European companies are also spending on artificial intelligence, big data analytics and security with unbroken heat, according to recent forecasts by IDC. Investment is fueled above all by the need for automation, but in addition to manufacturing, other sectors are deep in their pockets.
Next year, companies in Europe will spend $ 22 billion on artificial intelligence, promising significant growth this year it is expected to reach $ 17.3 billion, and by 2025, the market will grow to over $ 50 billion, according to the International Data Corporation (IDC) Worldwide Artificial Intelligence Spending Guide, published in October. Based on this, an average annual growth rate of 26.7% is expected in this area over the five-year forecast horizon. health care will be the fastest, the analyst added. In commerce, spending on artificial intelligence is primarily focused on automating customer service and sales processes, introducing AI-based referral engines. The manufacturing industry’s investments in artificial intelligence are mainly for quality control and predictive maintenance to avoid unplanned downtime.
High data and hyperautomation
A however, annual spending on big data and business analytics (BDA) solutions will reach $ 50 billion in Europe this year, according to a forecast in the latest update of IDC’s relevant Worldwide Big Data and Analytics Spending Guide. Growth will be 7% compared to last year, but BDA spending promises to be even stronger over the next five years, with the market expanding by an average of 11% per year between 2021 and 2025.
Many European companies are very is well acquainted with the BDA technology, which provides key support for the hyperautomated operating model supported by advanced analytics, and which is already used in many areas, especially by large organizations in our region. The insights gained from analyzing a large and diverse amount of data help, among other things, improve the customer experience and smooth the customer path, reduce costs, and streamline complex business processes. The BDA market continued to grow even last year, the most difficult year of the COVID-19 pandemic, which, according to the analyst, shows that companies consider technology that enhances both their competitiveness and digital resilience essential
This year, the banking sector and manufacturing players will account for a quarter of total European BDA spending, which IDC says can be explained by their unwavering interest in fraud prevention and process automation solutions. However, over the next five years, the BDA market is expected to grow most rapidly in professional services as well as healthcare. Healthcare continuously collects a particularly large and valuable amount of patient data, which can be analyzed to better understand its patients and improve care performance.
Safety as a service
Meanwhile, IT security spending in Europe will also remain robust, with IDC expecting an 8.3 percent annual growth in this area this year in its Worldwide Security Spending Guide. With this, the size of the market in our region will reach $ 37.2 billion in 2021, and then grow by an average of 8.2 percent annually, continuing to exceed $ 50 billion in 2025. The pace of expansion will be the fastest in the software segment, but companies will continue to spend the most on IT security services
According to the latest IDC (European Industry Acceleration Survey), European organizations continue to prioritize cybersecurity – in Central and Eastern Europe, where 26 per cent of respondents said so, slightly more than in Western Europe (22.5 per cent).
Spending more than $ 7 billion in 2021. manufacturing will clearly be the largest sector of the IT security market in Europe, and with spending around $ 5-5 billion, the banking and government sectors are expected to still be on the podium. However, market growth will be fastest in the government sector, accompanied by telecommunications and media, as well as transport – this year, annual growth in IT security spending is expected to exceed 9 percent in each of these sectors.
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