Publication date: 26 Jun 2023
Generative AI and ESG Will Reshape the Big Data and Analytics Software Market in the Years to Come, Says IDC Europe
Contact
For more information, contact:- Matija Misic Email: mmisic@idc.com Phone number: +381 11 630 27 75
BELGRADE, June 26, 2023 – The Semiannual Big Data and Analytics Software Tracker published by International Data Corporation (IDC) predicts a quite limited effect of the current economic developments on the growth of the European big data and analytics software market. Among other factors, emerging agendas that revolve around generative AI and ESG is expected to transform data utilization approaches in the coming years.
The ongoing Russia-Ukraine war and inflation in Europe have mildly affected the big data and analytics markets in Western Europe (WE), which posted 18.7% year-on-year growth in constant currency (U.S. dollars) in the second half of 2022, compared to the 21.5% growth in H1. On the other hand, Central and Eastern Europe (CEE) has suffered a more severe slowdown, growing by just 0.5% in constant currency year on year.
According to IDC's Big Data and Analytics (BDA) Software Forecast, the European outlook is predicted to improve, with 14% growth in 2023 (current currency) and an upward trend in the following years, resulting in a compound annual growth rate (CAGR) of 20.8% for WE and 19% for CEE in the 2023–2027 period. Uninhibited growth of data analytics and AI solutions will subsequently drive demand for business intelligence and analytics tools and platforms, thus leaving the other two markets significantly behind.
“One of the key drivers of growth will be the emergence of generative AI. All the biggest players in this market have already announced the addition of various generative AI solutions into their big data and analytics portfolio — including AWS Sagemaker, Salesforce Einstein, Azure Open AI Service, and Oracle Data Safe,” says Veronika Paal, senior research analyst with IDC European Software Data & Analytics.
However, generative AI is just one of the factors affecting the market. According to Matija Misic, research analyst with IDC European Software Data & Analytics: “Vendors will be increasingly looking to improve their data analytics processes, especially in the ESG area, where the changing European regulations and upcoming sustainability reporting standards, such as ESRS, are causing companies to track new metrics and improve their performance.”
About IDC Trackers
IDC Tracker products provide accurate and timely market size, vendor share, and forecasts for hundreds of technology markets from more than 100 countries around the globe. Using proprietary tools and research processes, IDC's Trackers are updated on a semiannual, quarterly, and monthly basis. Tracker results are delivered to clients in user-friendly Excel deliverables and on-line query tools.
For more information about IDC’s Worldwide Semiannual Big Data and Analytics Software Tracker for Europe, please contact Veronika Paal (vpaal@idc.com) or Matija Misic (mmisic@idc.com).
Click here to learn about IDC's full suite of data products and how you can leverage them to grow your business.
About IDC
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,300 analysts worldwide, IDC offers global, regional, and local expertise on technology, IT benchmarking and sourcing, and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly owned subsidiary of International Data Group (IDG), the world's leading tech media, data, and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to the IDC Blog for industry news and insights.