Market Trends of Europe IT Services Industry
This section covers the major market trends shaping the Europe IT Services Market according to our research experts:
Growing Demand for Cloud Services
- Key players in the IT services market are focusing on expanding their businesses and strengthening their cloud services through collaborations and partnerships. For instance, Accenture acquired Edenhouse. Accenture will further enhance its cloud capabilities to support clients in their digital transformation journey through this acquisition.
- The extensive use of digital payments and the introduction of advanced technologies such as AI, cloud computing, and blockchain technology used in the end-user industries are likely to drive the growth of the IT services market over the next five years. For Instance, Tata Consultancy Services (TCS) has expanded its partnership with Zurich Insurance Germany to modernize, transform, and manage the entire application estate supporting its life insurance business.
- The adoption of remote healthcare and wearable devices in this sector has been gaining traction over recent times, which, in turn, has been one of the significant factors influencing the healthcare IT market. The major trends in wearable connected devices include increasing demand for pain management wearable devices, increasing use of wearables for cardiovascular disease management, and others. For Instance, GE Healthcare launched its wireless patient monitoring system, Portrait Mobile, to help clinicians detect early patient deterioration and constantly monitor patients' health during their stay at the hospital.
- The increasing adoption of cloud services and the growing data center construction projects are boosting the IT service market demand. For instance, in June last year, Vantage Data Centers planned to open its new data centers in Berlin and Warsaw under its USD 2 billion European expansion policy. The company's Berlin I campus features a 32MW capacity across 250,000 square feet and a data center campus in Warsaw to offer a 48MW capacity across 390,000 square feet to support cloud providers and hyperscalers.
- According to an ARD/ZDF online study, the number of internet users last year was 67 million. The number of internet users is rising and significantly increasing the demand for the IT services market.
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United Kingdom is Expected to Register Significant Market Growth During the Forecast Period
- The United Kingdom IT services market is expanding significantly. The growing use of smart technology and rising security expenditures in the healthcare sector primarily drive the demand for IT services. For Instance, Abtrace using machine learning and clinical innovation in the delivery of primary care, launched a proactive monitoring system designed to empower patients with chronic conditions.
- According to the Organization for Economic Corporation and Development, United Kingdom healthcare expenditure has grown at a CAGR of 0.4% from 2020 to the previous year. In the healthcare sector, increasing technological developments, such as the Internet of Things (IoT) and wearables, cloud services, product engineering services, integration services, and data science and business intelligence solutions, are expected to boost the market growth.
- Key players in the United Kingdom IT services market are focused on expanding their IT infrastructure that supports advanced technologies such as cloud computing. For Instance, NTT plans to launch its seventh London data center site in Hemel Hempstead.
- Another factor is the influence of the COVID-19 pandemic, which has pushed the BFSI sector to start moving towards digitizing products and reducing human contact. For Instance, Tata Consultancy Services has extended its collaboration with the British financial institution, Nationwide Building Society to offer enterprise agility and operational resilience to the financial institution.
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