target audience: TECH SUPPLIER Publication date: Jul 2022 - Document type: Market Forecast - Doc Document number: # US47769022
Worldwide Services Forecast, 2022–2026
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Abstract
This IDC study details the 2022–2026 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) that are then broken down into a further 14 foundation markets. The second is the regional view, which is broken into nine 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, 2021–2025 (IDC #, December 2021). In addition, because exchange rate volatility can have a significant effect upon 2022 growth rates, constant currency growth rates are provided in addition to the current currency methodology that IDC follows.
"2021 was a year of recovery, and the services market is set to maintain the momentum in 2022, with an expectation to reach 4.2% in 2022 and continue to grow for the rest of the forecast period," said Sangeetika Srivastava, associate research manager with IDC's Worldwide Services program. "Growth is primarily driven by the stronger vendor results and orderbook in 2021 as well as overall growth in 3rd Platform IT spend post pandemic recovery.