In 2022, the sector showed a strong recovery with a 12.12% YoY increase, reaching €104.64 billion. This upward trajectory is expected to continue, with forecasts predicting a rise to €113.45 billion in 2023 (8.42% YoY) and €116.47 billion in 2024. The sector has experienced volatility; however, the five-year CAGR up to 2023 is 2.95%. The forecast 5-year growth rate is 10.12% with a CAGR of 1.95% by 2028, indicating a steady, albeit moderate, increase.
Future trends to watch include the impact of digital transformation on service delivery and the role of fintech in driving industry growth. Economic conditions and regulatory changes will also be critical in shaping the sector's trajectory.
