Europe’s ICT sector has grown significantly over the past 5 years, where other global tech sectors have stagnated. Europe’s ICT imports in 2019 were valued at 338 billion Euros, up 20 billion Euros from 2018. Consumers are driving innovation from major tech companies, and European consumers are globally viewed as early adopters of tech.
COVID-19 is set to have an impact on ICT revenue in Europe, however, scenarios still predicts growth in 2020. The pandemic is creating new opportunities for cloud service vendors who have seen an increase in demand across the region. The pandemic is the unexpected catalyst for tech adoption, as COVID-19 sees a range of changing consumer behavior (more online shopping, digital payments, distance learning, and tele-health).
This report further examines the following ICT sub-sectors in Europe:
- Artificial Intelligence (AI)
- Internet of Things (IoT)