From the Wires
Europe IT Services Market is expected to grow to $318 billion in 2020
By: PR Newswire
Jun. 19, 2017 03:12 PM
NEW YORK, June 19, 2017 /PRNewswire/ -- Highlights
· 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.
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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