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What's New in the European Data Analytics Market?
The European data analytics market has seen significant developments and is preparing itself to greet rapid growth over the upcoming years.
FREMONT, CA: Data analytics capabilities have become integral to most businesses across the globe. The European data analytics market is currently pegged at €50 billion, and according to European Data Market study by IDC & Open Evidence, is poised to touch 111 billion in 2020 if high growth conditions prevail. Fueled by a combination of advanced technologies, data-related products, and services in the European continent will develop and foster the data-driven innovations for many industries. The evolution of data technology is making its data analytics significantly customizable. Businesses are not worried about fitting their models to existing analytics solutions anymore. Instead, they have the options of opting for solutions that suit them or get developers to create exclusive ones as per requirement.
The fact that automation is the most impactful when it comes to driving up efficiency is common knowledge now. The key data analytics players in European countries are already headed towards automation. One can expect to see automated tasks and operations in data analytics solutions, to a great extent in a few years. Subsequently, data scientists will be able to forgo redundant tasks and pass them on, without worrying about missing out on crucial pointers.
The process of decision-making in a hyper-connected world is a risky one. Unless it is approached carefully and intelligently, decisions can backfire, given the dynamic nature of the business ecosystem where important metrics keep varying continuously. The prime reason behind the growth of the European data market is the clarity that data analytics bring into business-decisions. By filtering essential data, data analytics solutions are breaking down the complexities and offering crucial insights to the region’s companies.
Most of the European firms are making use of data analytics solutions towards analyzing customer behaviour. Consumer demands are evolving according to several inter-related factors. Companies can undertake efficient product and service design and delivery only when they are aware of what customers actually expect. Data analytics tools are allowing firms to sift through customer data to figure out individual aspirations, and thus offer customization and personalization option. The capabilities of data analytics and the trend of hyper-segmentation of the market place are proving to be complementary to each other in the European landscape.
Other key areas where data analytics is finding applications in the European region include marketing analysis, workforce management, risks management, fraud management, and network analytics. Each of these segments is crucial to separate groups of organizations, depending upon the sector these belong to. Most of these solutions are already having a lot of impact on how businesses are fairing at sales, marketing, and security.
Although the data analytics trends are not uniformly applied across the whole continent, general observations suggest that a certain group of leading companies will lead the operations and undertake extensive business activities like partnerships, mergers, and acquisitions. Inadequate financial resources are proving to be the major constraint for smaller data-related firms in their quest for expansion.
Integration of technologies like artificial intelligence, machine learning, and the internet of things, is making the European data analytics market well-suited for innovation. Using machine learning models, applications can accumulate relevant data that will be later used for analytics. Be it managing workforces, supply chains or logistics, data analytics, and DevOps are being combined to create business infrastructure with requisite features.
The introduction of the European Union's General Data Protection Regulation (GDPR) in 2018 has impacted the data sector in the continent. By regulating how businesses use customer data, the legislations have redrawn the lines to ensure the privacy of data is maintained. This development has made the data analytics companies prioritize data security.