Europe IT Services Market Size, Share & Trends Analysis Report By Approach (Proactive, Reactive), By Type, By Technology, By Enterprise Size, By End-use, By Deployment, By Application, And Segment Forecasts, 2024 - 2030

Europe IT Services Market Size, Share & Trends Analysis Report By Approach (Proactive, Reactive), By Type, By Technology, By Enterprise Size, By End-use, By Deployment, By Application, And Segment Forecasts, 2024 - 2030

Europe IT Services Market Growth & Trends

The Europe IT services market size is anticipated to reach USD 600.0 billion by 2030 and is projected to grow at a CAGR of 9.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growing demand for IT infrastructure from small and medium enterprises (SMEs) is boosting market growth. Increasing demand for artificial intelligence and machine learning is poised to foster market growth over the forecast period.

Rapid digital transformation has led businesses to adopt new technologies like AI and machine learning to ease business operations. These technologies help in data management and use customer data acquired to improve application and end user experience. Retail brands in the region use customer data through applications to study consumer behavior and buying processes with the help of machine learning. Based on machine learning, brands can target specific products to the customers.

The growing importance of cybersecurity and data privacy drives demand for IT security services. With the proliferation of cyber threats and the increasing risk of data breaches, organizations prioritize investments in cybersecurity solutions and services to protect their sensitive information and mitigate risks. It includes services such as network security, endpoint security, threat intelligence, and security consulting, which help organizations strengthen their security posture, comply with regulatory requirements, and safeguard their digital assets.

Europe IT Services Market Report Highlights

• Based on technology, the AI and machine learning segment held the market with the largest revenue share of 32.4% in 2023. The rise in data generation through the internet, social media, business operations, and IOT (Internet of Things) devices is driving the demand for AI and ML in the market
• Based on type, the operations and maintenance segment led the market with the largest revenue share of 63.9% in 2023. The growing demand for the maintenance of complex IT infrastructure is driving the segment's growth. Businesses are focusing more on core activities and outsourcing IT operations and data management
• Based on application, the application management segment led the market with the largest revenue share of 31.5% in 2023. This growth of these services is expected to expand due to their benefits, such as their capacity to reduce ownership costs, recognize and mitigate potential security risks, safeguard data, and enhance the performance of applications
• Based on the approach, the reactive IT segment held the market with the largest revenue share of 55.3% in 2023. The increasing possibility of potential risks, such as accidental data loss and cyberattacks on the organization's IT infrastructure, has increased demand for this approach
• Based on deployment, the on-premises segment led the market with the largest revenue share of 52.6% in 2023. With the ability to customize the IT infrastructure based on organizational use, the on-premises segment is increasing. On-premise deployment is preferred as it provides greater security to an organization's data
• Based on enterprise, the large enterprise segment held the market with the largest revenue share of 61.0% in 2023. The increasing adoption of cloud computing and data management solutions and services, owing to the growing need for digital transformation among businesses, is driving the demand for IT services in large enterprises
• Based on end-use, the IT & telecom segment led the market with the largest revenue share of 17.8% in 2023. IT sector companies rely on IT services for data management, cybersecurity, and infrastructure management to improve operational efficiency. Telecom companies need IT services to develop new products and services and maintain customer relationship management
• In February 2024, Tata Consultancy Services (TCS) partnered with Europ Assistance, a prominent global provider of assistance and travel insurance services. This collaboration is expected to enable Europ Assistance to expand its business capabilities, support its growing partnership network, and accelerate its time to market. Furthermore, the partnership will prioritize co-innovation, with TCS and Europe Assistance jointly exploring innovative use cases leveraging advanced technologies such as generative AI

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