target audience: TECH SUPPLIER Publication date: Aug 2023 - Document type: Market Perspective - Doc Document number: # EUR150144023
European Business and IT Services Market Outlook: Shift to Digital Business Drives Market Opportunity
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Abstract
This IDC Market Perspectives provides a services market outlook, examining how the market has changed and the consequent impact on business and IT services specifically. This includes identifying the opportunities for print services providers that want to better respond to their customers' demands for broader services offerings.
"For 2022, the European IT and business services market grew by 8% compared with 2021. While the market is set to hit economic and global headwinds, IDC forecasts a solid CAGR of 5.5% over the five-year forecast period," said Milan Kalal, senior research manager, IDC European Services Group. "Service providers will continue to thrive during turbulent economic times as they support their clients in becoming more adaptable, agile, and innovative."
"Stronger focus on digital business and print customers' increased demand for broader solutions and services from their print services provider open up significant opportunities for print service providers that have already developed these sought-after services," said Jacqui Hendriks, associate research director, European Print Vendor Transformation Services. "It is not too late to expand services development, but competition for skills through local European IT services company acquisition has become more aggressive."