TECH SUPPLIER Jul 2021 - Market Forecast - Doc # US45199720

Worldwide Services Forecast, 2021–2025

By: Chad HustonResearch Director, Worldwide Services

Abstract

This IDC study details the 2021–2025 market sizing and growth rates for the worldwide services market. This market is broken down into two major views. The first is the macromarket view, which segments the services market into three macromarkets (project-oriented services, managed services, and support services), which are then broken down into a further 14 foundation markets. The second is the regional view, which is broken into 9 regions (Canada, the United States, Latin America, Western Europe [WE], Central and Eastern Europe [CEE], the Middle East and Africa [MEA], Asia/Pacific [excluding Japan and China] [APEJC], China, and Japan). The Market Forecast section provides a variety of quantitative data as well as qualitative commentary for each of these views. Special attention is paid to how the growth rates have changed compared with the forecast that was published six months ago in Worldwide Services Forecast Update, 2020–2024 (IDC #US45374220, December 2020). In addition, because exchange rate volatility can have a significant effect upon 2021 growth rates, constant currency growth rates are provided in addition to the current currency methodology that IDC follows.

"The services market is poised for a robust rebound and is expected to reach 3.3% in constant currency in 2021 (5.1% in current currency) and continue to grow through the rest of the forecast period," said Chad Huston, research manager with IDC's Worldwide Services Program. "The growth rate improvement mostly came from the United States and Western Europe, as both markets were previously expected to struggle in 2021 but have recovered faster than expected. Asia/Pacific never saw the level of services growth rate declines in comparison, so it didn't experience as large of a growth rate increase this period."


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