Report : Europe AI Data Management Market Forecast to 2031 - Regional Analysis - by Offering (Solution and Service), Deployment (On-premise and Cloud), Technology [Machine Learning, Natural Language Processing (NLP), Computer Vision, and Context Awareness Computing], and Industry Vertical (BFSI, Retail & E-Commerce, IT & Telecom, Healthcare, Government, and Others)
At 21.4% CAGR, Europe AI Data Management Market is Projected to be Worth US$ 32,339.09 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the Europe AI data management market was valued at US$ 6,851.61 million in 2023 and is expected to reach US$ 32,339.09 million by 2031, registering a CAGR of 21.4% from 2023 to 2031. Rising adoption of personalized and adaptive systems among consumers and growing investment in AI technology are among the critical factors attributed to drive the Europe AI data management market growth.
Al-based software enables businesses to examine enormous volumes of data, supporting the development of individualized experiences based on the interests, actions, and previous exchanges of each user. The adoption of machine learning algorithms allows businesses to create adaptable systems that continuously learn from data inputs and customer feedback. With the help of these algorithms, businesses support real-time customization and improvement of experiences. The personalized and adaptive systems have enormous potential in numerous industries such as BFSI, retail & e-commerce, IT & telecom, healthcare, and government & utilities.
For instance, the retail & e-commerce industry uses Al-powered recommendation engines for analyzing customer browsing and purchase history. This helps the companies operating in this industry to provide tailored product recommendations that increase user engagement and boost their revenue. According to the World Economic Forum, AI services in the retail industry are expected to grow from US$ 5.0 billion in 2023 to US$ 31.0 billion by 2028. Al algorithms can dynamically modify information, services, or suggestions based on ongoing analysis of user interactions, ensuring relevance and enhancing user satisfaction. Businesses use AI-based personalized and adaptive systems to view customer's sensitive information and analyze their specific demands; this feature supports them in fostering stronger customer relationships. Thus, the growing use of AI-based personalized and adaptive systems in the retail industry is expected to create lucrative opportunities for the AI data management market growth during the forecast period.
On the contrary, issues related to availability of high-quality data hurdle the growth of Europe AI data management market.
Based on offering, the Europe AI data management market is bifurcated into solution and service. The solution segment held 80.9% market share in 2023, amassing US$ 5,545.91 million. It is projected to garner US$ 26,601.26 million by 2031 to register 21.7% CAGR during 2023-2031.
In terms of deployment, the Europe AI data management market is segmented into on-premise and cloud. The cloud segment held 72.1% share of Europe AI data management market in 2023, amassing US$ 4,939.21 million. It is anticipated to garner US$ 22,765.69 million by 2031 to expand at 21.0% CAGR during 2023-2031.
By technology, the Europe AI data management market is divided into machine learning, natural language processing (NLP), computer vision, and context awareness computing. The machine learning segment held 39.0% share of Europe AI data management market in 2023, amassing US$ 2,669.16 million. It is projected to garner US$ 13,526.79 million by 2031 to expand at 22.5% CAGR from 2023 to 2031.
Based on industry vertical, the Europe AI data management market is categorized into BFSI, retail & e-commerce, IT & telecom, healthcare, government, and others. The BFSI segment held 25.9% share of Europe AI data management market in 2023, amassing US$ 1,777.53 million. It is predicted to garner US$ 9,688.18 million by 2031 to expand at 23.6% CAGR between 2023 and 2031.
Based on country, the Europe AI data management market is categorized into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 24.7% share of Europe AI data management market in 2023. It was assessed at US$ 1,692.35 million in 2023 and is likely to hit US$ 8,500.15 million by 2031, registering a CAGR of 22.4% during 2023-2031.
Key players operating in the Europe AI data management market are Microsoft Corp, Alphabet Inc, Oracle Corp, International Business Machines Corp, Salesforce Inc, SAP SE, Hewlett Packard Enterprise Co, Snowflake Inc, and Amazon com Inc, among others.
- In 2024, International Business Machines Corp provides watsonx AI and data platform to Wipro Limited for launching Wipro Enterprise Artificial Intelligence (AI)-Ready Platform. This new service will allow clients to create their enterprise-level, fully integrated, and customized AI environments. The Wipro Enterprise AI-Ready Platform leverages the IBM watsonx AI and data platform, including watsonx.ai, watsonx.data, and watsonx.governance and AI assistants, to deliver to clients an interoperable service that helps accelerate AI adoption. including watsonx.ai, watsonx.data, and watsonx.governance and AI assistants to launch of Wipro Enterprise Artificial Intelligence (AI)-Ready Platform.
- In 2023, Amazon.com, Inc. company and Salesforce announced a significant expansion of their long-standing, global strategic partnership, deepening product integrations across data and artificial intelligence (AI), and, for the first time, offering select Salesforce products on the AWS Marketplace.
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