cloud computing has generated a significant amount of data on account of rapid technological advancements and increased connectivity.
The increase in adoption of big data analytics software by various organizations to deliver enhanced and faster decision-making and to provide competitive advantage by analysing and acting upon information on time significantly contributes toward the growth of the European big data and business analytics market. In addition, the surge in demand for cloud-based big data analytics software among small and medium enterprises positively impacts Europe's big data and business analytics growth. However, high implementation costs and a dearth of skilled workforce are expected to hamper the market growth in Europe.
The new trend of focusing on relevant data to get actionable insights rather than collecting data has provided a new approach to the analysis of a huge amount of data. Organizations have realized that machine-generated data adds more value to their businesses than the data collected from customers and employees. With the usage of the Internet of Things (IoT) and connected devices, such as mobile, tablets, and laptops gaining traction over the past few years, the amount of machine-generated data has increased tremendously. Organizations are merging the data generated by machines with data generated by humans to get the best possible results. A rise in the generation of unstructured data, such as photos, videos, and social media is also expected to drive the growth of the big data market in Europe.
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