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2021 looks set to have delivered the largest ever volume of annual growth in the UK SITS market. TechMarketView’s latest analysis indicates that demand increased by almost 9% last year as buyers in the UK spent approaching an additional £5bn on Software and IT Services (SITS). Click here to download the Market Outlook Update: Trends and Forecasts 2021-2024 report for the full details.
Published last June, our UK IT Services Market Trends & Forecasts 2021 was compiled in the weeks immediately following the third national lockdown. While the SITS supplier performance data covering the first quarter of last year was broadly encouraging, the lack of clarity about what the continued impact of the pandemic might be both domestically and globally prompted our team to adopt a cautiously optimistic view of demand outlook.
However, as analysts continued to track quarterly results and buyer sentiment/action during the second half of 2021 it became obvious the market was expanding at an exceptional pace. Indeed, growth was at a velocity not seen since the hay days of Y2K/Dotcom when the SITS sector was barely half its current size.
The revised data in the Market Outlook Update covers the SITS market as a whole, alongside the constituent lines of business and industry verticals. It shows not only a trebling of the previously anticipated growth in demand last year from the Public, Financial Services and Manufacturing sectors, but also a marked acceleration in the pace of digital transformation across all segments.
If you are an existing Foundation Services subscriber, please access the report here: Market Outlook Update: Trends and Forecasts 2021-2024.
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Posted by Duncan Aitchison at '07:27' - Tagged: newresearch MarketForecasts market+trends
