Europe IT Spending Market Trends
Business

Europe IT Spending Market Size to Grow at a CAGR of 8.1% in the Forecast Period of 2023-2028

The ‘Europe IT Spending Market Trends, Share, Price, Size, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the Europe IT spending market, assessing the market on the basis of its segments like types and major countries.

The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.

Europe IT Spending Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Forecast CAGR (2023-2028): 8.1%

Increased preference for modern IT systems over traditional setups due to their reliability, fast performance, and convenience is escalating the investments made in IT assets by many companies in Europe. In addition, the rising number of work from home and hybrid working set ups have made the applications of reliable IT services essential and is driving the growth of the Europe IT spending market. European organisations are progressively working towards improving security and data services and incorporating automation for streamlining workflows.

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Additionally, rising number of corporate workers along with rapid urbanisation are expected to bolster the growth of the Europe IT spending market. Advanced machine learning and artificial intelligence services are becoming popular among companies to automate certain tasks and operations. The popularity of artificial intelligence has significantly increased and is expected to further drive the growth of the Europe IT spending market.

With rapid expansion of the IT service sector across Europe, various government organisations have increased their focus on strengthening their cybersecurity so as to protect data and sensitive information from the probability of data theft. Since the beginning of Russia-Ukraine war, more emphasis has been put on data security by various European countries, surging the Europe IT spending market.

Europe IT Spending Industry Definition and Major Segments

IT spending refers to the amount of money spent by organisations and companies on information technology infrastructure and services, including spendings on IT outsourcing, software, recovery loss, hardware, and employees. IT services are essential for any organisation as they enable better functioning and management of entire operations.

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Based on types, the market is divided into:

• Data Centre Systems
o Breakup by Company Size
 Total Spending by Company Having Less Than 300 Employees
 Total Spending by Company Having 300-2000 Employees
 Total Spending by Company Having More Than 2000 Employees

• Enterprise Software
o Breakup by Type
 Business Intelligence Software
 Content Management Software
 Customer Relationship Management Software
 Enterprise Resource Planning Software
 Supply Chain Management Software
 Others
o Breakup by Company Size
 Total Spending by Company Having Less Than 300 Employees
 Total Spending by Company Having 300-2000 Employees
 Total Spending by Company Having More Than 2000 Employees

• Enterprise IT Services
o Breakup by Type
 Customized Software and App Development
 Services Including IT Consulting
 Others
o Breakup by Company Size
 Total Spending by Company Having Less Than 300 Employees
 Total Spending by Company Having 300-2000 Employees
 Total Spending by Company Having More Than 2000 Employees

• Devices
o Breakup by Company Size
 Total Spending by Company Having Less Than 300 Employees
 Total Spending by Company Having 300-2000 Employees
 Total Spending by Company Having More Than 2000 Employees

• Communications Services
o Breakup by Company Size
 Total Spending by Company Having Less Than 300 Employees
 Total Spending by Company Having 300-2000 Employees
 Total Spending by Company Having More Than 2000 Employees

On the basis of countries, the market is segmented into:

• United Kingdom
• Germany
• France
• Italy
• Others

Europe IT Spending Market Trends

The key trends in the Europe IT spending market include technological advancements in cloud computing to enable data storage and access from anywhere to aid company operations. Furthermore, the growing coverage of 5G network due to its support of high-speed internet and faster data transfer features is anticipated to offer several new opportunities to the IT spending market in Europe.

Rising cases of data theft have resulted in several companies investing heavily towards protecting their IT resources and strengthening their security. Such concerns are expected to fuel the market growth of IT spending in Europe as more and more companies start focusing on strengthening their IT infrastructure. Additionally, several artificial intelligence technologies are being employed in order to improve the performance of data heavy environments. Growing benefits of artificial intelligence audit management is expected to have a positive impact on the growth of Europe IT spending market.

Many European companies are shifting their focus towards short-term data, network, and cloud security along with several government organisations as data threats become more and more common. Several industries such as banking, which are more sensitive to cyber attacks and other IT breeches, have increased their IT spendings to strengthen their digital resilience, further contributing towards the growth of the Europe IT spending market.

Key Market Players

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of the market players.

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