Service market will return growth this year reports IDC

Global revenue from IT services and business services in 2020 decreased by 1.16%. Moreover, taking into account the change in the exchange rate, the decline was 1.53%. In absolute terms, the market did not exceed $ 1 trillion. Such data is contained in a report prepared by specialists of the analytical company IDC.

Analysts expect the specified market to recover as early as 2021. According to the current forecast, growth in 2021 will be around 4%. It will be approximately the same in 2022.

This is a marked improvement over the forecast published in September 2020, when analysts expected growth of 2% in 2021 and 3.2% in 2022. The forecast upgrade is based on higher than expected 2020 numbers, especially in the second half of the year.

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IDC also took into account the recently published economic forecasts, which indicate a faster and more sustainable recovery. The economic recovery in developed markets is expected to lead to an increase in, among other things, spending on services.

Finally, experts note that the crisis has pushed organizations and consumers to accelerate digital transformation. In the new forecast, analysts proceed from the fact that the scale and timing of this transition will exceed previously assumed.

(Via)