Over the past decade, the value added by IT services in Spain has experienced noticeable fluctuations. From 2013 to 2015, there was a steady increase, followed by a significant dip in 2016. The industry rebounded from 2017 onwards, with substantial growth noted in 2018 and 2019, driven by digital transformation. Despite a minor setback in 2020, likely due to the pandemic, the sector saw a strong recovery in 2021 and continued to grow steadily until 2023, standing at 23.7 Billion Euros.
Observing the year-on-year variations, the period from 2019 to 2021 showed a noteworthy rise, and despite a slower increase in 2022 and 2023, the overall 5-year CAGR stands at 5.39%. Looking forward, from 2024 to 2028, the forecasted 5-year CAGR is anticipated to be 2.05%, indicating slower but steady growth.
Future trends to watch for include:
- The increasing integration of AI and machine learning in business processes
- Growth in cybersecurity demand due to higher incidences of cyber threats
- Adoption of cloud services across multiple sectors
- Expansion of IT consulting services to support digital transformation initiatives
- Evolution of remote and hybrid work models driving demand for IT infrastructure and support
