Information and Communication Technology (ICT) contributes 4.8% to the European economy. And it plays a vital role in development and innovation in both public and private sectors.
Analysis of ICT illustrates that information and communication technology investments are responsible for a sizable 50% of all European productivity growth. ICT is also responsible for approximately 25% of business expenditure in segments such as Research and Development.
Reports indicated that some objectives the European Union has set out, such as health, climate, environment, as well as the public sector modernization, cannot be achieved without sufficient incorporation of ICT.
Due to the critical correlation between ICT and research & development; the European Union began a program anointed Horizon 2020. The original aim of this program is to fund development of research and innovation throughout Europe.
To date, this program remains the largest research and development funded program throughout Europe, with a total budget of approximately 80 billion Euros. Another focus that Horizon 2020 is liable for is the assurance that any rapid changes, which occur in ICT technology segments, will pertain a tangible benefit for European citizens.
Europe 2020, is one of the several programs that is funded by Horizon 2020. This program is responsible for leading the improvement of ICT technologies throughout Europe. Through doing this, there is an expected increase of 3% in European countries’ GDP.
It has been illustrated that the Europe 2020 program can already be held accountable for the distribution of broadband internet access to over four-fifths of European households and to over 95% of European businesses.