The Europe IT Services Market would witness market growth of 8.2% CAGR during the forecast period (2022-2028).
The storage and management of data is another crucial data-related service, building on earlier remarks. Data storage and management are one of the highest-paying managed IT services since data is essential for all businesses and organizations regardless of size and industry. Servers and databases that house the company's data are typically set up by managed IT service providers.
In addition to storing client organizations' data, they also develop methods and tactics that make it simple and effective to access, giving businesses more time to concentrate on other important tasks and areas. Sensitive data needs to be periodically backed up in addition to data storage, hosting, and security procedures.
By storing copies of the data on external hardware or internet platforms, such as a cloud service, backup solutions safeguard the data and reduce the possibility of information loss. In the event of any problems, such as a power outage or system failure, information backup services can aid in protecting the company's information.
With 95,808 IT firms (software and hardware as of 2019, source: Statista) and an estimated 1,124 million employees in 2022, Germany has one of the largest ICT marketplaces in the world and the largest software market in Europe. Demand for U.S. goods and services remains robust across all market segments. In addition, there are other highly specialized SMBs on the market. In 2022, the IT-Services subsector generated 45,3 billion dollars in revenue, the IT-Hardware subsector generated 34.9 billion dollars and the software subsector generated 34.1 billion dollars.
The Germany market dominated the Europe IT Services Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $131.4 Billion by 2028.The UK market is anticipated to grow at a CAGR of 7.3% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 9% during (2022 - 2028).
Based on Type, the market is segmented into Managed Security Services, Security Outsourcing, IT Support, Systems & Network Implementations and Security Strategy & Planning. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Industry, the market is segmented into BFSI, Telecommunication, Healthcare, Retail, Manufacturing, Government and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global IT Services Market will Hit $2013.6 Billion by 2028, at a CAGR of 8.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, Accenture PLC, Tata Consultancy Services Ltd., Cognizant Technology Solutions Corporation, Wipro Limited, HCL Technologies Ltd. (HCL Enterprises), Capgemini SE, IBM Corporation, Infosys Limited, DXC Technology Company, and NTT Data Corporation.
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