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There is a lack of data scientists in Europe. Market may need 1.1 million more professionals by 2025

The data and knowledge economy is presented as one of the great potential for development in Europe. The most recent report from the European Data Market reveals that, in 2019, the value of the data economy surpassed the mark of 400 billion euros, representing a growth of 7.6% compared to the previous year. The positive trend is confirmed by the value of the data market, which reached 75 billion euros, at an annual growth rate of 4.9%.

The study takes into account relevant factors of the European data economy, presenting market numbers in terms of impact, number of workers involved, as well as three possible scenarios until 2025: one of more moderate, another where a high level of growth is expected, and yet another marked by challenges such as fragmentation and an unbalanced distribution of the benefits of innovation.

With regard to the number of professionals in the data area in 2019, one of the key points of the study, experts estimate that it stands at 76 million, corresponding to 3.6% of the entire labor market. The value represents a growth of 5.5% in relation to 2018.

In comparison with 2019, the growth rate of the number of professionals is expected to be between 8.6%, in the case of the 27 member states, and 9.2%, with the inclusion of the United Kingdom, in 2020. It is also expected that the employment share in the area will improve this year.

However, the European Data Market's monitoring tool continues to register an imbalance between demand and supply in terms of data professionals in Europe. There is a shortage that is manifested in 459 thousand jobs to be filled in the 27 Member States and the United Kingdom, corresponding to 76.2% of all demand.

Experts predict that the number of unfilled posts will increase to 496,000 in 2020. As for predictions by 2025, it is estimated that the gap will drastically increase, reaching 1.1 million, if no measures are taken to prevent and minimize the imbalance.

The number of companies that boost the growth of data usage continues to grow, reaching 290 thousand in 2019. As for users, the report details that it had a 0.6% growth, reaching 716 thousand.

In comparison with the information collected by the monitoring tool between 2013 and 2015, the latest data demonstrate a consolidation of companies in the data area in Europe. In terms of revenue generated, there was a constant increase over the years, totaling 83 billion euros in 2019.

The forecasts point to an annual growth of 0.7% in the revenues of the companies in question by 2025. The document details that, although the smaller Member States demonstrate a higher level of growth in the long term, the larger ones will make larger contributions. for data savings within the next five years.