According to IDC's forecast, spending on big data and business intelligence (BDA) solutions in Europe will reach $ 50 billion this year. This is 7% more than in 2020. The forecast also shows that over the next five years, these costs will continue to rise as the European economy recovers from the COVID-19 pandemic. The compound annual growth rate of European BDA spending from 2021 to 2025 is projected at 11%.
Most European companies are already familiar with BDA, analysts say. In particular, large enterprises have many use cases associated with big data. Big data remains a key technology for improving customer interactions, reducing costs, and streamlining complex business processes. Despite the COVID-19 pandemic, the big data and analytics market continued to grow in 2020, highlighting that big data is “not only a useful technology but also an indispensable asset that can help companies drive digital resilience to get out of critical situations faster. ".
In 2021, banking and discrete manufacturing will account for a quarter of total BDA spending. This is due to the continued interest in use cases such as fraud analysis and process automation. Over the long term, industries such as professional services and healthcare are projected to have the highest 5-year average annual rates.
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