The value added of IT services in Belgium has exhibited consistent growth from 2013 through 2023, standing at 12.83 billion Euros in 2023. Year-on-year growth rates fluctuated, peaking in 2019 at 10.6% before declining to 5.06% in 2023. From 2018 to 2023, the compound annual growth rate (CAGR) averaged 6.67%, indicating robust expansion.
From 2024 onwards, the forecast indicates a slight deceleration in growth, with a 5-year CAGR of 3.03% and an overall growth rate of 16.1% by 2028. Despite this, IT services value is anticipated to continue its upward trajectory, reaching 15.59 billion Euros by 2028.
Future trends to watch for:
- Increased adoption of emerging technologies like AI, blockchain, and IoT
- Digital transformation initiatives across industries
- Growth in cloud computing and cybersecurity services
- Impact of regulatory changes and economic conditions
