Definition:
The IT Services market encompasses a wide range of services used by organizations to create, manage, and deliver information, and it includes services that provide assistance with various other business functions. The primary goal of IT services is to ensure that information technology infrastructure, applications, and systems are effectively implemented, operated, and optimized to support an organization's business objectives and requirements. The specific range of services offered may vary depending on the service provider and the client's requirements.
Structure:
IT Services contains four distinct markets that are based on different services:
Additional Information:
The IT Services market comprises revenues, revenue change, average spend per employee, and a list of the key players in the market and their consolidated revenues. Market values represent revenues that are generated by primary vendors either directly or through distribution channels at the manufacturer price level (excluding VAT). Reported market revenues include spending by enterprises (B2B) and governments (B2G). Detailed definitions of each market can be found on the respective page where the market data is displayed. Key players in the market include IBM, Cognizant, Hewlett Packard Enterprise, and TCS.
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Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Apr 2024
Source: Statista Market Insights
Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.
Most recent update: Apr 2024
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Apr 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Company Insights
The IT Services market in Central & Western Europe has shown steady growth in recent years, driven by various factors such as increasing digitization, rising demand for cloud computing, and the need for advanced cybersecurity solutions.
Customer preferences: Customers in the IT Services market in Central & Western Europe are increasingly looking for customized solutions that can help them improve their business processes and enhance efficiency. They are also seeking service providers who can offer a range of services, including cloud computing, cybersecurity, and data analytics. Additionally, there is a growing demand for IT services that can help businesses adapt to changing market conditions and remain competitive.
Trends in the market: The IT Services market in Central & Western Europe is characterized by a number of trends. One of the most significant trends is the increasing adoption of cloud computing. This trend is being driven by the need for greater flexibility, scalability, and cost savings. Another trend is the rising demand for cybersecurity services, as businesses seek to protect themselves against the growing threat of cyber attacks. Additionally, there is a growing focus on data analytics, as businesses seek to leverage the vast amounts of data they generate to gain insights into customer behavior and market trends.
Local special circumstances: The IT Services market in Central & Western Europe is shaped by a number of local factors. For example, the market in Germany is characterized by a strong focus on engineering and manufacturing, which has led to a high demand for IT services that can help businesses optimize their production processes. In the UK, the market is driven by the financial services sector, which has a high demand for cybersecurity and data analytics services. In France, the market is characterized by a focus on innovation and research, which has led to a high demand for IT services that can help businesses develop new products and services.
Underlying macroeconomic factors: The growth of the IT Services market in Central & Western Europe is being driven by a number of macroeconomic factors. These include the increasing digitization of the economy, which is creating new opportunities for IT service providers. Additionally, the growing importance of data and analytics is driving demand for IT services that can help businesses make sense of the vast amounts of data they generate. Finally, the need for advanced cybersecurity solutions is being driven by the growing threat of cyber attacks, which are becoming increasingly sophisticated and difficult to detect.
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Apr 2024
Sources: Statista Market Insights, Financial Statements of Key Players, National statistical offices
Data coverage:
The data encompasses B2G, B2B, and B2C enterprises. Figures are based on enterprises' technology spending on products, consulting, and outsourcing services.Modeling approach / Market size:
Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players in the industry, Statista's primary research and surveys, and IT associations. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, internet users, and telecommunication. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing method is used based on the market data characteristics. The main drivers are the GDP and its sector composition, internet penetration, the level of digitization, and the attitude toward IT security.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights