IDC Semiannual Services Tracker Reports Moderate Growth for Services Revenues in 2023 with Stable Growth Forecast for the Next Five Years - Seite 2

In terms of primary markets, while the Project Oriented market is still expected to outperform Managed Services and Support Services, achieving a 6.1% CAGR across the observed period, its momentum is expected to slow down, especially compared to the robust growth seen in 2022.

Geographically, IDC has raised its outlook for the Asia/Pacific region and the Americas while growth was adjusted downward mainly for Europe, the Middle East, and Africa (EMEA).

"Organizations continue to recognize the value of technology investments even amidst uncertainties and continue to turn to service providers to enhance operational efficiencies, streamline processes, and improve customer experiences," said Stacey Soohoo, research director, IDC Worldwide Services Tracker. "In the short term, service providers will focus on personalized offerings as organizations recognize that one-size-fits-all approaches no longer suffice. It is therefore no surprise that we see overall services growth driven by foundation markets like Custom Application Development and Hosting Infrastructure Services, where customization and flexibility are key, allowing businesses to tailor tools and infrastructure to their unique requirements."

"Greater spending on security, cloud, and intelligent automation technologies combined with the global shortage of IT skills are increasing spending on business and IT services as organizations invest in applications and infrastructure to compete in the digital business era more effectively," said Jason Bremner, research vice president, Worldwide Services. "The outlook for spending growth in the worldwide services market over the next five years will be higher than the average spending growth we saw in the past 15 years, indicating the underlying market drivers for business and IT services remain strong."

A graphic illustrating IDC's 2024-2028 worldwide services forecast by geographic region is available by viewing this press release on IDC.com.

IDC's Worldwide Semiannual Services Tracker provides detailed, timely, and accurate information on the global IT and business services markets. It provides vendor revenue share and annual forecast data on semiannual basis across 53 geographies and 14 market segments.

About IDC Trackers

IDC Tracker products provide accurate and timely market size, vendor share, and forecasts for hundreds of technology markets from more than 100 countries around the globe. Using proprietary tools and research processes, IDC's Trackers are updated on a semiannual, quarterly, and monthly basis. Tracker results are delivered to clients in user-friendly Excel deliverables and on-line query tools.