Rapid digitalization of organizations and increasing technological adoption by organizations are driving the demand for system infrastructure, globally. Integration of advanced technologies such as cloud, and IoT, offers higher efficiency to enterprises, which drives the adoption of these technologies in the market. In addition, the growing adoption of cloud technologies to improve workflow and remote working will further boost the market growth. The market growth faces limitations due to the high initial cost of implementation, yet the increasing investment in smart infrastructure and data centers is poised to present multiple growth opportunities for market stakeholders throughout the forecast period.

Big Data & Analytics Poised to Grow During Forecast Period

IT industry needs to use large quantities of data that are generated daily from the consumers to find hidden patterns, insights, trends, correlations, and market trends. Such big data & analytics service helps their clients to make an informed decision. With the continued growth of data generation, big data & analytics technology expected to grow further during the forecast period.

BFSI Industry Offers Huge Potential for the Market Growth

With the advancement in technology, the BFSI industry has also experienced system upgradation. The changing business models, emergence of new entrants, and changing consumer expectations are the major factors that are driving the BFSI industry’s investment in technologies such as cybersecurity, cloud, IoT, etc. It is estimated that BFSI will show a considerable growth rate during the forecast period.

Europe’s Big Plan for Digital Infrastructure

Europe accounted for significant share in global system infrastructure market. European Union’s (EU) Digital Decade Report, published in September 2023 highlighted the gap of digitalization of businesses in the region. As of 2023, 45% of the businesses in Europe have integrated cloud technology, 19% of businesses have integrated big data, and only 11% of businesses have integrated AI. EU has proposed a plan to have about 75% of enterprise with integration of cloud, big data and AI in the Europe by 2030. With this plan, Europe can achieve an economic value of over USD 3.05 trillion (EUR 2.8 trillion)*, equivalent to 21% of current Europe economy.

Some of the major players operating in the market are TIBCO Software, BMC Software, Broadcom, and Oracle, among others. These players have strong competition among themselves and they have adopted strategies such as new product launches, partnership & collaboration to achieve higher market share of the market.

Note: *Currency exchange rate considered as USD 1.0 = EUR 0.92