Forecast Report

European Tech Market Forecast, 2023 To 2027

European Tech Spend Will Grow 5.1% In 2024 After A Lackluster 2023

December 19th, 2023
Michael O'Grady, Principal Forecast Analyst
Michael O'Grady Principal Forecast Analyst
With contributors:
Keith Johnston , Laura Koetzle , Pascal Matzke , Elizabeth Cullen , Michael Kearney , Ian McPherson

Summary

The recovery of real incomes, easing inflation, lower energy prices, abating supply constraints, improved business confidence, and a strong labor market contribute to an improved economic outlook in 2024. European tech spend will bounce back to 5.1% growth in 2024 — significantly faster than the 2.6% growth in 2023. Countries with faster GDP growth see faster tech spend growth, though technology adoption constraints in data centers, chip supply, AI, and data regulation and tech market competition persist. Enterprises with higher-value business activities, higher digital maturity, and more advanced cybersecurity adoption will spend more on technology.

Want to read the full report?

Contact us to become a client

This report is available for individual purchase ($1495).

Forrester helps business and technology leaders use customer obsession to accelerate growth. That means empowering you to put the customer at the center of everything you do: your leadership strategy, and operations. Becoming a customer-obsessed organization requires change — it requires being bold. We give business and technology leaders the confidence to put bold into action, shaping and guiding how to navigate today's unprecedented change in order to succeed.