The Europe data monetization is projected to grow at a CAGR of 6.23% to attain a market size of US$98.788 billion by 2027, from the US $64.717 billion in 2020.
The major factors driving the market’s growth are the rising adoption of cloud computing, huge investments in data centres by key players operating in the region and the increasing adoption of AI for data processing. Additionally, growing awareness about the potential benefits of data monetization is also driving market growth. The market is divided into four sections: offering, deployment model, enterprise size, end-user industry, and country.
Europe’s Data Monetization Market Drivers:
One of the factors that are supporting the market growth is the increasing adoption of cloud technology across the region. Various government agencies across Europe have invested heavily in cloud computing technology, which has increased the adoption of cloud computing services in the region. For instance, the government of the UK has signed a three-year agreement with AWS under which both of them will make efforts to increase cloud adoption across public organizations. Under this agreement, AWS will provide assistance and training to enterprises that have initially adopted cloud deployment technology. This initiative has ultimately increased the demand for cloud computing across European countries, which in turn is expected to generate a huge amount of data and significantly contribute to the overall market growth across the region. Furthermore, telecom providers in Europe are also adopting cloud technology for the growth of their businesses and to provide cloud services to end-users, which will further boost the market growth during the forecast period.
Many big technology giants are planning to launch cloud data centres across the region, which will support the overall market growth during the forecast period. For instance, DigiPlex, a data centre provider, has announced the launch of its second facility at Fetsund in Lillestrom. Google has come into partnership with Poland’s Domestic Cloud Provider (DCP) and announced its plan to open a new cloud region in Poland to accelerate the adoption of cloud computing across the country. Vantage has completed its acquisition of Etix to facilitate wholesale data centre capacity delivery to help enterprise customers expand in Frankfurt. In addition to this, the banking sector of the region is significantly adopting data centres due to the rising adoption of digital and mobile banking initiatives, which is projected to support the overall market growth.
The data monetization market in the region was growing at a very fast pace before the COVID-19 outbreak, but the market’s growth was affected at the time of the pandemic due to a sharp decline in investments in the ICT sector of the region. However, the market has been witnessing high growth since 2021 owing to growing investments in cloud computing and data centre technology. Many big players are looking forward to expanding their business across various European countries.
The market has been analysed through the following segments:
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