target audience: TECH SUPPLIER Publication date: Jun 2024 - Document type: Market Forecast - Doc Document number: # EUR150912324
European Services Market Forecast, 2023-2028
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Abstract
This IDC Market Forecast provides an analysis of the services market in Central and Eastern Europe (CEE) and Western Europe (WE) in 2023 and forecasts expenditure through 2028. It is based on IDC's Semiannual Services Tracker, which was updated in April 2024. The report contains market size and distribution by 14 foundation markets — 12 IT services markets and two business services markets, including a further split into five business process outsourcing (BPO)-related sub-foundation markets — across CEE and WE countries. It also highlights growth drivers and inhibitors and presents key points for technology suppliers to consider.
"The European services market remains stable despite a weak macroeconomic environment and geopolitical uncertainty, although it performed behind expectations in 2023. The future of the services market looks dynamic and promising, driven by organizations' appetite for the latest technological advancements in areas such as AI (particularly generative AI) and automation, adoption of cloud services with a growing emphasis on industry-specific cloud platforms, and advanced cybersecurity solutions." — Senior Research Manager Milan Kalal, IDC European Services Group