Forecast: IT Services Output in Denmark

The IT services output in Denmark has shown a consistent upward trajectory from 2013 to 2023. In 2023, the IT services market reached 15.15 billion Euros, reflecting an annual growth of 3.73% over the previous year. The average growth rate per year over the last five years indicated a CAGR of 4.61%. This resilience despite economic fluctuations highlights the sector's robustness.

The period between 2013 and 2019 saw varied year-on-year growth rates, with notable peaks in 2015 (6.68%) and 2019 (9.1%), followed by a slowdown in 2020 (2.32%) likely due to the pandemic. The subsequent recovery in 2021 and 2022 maintained steady growth supported by increasing digital transformation efforts across industries.

In forecasting until 2028, the IT services market is expected to continue its growth trend albeit at a slightly moderated CAGR of 2.55%, resulting in a total increase of 13.4% over five years reaching an estimated 17.79 billion Euros in 2028.

Future trends to watch for include:

• Increased emphasis on digital transformation initiatives across various sectors, driving demand for IT services.
• Growth in cloud computing and cybersecurity services as organizations prioritize data security and operational efficiency.
• The adoption of emerging technologies such as AI, machine learning, and IoT, which will likely fuel further expansion in the IT services sector.