Europe’s IT and business services market propelled by growing cloud-based services adoption

Growing adoption of cloud-based services is propelling the expansion of the European IT and business services market, with the region setting a new record for as-a-service spending in the second quarter, according to the latest state-of-the-industry report from ISG. The EMEA ISG Index, which measures commercial outsourcing contracts with annual contract value (ACV) of $5 million or more, shows ACV for the combined market, which includes both as-a-service and managed services, reached $6.3 billion, up 31 percent against a soft quarter last year during the onset of the pandemic, and up 4 percent against the first quarter of 2021.

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