TECH SUPPLIER Dec 2021 - Market Forecast - Doc # US47191420

Worldwide Services Forecast Update, 2021–2025

By:

Sangeetika Srivastava
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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 primary markets (project-oriented services, managed services, and support services) that are then broken down into a further 14 foundation markets. The second is the regional view, which segments the services market into nine regions (Canada, the United States, Latin America [LA], 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 when compared with the forecast that was published five months ago in Worldwide Services Forecast, 2021–2025 (IDC #US45199720, July 2021). In addition, because exchange rate volatility can have a significant affect upon 2021 growth rates, constant currency growth rates are provided and generally preferred when discussing growth rate analysis, in addition to the current currency methodology that IDC follows.

"There were some slight upward revisions in the services' latest forecast when compared with the forecast published five months ago though overall outlook remained mostly unchanged," said Sangeetika Srivastava, associate research manager, IDC's Worldwide Services program. "Despite taking the hardest hit from the COVID-19 pandemic, the upward revision mostly comes from the project-oriented market due to the vendors' steady recovery in the past two quarters."


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