IT Services - Central & Western Europe

  • Central & Western Europe
  • Revenue in the IT Services market is projected to reach US$325.30bn in 2024.
  • IT Outsourcing dominates the market with a projected market volume of US$129.70bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.80%, resulting in a market volume of US$431.20bn by 2029.
  • The average Spend per Employee in the IT Services market is projected to reach US$1.88k in 2024.
  • In global comparison, most revenue will be generated in the United States (US$522.00bn in 2024).

Key regions: United States, China, India, Japan, Germany

 
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Analyst Opinion

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.

Methodology

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.

Overview

  • Revenue
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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