The output of IT services in Portugal has shown consistent growth over the last decade. Between 2013 and 2023, the IT services sector increased from €3.37 billion to €10.77 billion. Year-on-year growth rates fluctuated, with notable spikes such as the 21.01% increase in 2019 and 22.45% in 2021, reflecting robust expansion. The compound annual growth rate (CAGR) over the last five years stands at 15.7%, highlighting strong momentum in the sector.
Looking forward, the forecast data suggests sustained growth, although at a slightly decelerated pace. By 2028, the IT services output is expected to reach €16.81 billion, with a forecasted 5-year CAGR of 6.98%. This translates into a 40.11% growth from 2023 to 2028.
Future trends to watch for include continued digital transformation across various industries, increased adoption of cloud services, and growth in cybersecurity solutions. Additionally, the development of AI and machine learning applications will likely drive further expansion in the IT services sector.
