IT Services - Belgium

  • Belgium
  • Revenue in the IT Services market is projected to reach €8.96bn in 2024.
  • IT Outsourcing dominates the market with a projected market volume of €3.52bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.88%, resulting in a market volume of €11.37bn by 2029.
  • The average Spend per Employee in the IT Services market is projected to reach €1.65k in 2024.
  • In global comparison, most revenue will be generated in the United States (€484.00bn in 2024).

Key regions: United States, China, India, Japan, Germany

 
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Comparaison de régions
 
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Analyst Opinion

Belgium, a small country in Western Europe, is known for its chocolate, beer, and waffles. However, it is also a hub for technology and innovation, making it a prime location for the development of the IT Services market.

Customer preferences:
Belgian customers have a strong preference for high-quality IT services that are reliable and secure. They value personalized solutions that are tailored to their unique needs and are willing to pay a premium for them. Additionally, there is a growing demand for cloud-based services as more businesses seek to digitize their operations.

Trends in the market:
The IT Services market in Belgium is growing rapidly, driven by the increasing adoption of cloud-based services and the rising demand for cybersecurity solutions. Managed services, such as IT outsourcing and application management, are also gaining popularity as businesses look to reduce costs and improve efficiency. Moreover, there is a growing trend towards digital transformation, with many companies investing in technologies such as artificial intelligence, the Internet of Things, and blockchain.

Local special circumstances:
Belgium's central location in Europe and its highly skilled workforce make it an attractive destination for multinational companies looking to establish a presence in the region. The country also has a strong tradition of innovation and entrepreneurship, with a thriving startup ecosystem that is supported by government initiatives and venture capital funding.

Underlying macroeconomic factors:
The IT Services market in Belgium is influenced by a number of macroeconomic factors, including the country's stable political environment, its highly developed infrastructure, and its favorable tax regime. Additionally, Belgium's membership in the European Union provides access to a large market and a skilled labor force. However, the country's high labor costs and strict labor laws can pose challenges for businesses operating in the IT Services sector.

Methodology

Data coverage:

The data encompasses B2G, B2B, and B2C enterprises. Figures are based on enterprises' technology spending on products, consulting, and outsourcing services.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players in the industry, Statista's primary research and surveys, and IT associations. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, internet users, and telecommunication. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing method is used based on the market data characteristics. The main drivers are the GDP and its sector composition, internet penetration, the level of digitization, and the attitude toward IT security.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

Vue d’ensemble

  • Revenue
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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