Global Research Insights: What are the European Market Trends?

Everest Group is your partner for global research insights. Our research focuses exclusively on IT, business process, and engineering services. Our expert insights extend to the technologies that power those processes and functions and the related talent trends and strategies.

Our specialization in all things services results in a deep level of expertise that clients find invaluable when making critical, strategic decisions related to using and delivering services. It’s the research insights you need when navigating the complexities of the European global services market.

Our research zeros in on current European market trends and delivers insights on how enterprises can capitalize on and navigate through the changes. In areas such as digital transformation, sourcing, sustainability, and locations, among others, Everest Group delivers the insights needed to make critical, value-delivering decisions. Explore European market trends through our key research on this topic.

Global Research Insights: Spotlight on European Market Trends in Digital

Over the years, the European market has been slower than other areas of the world in adopting digital transformation, but that’s changing. With new regulations opening the digital marketplace for fair competition, sizeable strategic partnerships, and providers embracing the latest cloud, automation, and Artificial Intelligence (AI) capabilities, our global research insights show that Europe is poised to seize a leadership position in the tech landscape. But the region needs to act quickly and grasp the right opportunities to prevail.

Recently, COVID-19 accelerated the worldwide movement to adopt digital initiatives, and digitalization was pushed into the spotlight as a means for businesses to survive by finding innovative ways to deliver services through digital media.

The European market, however, felt the impact of the pandemic significantly because of the slower rate of digital adoption in some segments, and it bore the early onslaught of the global pandemic. With slowing macroeconomic growth, enterprises in Europe have been facing significant challenges. The changes fueled by the pandemic have now pushed Europe to rethink its business and talent models and embrace accelerated digital transformation.

Everest Group provides specialized, actionable insights and research targeting digital transformation so organizations can make strategic decisions to set efforts in motion and drive successful execution.

Europe’s Critical Moment in Digital Transformation – Mission 2030

Europe’s dependence on global technology companies (versus homegrown firms) has increased. Various reasons exist for Europe’s perceived decline as the home of Big Tech companies, including a stricter tax regime, more active regulatory/legal frameworks, and a smaller homogeneous addressable market. Despite this, Europe outperforms the world in many pockets of innovation, such as financial technology (FinTech), blockchain, payments, creative agencies, and cybersecurity.

Now, new expectations that developed from the pandemic have led European organizations to gear up to fully embrace digital business models. According to Everest Group global research insights, customer experience is the most critical priority for enterprises and service providers over the coming few years, followed by operational efficiency, then launching new products and services.

Why Europe is Poised to be a Major Factor in Digital Transformation Strategies

There’s a perfect storm brewing in the global digital transformation market, and the eye is forming in Europe. Work-from-home adjustments and the intensified race for next-generation skills are causing enterprises everywhere to rethink their asset and workforce strategies. Currently, opportunities are popping up throughout Europe to fulfill these needs, including:

  • The surfacing of distinctive talent pools that can be found near demand markets and locations throughout Europe that are offering cost-effective alternatives to base regional or global digital services delivery hubs
  • The European market trends of global service providers and product vendors focusing on Europe to be closer to clients and moving away from hyper-competitive markets or over-congested delivery locations
  • The uptick of European governments and regulators rethinking frameworks and legal structures to foster innovation and digital leadership

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