Forecast: Employees in IT services Sector in Spain

The IT services sector in Spain has seen a robust upward trend from 2013 to 2023, with employee numbers reaching 391.6 thousand units in 2023. During this period, the year-on-year growth has fluctuated, starting with modest increases in the early years and peaking at 8.72% in 2017. The last two years noted a steady incline with 5.65% in 2022 and 5.21% in 2023. The compounded annual growth rate (CAGR) showcases the sustained growth momentum, averaging 5.64% over the past five years.

From 2024 onwards, the employment in this sector is anticipated to continue its growth trajectory, with a forecasted CAGR of 3.25% over the next five years, culminating in a 17.32% overall growth by 2028. With projections indicating a rise to 481.7 thousand units by 2028, this sector's expansion is poised to outpace historical averages.

Future trends to watch for:

• Digital transformation imperatives across industries, driving demand for IT services.
• Adoption of emerging technologies such as AI, cloud computing, and cybersecurity solutions.
• Government policies and incentives aimed at bolstering the tech ecosystem.
• Potential talent shortages and the need for upskilling and reskilling the workforce to meet new demands.