Europe ICT Market Size

Statistics for the 2023 & 2024 Europe ICT market size, created by Mordor Intelligence™ Industry Reports. Europe ICT size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Europe ICT Industry

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:
Europe ICT Market
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 12.50 %
Market Concentration Low

Major Players

rd-img

*Disclaimer: Major Players sorted in no particular order

setting-icon

Need a report that reflects how COVID-19 has impacted this market and its growth?

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:

Europe ICT Market Analysis

Europe's ICT Market is expected to register a CAGR of 12.5% over the forecast period (2022 - 2027). Increasing demand for digitization and scalable IT infrastructure is anticipated to drive the market's growth in the European region.

  • According to the European Commission's economic strategy, information and Communication Technologies (ICTs) are one of the key drivers for smart, sustainable, and inclusive growth. ICTs and the internet permeate the European economy, the increased use of broadband applications and services, and the spread of wireless devices, including smart devices and their applications. They are transforming the structures and dynamics of European society by enabling people to organize their lives and businesses in new ways, build global networks, manage information and learn, socialize, and contribute to the pool of online knowledge.
  • The government is also initiating certain changes in the development of the European ICT sector. For instance, In April 2022, the European Commission released the 2022 Rolling Plan for ICT Standardisation. The Rolling Plan consists of four thematic areas supported by about 170 actions for ICT standardizations these types of intiatives drives the market growth.
  • Additionally, European ICT is estimated to be one of the emerging markets in the future, which requires hardware, software, and other IT services. The increasing penetration of technology giants in the country to take advantage of the Privatization in Europe.
  • People's spending on computers and screens has increased as the IT sector has developed. Increased technology usage to stay productive, communicate, enjoy, and study through larger displays drives the market growth. The rise of competitive gaming platforms like e-sports and the growing popularity of virtual gaming are driving demand and growth in the hardware devices such as computers, laptops, and tablets. It is challenging to overcome the market's high industrial competitiveness among enterprises to accept improved technology to provide users with more current displays at the lowest possible price.
  • While the COVID-19 epidemic has influenced European digital transformation, businesses are realigning their IT strategy, reducing operational expenses, automating operations, and deploying new technologies to increase efficiency. Robotic process automation, big data, artificial intelligence, machine learning, blockchain, cloud computing, the internet of things, cybersecurity, and augmented/virtual reality are all assisting businesses in achieving these goals.

Europe ICT Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)