Europe IT Spending Market Report and Forecast 2024-2032

Europe IT Spending Market Outlook

The Europe IT spending market size reached a value of more than USD 1,100.75 billion in 2023. The market is projected to rise at a CAGR of 8.1% between 2024 and 2032, reaching a value of USD 2,218.81 billion by 2032.

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Europe IT Spending Market Trends

IT spending refers to the amount of money spent by a company or organization on information technology services and infrastructure. It comprises spending on hardware, software, employee, outsourcing, and loss recovery. IT services enable organizations to manage and optimize data and communication to support the workflow.

Growing Transitional from Traditional Systems

Companies in Europe are developing their IT infrastructure rapidly to improve security and data services and implement automation to streamline workflow.

Government Organizations Increasing their IT Budget

Government agencies are focusing on the development of cybersecurity to secure data as cases of data theft are increasing. Especially since the beginning of the Russia-Ukraine war, countries are putting extra emphasis on data security.

Increasing Adoption of Cloud Computing

The growth of the Europe IT market is propelled by the technological advancements in cloud computing to store and access data from anywhere and breakthroughs to help company operations.

Europe IT Spending Market Opportunities

Increasing AI and ML Integration

Companies are providing services with advanced AI and machine learning technology to help organisations enable automation for certain operations. The demand for AI has been increasing significantly and it is expected to propel the growth of the market development.

Increasing Coverage of 5G Network

The 5G technology enables faster data transfer and high internet speed. Countries are increasing their focus on the expansion of 5G network coverage, and this can provide companies with new growth opportunities.

Lack of Trained Professionals can Impede the Market Development

The skill gap among professionals can be a major setback for the development of the market. Companies require skilled professionals to develop and manage advanced information technologies.

Europe IT Spending Market Analysis

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Based on types, the market can be segmented into data centre systems, enterprise software, devices, and communications services. Based on company size, the market can be divided into the company having less than 300 employees, having 300-2000 employees, and having more than 2000 employees. The regional markets for the market can be divided into the United Kingdom, Germany, France, and Italy, among others. 

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Europe IT spending market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans. 

Market Share by Type

Based on types, the market can be segmented into data centre systems, enterprise software, enterprise IT services, devices, and communications services.. Among these segments, data centre systems are expected to hold a major share of the market with the increasing adoption of cloud computing. Large corporations are investing in the development of data centre infrastructure.

The market is expected to develop significantly with the continuously developing cloud service market in the region.

Enterprise software is computer applications that are developed to assist big companies and corporations with various operations such as data analysis, sales and marketing, and management, among others. It is expected to experience significant growth in the forecast period.

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Market Share by Company Size

Based on company size, the market bifurcations include less than 300 employees, 300-2000 employees, and more than 2000 employees. Among these segments, 300-2000 employees and more than 2000 employee companies are expected to hold a significant share of the market. Medium-sized companies are increasingly adopting IT services as they expand their business. Third-party service providers are also introducing different plans suitable for smaller companies.

Large companies are increasingly investing in IT services and infrastructure to streamline their operations. It is expected to show rapid growth during the forecast period.

Key Highlights of the Report