Worldwide IT Services and Business Services revenue grew 5 percent in 2019, according to IDC.
IDC forecasts the worldwide services market will decline 1.1 percent in 2020 and grow over 1 percent in 2021. The real 2020 GDP will contract more than 2 percent, with a sharp decline in Q1 and Q2 offset by recovery in the second half of the year.
The IDC report said IT Services and Business Services revenue rose 4.2 percent in 2018 and 4 percent in 2017.
The Americas services market will contract by 0.2 percent this year, down from the 5.2 percent growth experienced in 2019.
The EMEA region is forecast to contract by 4.3 percent in 2020, down from 2019’s 4.4 percent growth, and will not likely return to positive territory until 2022.
The Middle East & Africa market will shrink moderately largely due to falling oil prices.
Asia Pacific is expected to grow by only by 1.9 percent this year, down from 5.5 percent last year. The biggest impact will be felt in China. China services market will grow 2.4 percent in 2019, down from 7.6 percent in 2019.