target audience: TECH SUPPLIER Publication date: Sep 2023 - Document type: Market Forecast - Doc Document number: # EUR150681523
European Predictive, Advanced, and Visual Analytics Software Forecast, 2022–2027
This IDC Market Forecast presents the value of the European predictive, advanced, and visual analytics software market in 2022 and projects revenues over the 2023-2027 period. This document, produced in August 2023, includes the macroeconomic and market implications of geopolitical developments, including the Russia-Ukraine war. The European Union (EU) Commission expects gross domestic product (GDP) of EU's 27 members to grow at an average of 1.0% year on year in 2023, up from a previous estimate of 0.8%. The EU Commission also raised the 2024 GDP growth forecast from 1.6% to 1.7% year on year. By comparison, the U.K, economy is expected to be weaker, with the Bank of England anticipating year-on-year growth of 0.25% in 2023 and 0.75% in 2024.
"AI and real-time data have revolutionized the way organizations approach data analytics and visualization. In fact, organizations can gain a competitive edge by taking appropriate actions based on real-time, AI-powered data analysis. " — Senior Market Analyst Wiktor Markiewicz, IDC EMEA