According to the results of the European Data Market study, investing in Big Data might be the right thing to do. The study predicted that the EU28 data market (1) would reach €54,474 million in 2015, a 7% growth from 2014. The EU data economy (2) is valued €272,047 Million in 2015, or 1.87% of the EU GDP.
Some industries are more aware than others of the value of Big Data. The ICT sector (21.6%), Finance (19.8%), Manufacturing (14.5%) and the Public Sector (10.7%) are the top industries in terms of data market size in 2015. Healthcare activities, professional services, home and consumers, and education are slowly but surely starting to use big data: they are the sectors that made a significant usage of data-related technologies in 2015.
It is starting to pay off: the industries using data are seeing their revenue increase. Indeed, the impacts gathered by the companies adopting data products and services represented approximately 54% of the total impacts in 2015, corresponding to 1% of total EU GDP.
Data market: a geographic approach
The data market remains significantly concentrated within the largest economies of the EU. The UK, Germany, France, Italy and Spain represent almost 70% of the overall data market in the EU28 in 2015.
In terms of growth rate in 2015 over the previous year, Member States like the Netherlands, Sweden, France, the UK, the Czech Republic and Germany all exhibit a growth rate well above the EU28 average of 7% in 2015. In contrast, Italy, Portugal, Romania and Greece present a flat or negative growth year-on-year in 2014-2015. A possible interpretation of these results is that some of the largest (and sometimes less agile EU economies) – like France, the UK and Germany – are now starting to reap the benefits of their ICT investments in data-related technologies and have thus grown their data market spending well above average in 2015.
For more information about the study, please follow this link: http://bit.ly/DataEco
The European Data Market Monitoring Tool is available at the following link: http://bit.ly/DATA_MONITORING_TOOL
(1) The Data Market
is the marketplace where digital data is exchanged as “products” or “services” as a result of the elaboration of raw data.
(2) The Data Economy measures the overall impacts of the data market on the economy as a whole. It involves the generation, collection, storage, processing, distribution, analysis elaboration, delivery, and exploitation of data enabled by digital technologies. The data economy also includes the direct, indirect, and induced effects of the data market on the economy.