Technology not only connects us with the world, but without a doubt, it is a million-dollar business, billion dollars indeed. According to statista, the IT market has generated about $1700 billion this year with more to come.
And if we talk about Europe particularly, it has generated a revenue of $390 billion and its turnover in 2021 is expected to increase by 8.7% to reach an amount of 434 $billion.
“Europe’s current population is about 10% of the whole world. However, it’s IT market is generating about 23% revenue of the world’s total IT market. And this is quite a significant figure.” Concluded by Data Analyzer, Mr Paul K. H. Micheal from Academist Help.
Future and Emerging Technologies – Work Program 2018 – 2020
To compete for the world in technology, Europe is consistently working on its FET. They have made different plans for the 2014-2015 program and the 2016-2017 program. Now they are currently working on the 2018-2020 program.
It is more directed towards empowering technology businesses. The basic structure revolves around three bodies including,
- FET Open, which funds the initial research revolving around collaborative and unconventional technologies.
- FET Proactive, it takes care of emerging themes and technology that has not been introduced in the world but are ready to grow the business.
- FET Flagships, reserved for solving technology challenges faced by different industries. Their significant contribution is towards understanding the human brain and introducing a material product Graphene.
Europe is focused on enhancing different sectors through technology including,
- Data Analysis
- Arts and Science
- System Science
- Bio Technologies
- Green Technologies
- Nano Technologies
- Quantum Technologies
- Medical Technologies
- Robotics Technology
- New Material Technologies
Top Emerging Technologies in Europe
Along with the future plans and research on different sectors, Europe has emerged as a home for new and enhanced technologies. Europe’s contribution to the following technologies has shifted its revenue scale to a large extent.
- BioPlastics: Mostly biodegradable plastics are produced in the world with unconventional material. European countries are producing it using cellulose and lignin from plants.
- Social Robot: These are being used in Europe to recognize voice, face, patterns and eye contact. People are enjoying their daily routine with droid friends and google assistant.
- Smart Fertilizer: 39% of the total land area in Europe is used for agriculture purposes. Smart fertilizers are used in farming which makes sure that the required amount of fertilizer is released only. This has increased Europe’s agriculture revenue.
Not only these but European countries have also contributed significantly to technologies such as Nuclear Reactor, Advance Food Packaging, DNA Data Storage, Renewable Energy, Medical Drugs, etc. It is expected that high research and analysis will result in better technology in 2020.
Tech-Based Businesses In Europe Are Gaining Popularity
Europe’s tech market witnessed an investment of $23 billion in the year 2018, which is a high achievement as compared to $5 billion in 2013.
Vincent Jacobs has recently picked 19 startups in Europe that are challenging the status quo. Let’s have a brief look at some of them,
- Klang Games: A Berlin-based startup that is focused on developing immersive gameplay, has raised revenue of $36.3 million.
- Deliveroo: It is a food delivery service based in London, which has raised about $1.5 billion.
- UiPath: With a value of $7 billion, it is one of the fastest-growing companies in the accel portfolio.
- Darktrace: A UK-based cybersecurity company that has witnessed a rise of about 230 million US dollars.
There are so many other companies like Algolia, OpenCosmos, Ynsect, Faculty, Tiney, etc. which are already creating an impact and are ready to take over the world in the field of technology and business.
Europe’s Tech Race With the World
According to SGI grades, Europe scores 5.2, US achieves 7.4 and Japan with 7.6. These grades are based on factors like Research and Development spending, a number of researchers, patents and overall policy framework related to technology.
An academic writing service in one of its paper mentioned that “The key reason for Europe’s low grades is its uneven policy across the continent. Countries like Germany and Sweden are amongst high-ranked in the world, while Bulgaria and Slovakia ranked the worst performing nations when it comes to technological development.”
To be in the lead position in the coming years, Europe needs to spend more on its research and development.
Darrent is a digital marketer, tech enthusiast & blogger.