TECH SUPPLIER Mar 2021 - Market Forecast - Doc # EUR146617820

European Services Market Forecast, 2019–2024

By: Milan KalalProgram Manager, European Services, Matthew WilkinsSenior Research Manager, European Services

Abstract

This IDC Market Forecast presents the services market in Central and Eastern Europe (CEE) and Western Europe (WE) in 2019 and forecasts expenditure on services through 2024. It is based on IDC's Semiannual Services Tracker, which was updated in October 2020. The report contains market size and distribution by 14 foundation markets — 12 IT services markets and 2 business services markets (including a further split into 5 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.

"Although severely impacted by the COVID-19 pandemic, the situation on the European services market gradually stabilized in 2020, with vendors quickly adapting operations to the new conditions. Nevertheless, the services market will record a contraction of 3.5% year on year for 2020, which is almost as significant as the lowest growth rate after the global financial crisis, which was -4.1% in 2009." — Program Manager Milan Kalal, IDC European Services Group


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