The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreJan 2018
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Western Europe is the world’s second largest business services market, accounting for almost 30% of global business services revenues. After a period of stagnation, future turnover growth is expected to recover due to the Single Market Strategy implementation which will help to improve the business environment in Europe. Although Germany will remain the largest business services market in Western Europe, smaller economies will show the strongest growth over 2016-2025..
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Western Europe is the world’s second largest business services market after North America. Industry performance has been subdued due to political uncertainty in Europe, Brexit, low productivity growth and existing regulatory barriers in 2016-2017. However, business services are projected to recover and reach a CAGR of 1% over 2016-2025 due to the Single Market Strategy’s measures aimed to improve the business environment and competitiveness.
Although Germany is estimated to remain the largest business services market in Western Europe, its CAGR is forecast to reach only 1% over 2016-2025. France, the UK and Italy are also expected to witness flat growth. Computer and related services will be the fastest growing category in major economies except for Italy; it will face the most noticeable slump due to weak economic prospects and shortage of qualified workers.
Business services in Belgium is expected to grow most significantly in absolute terms over 2016-2025, while Luxembourg is projected to witness the strongest growth of 5% CAGR over the same period. Finland and Ireland will also face significant expansion, each with a CAGR of 4% over the forecast period, as they are among the most innovative economies and provide business-friendly environments.
Due to the European Commission’s various initiatives aimed to support entrepreneurship, remove regulatory barriers and improve access to new markets, the performance of SMEs strengthens, thus business services industries continue to be highly fragmented in Western Europe. SMEs account for more than 95% of the total number of firms in the business services industries.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.