target audience: TECH SUPPLIER Publication date: May 2024 - Document type: Market Forecast - Doc Document number: # US50781724
Worldwide Services Forecast, 2024-2028
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Abstract
This IDC study details the 2024–2028 market sizing and growth rates for the worldwide services market. This market is broken down into two major views. The first is the macromarket view, which segments the services market into three macromarkets (project-oriented services, managed services, and support services) that are then further broken down into 14 foundation markets. The second is the regional view, which is broken into nine regions (Canada, United States, Latin America [LATAM], Western Europe [WE], Central and Eastern Europe [CEE], the Middle East and Africa [MEA], Asia/Pacific [excluding Japan and China] [APEJC], China, and Japan). The Market Forecast section of this document provides a variety of quantitative data and qualitative commentary for each view.
Special attention is paid to how the growth rates have changed as compared with the forecast that was published six months ago in Worldwide Services Forecast Update, 2023-2027 (IDC #US50051923, November 2023). IDC is also keeping a close watch on macroeconomic conditions, company profits and investment levels, and IT services vendors' performance across regions for the rest of 2024. Based on our assessment of these indicators or any other factor affecting services spending, we may revise our services spending forecasts accordingly for the 2024-2028 period in the next update.
"Inflationary pressures and macroeconomic challenges are likely to continue to impact the organizational spending in 2024, resulting in the services' growth in the low single digits for the rest of the forecast period," said Nishant Bansal, associate research director with IDC's Worldwide Services program. "Despite the current economic pressures, the impact of economic headwinds on IT spend by organizations has seen a dip over the years as organizations see automation and the use of new technologies as cost-saving benefits to weather out the challenges from economic downturn."