Forecast: Output of IT Services in Spain

The IT services output in Spain has shown a dynamic trajectory from 2013 to the current forecast in 2028. Starting at 28.72 billion euros in 2013, it experienced a steady rise, peaking at 41.72 billion euros in 2019 before a slight dip due to the global pandemic in 2020. However, the sector rebounded in 2021, hitting 43.77 billion euros, and is projected to continue on a gradual upward trend, reaching 50.75 billion euros by 2028.

In 2023, the value stood at 43.9 billion euros, reflecting a modest year-on-year growth of 3.32% over 2022. The last decade’s fluctuations reflect various economic impacts, but the sector has an overall positive CAGR of 2.97% over the past five years. The forecast up to 2028 indicates a 2.3% annual growth rate, suggesting continued but mild expansion.

Future trends to watch for:

• Adoption of novel technologies such as AI, Machine Learning, and Cloud Computing, which could accelerate growth.
• Cybersecurity investments driven by rising digital transformations.
• Potential impact of regulatory changes and European Union digital policies.
• Talent acquisition and retention as critical drivers for sustaining sector growth.
• Economic stabilization post-COVID-19 uncertainties which could see renewed investment in IT infrastructure projects.