There was a growth of about 41.3% in the number of persons employed as ICT specialists during the period 2008-2018, which was about 12 times as high as the corresponding increase (3.4%) for total employment.
CRIFAX added a report on ‘Europe AI in Banking Market, 2022-2031’ to its database of market research collaterals consisting of overall market scenario with prevalent and future growth prospects, among other growth strategies used by key players to stay ahead of the game. Additionally, recent trends, mergers and acquisitions, region-wise growth analysis along with challenges that are affecting the growth of the market are also stated in the report.
The Europe AI in Banking Market is anticipated to observe steady growth with many changes in the methods of production and pattern of employment in ICTs within the European Union (EU). Europe had the highest internet usage rates with about 82.5 percent of individuals in Europe using the internet as of 2019 according to International Telecommunication Union (ITU). As of 2019, the internet has penetrated and covered about 84.9 percent of the male population and about 80.3 percent of the female population. Internet access is available to about 86.5 percent of the European households and around 78 percent of European households own a computer. Further, about 18.8 inhabitants out of 100 inhabitants in Europe on an average used DSL internet subscription. Europe registered the highest bandwidth usage for every internet user which was 211 kilobit per second as of 2019. About 99.7 for every 100 inhabitants were covered by a mobile-cellular network. Similarly, the population covered by a 3G mobile network was 99.1 per 100 inhabitants.
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In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
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The European Union (EU) witnessed a growth in the number of ICT specialists by 39.1 percent in 2018, registering an increase of six times higher as the increase for total employment. About 2/3rds of the ICT specialists amounting to 63.1 percent had a tertiary level of education in the European Union. About 3.9 percent of the total workforce in the EU in 2018 comprised of ICT specialists. Finland recorded the highest relative share of total workforce employed as ICT specialists with 182,000 persons representing 7.2% of the total employment. During 2008-2018, the growth in the number of persons employed as ICT specialists was about 41.3% which was close to 12 times as high as the corresponding increase for total employment. Nearly half of Europeans (46%) use the internet for calling that is an increase of 20 percent from the previous year and 40 percent increase as compared to 2013.
To provide better understanding of internal and external marketing factors, the multi-dimensional analytical tools such as SWOT and PESTEL analysis have been implemented in the Europe AI in Banking Market report. Moreover, the report consists of market segmentation, CAGR (Compound Annual Growth Rate), BPS analysis, Y-o-Y growth (%), Porter’s five force model, absolute $ opportunity and anticipated cost structure of the market.
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