TECH SUPPLIER Jul 2020 - Market Forecast - Doc # US45374320

Worldwide Services Forecast, 2020–2024

By: Chad HustonResearch Manager, Worldwide Services


This IDC study details the 2020–2024 market sizing and growth rates for the worldwide services market. This market is broken down into three major views. The first is the macromarket view, which segments the services market into three macromarkets (project-oriented services, managed services, and support services), which are then broken down into a further 14 foundation markets. The second is the regional view, which is broken into nine regions (Canada, the United States, Latin America, 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 third is the expansion market view, which provides market sizing for new services markets, which in this study are digital agency services and product engineering and operational technology services.

The Market Forecast section provides a variety of quantitative data as well as qualitative commentary for each of these views. Special attention is paid to how the growth rates have changed compared with the forecast that was published seven months ago in Worldwide Services Forecast Update, 2019–2023 (IDC #US44126119, December 2019). In addition, because exchange rate volatility can have a significant effect upon 2020 growth rates, constant currency growth rates are provided in addition to the current currency methodology that IDC follows.

"After seeing 10 years of positive services growth for 2010–2019, the services market is expected to contract in 2020 at the rate of -3.2%, which is already more significant than the lowest growth rate after the global financial crisis (-1.8% in 2009)," said Chad Huston, research manager with IDC's Worldwide Services program. "It should come as a surprise to no one that the impact of the COVID-19 pandemic was the reason for the decline; however, as enterprises shift to remote work and begin to reshape their business strategies, many opportunities do exist for services vendors to respond."



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