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Europe IT Services Market is expected to grow to $318 billion in 2020

NEW YORK, June 19, 2017 /PRNewswire/ -- Highlights

·         Europe is one of the major global economic blocks.

·         Many of the leading European countries are part of the European Union, a free trade and movement block with a single currency.

·         Europe's information technology services market is expected to grow from around $290 billion in 2016 to around $318 billion in 2020 at a compound annual growth rate (CAGR) of slightly over 2.3%, whereas the global IT services market is expected to grow at a CAGR of around 4.7% in the forecast period.

·         Internet penetration in the European Union reached 80% in mid-2016 with the number of internet users crossing the 400 million.

·         In terms of social media penetration, Western Europe is comparatively more developed than Eastern Europe. Countries such as Netherlands, Norway, Denmark, Sweden, Finland, and the UK had a social media user penetration rate greater than 55%.

·         Countries in Europe with the highest social media users are the UK (36.9 million), Germany (36.4 million), France (27.5 million), and Italy (26.1 million).

·         The rapidly growing IoT and cloud market in Europe is gradually making it an attractive investment for private players.

·         The region is witnessing large investments in the IT services industry by foreign players.

·         For instance, Cornerstone OnDemand, a global cloud-learning and human resources management software developer announced its investment in two data centers by early 2018 in France and Germany.

Europe is one of the major global economic blocks. Many of the leading European countries are part of the European Union, a free trade and movement block with a single currency.

Europe's information technology services market is expected to grow from around $290 billion in 2016 to around $318 billion in 2020 at a compound annual growth rate (CAGR) of slightly over 2.3%, whereas the global IT services market is expected to grow at a CAGR of around 4.7% in the forecast period.

Internet penetration in the European Union reached 80% in mid-2016 with the number of internet users crossing the 400 million. In terms of social media penetration, Western Europe is comparatively more developed than Eastern Europe. Countries such as Netherlands, Norway, Denmark, Sweden, Finland, and the UK had a social media user penetration rate greater than 55%. Countries in Europe with the highest social media users are the UK (36.9 million), Germany (36.4 million), France (27.5 million), and Italy (26.1 million).

The rapidly growing IoT and cloud market in Europe is gradually making it an attractive investment for private players. The region is witnessing large investments in the IT services industry by foreign players. For instance, Cornerstone OnDemand, a global cloud-learning and human resources management software developer announced its investment in two data centers by early 2018 in France and Germany. In January 2017, Facebook established its third data center in Europe after Sweden and Ireland in Odense, Denmark, with an estimated investment of $100 million. The data center is expected to create more than 150 jobs in the country.

Read the full report: http://www.reportlinker.com/p04897285/Europe-IT-Services-Market-Report.html

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/europe-it-services-market-is-expected-to-grow-to--318-billion-in-2020-300476032.html

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