The IT services sector in Portugal has exhibited significant growth from 2013 to 2023, rising from 43.89 thousand jobs to 119.78 thousand jobs. In 2023, the sector stood at 119.78 thousand jobs with a year-on-year growth of 9.38% and an average annual growth rate (CAGR) over the last five years of 11.47%. This consistent expansion highlights the sector's robust development and increasing demand for IT professionals.
Notable trends include:
- Steady growth from 2013 to 2017, noticeably accelerating post-2017.
- High year-on-year increases in 2017, 2018, and 2019, with peaks of 14.37%, 15.01%, and 16.38%, respectively.
- Moderate growth from 2020 onwards, maintaining a CAGR above 11% until 2023.
The forecasted data from 2024 to 2028 suggest continued growth but at a slower rate, with a 5-year CAGR of 5.56% and an expected overall growth rate of 31.06% from 2024 to 2028. Future trends to watch include the impact of digital transformation initiatives, advancements in technologies like AI and cloud computing, and the increasing globalization of the IT services market, which may drive further demand for IT professionals in Portugal.
