According to our latest study on "IT management as a service market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis - by application, enterprise size, and end user," the IT management as a service market size was valued at US$ 11.13 billion in 2023 and is expected to reach US$ 37.68 billion by 2031; it is estimated to record a CAGR of 16.5% from 2023 to 2031.
The IT management as a service market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America dominated the market in 2023, followed by Europe and APAC, respectively. The Europe IT management as a service market is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. In terms of revenue, Germany dominated the IT management as a service market share. Germany's FinTech market in the EU and ranks fourth globally, according to the International Trade Administration. The nation already has the required digital infrastructure and a strong consumer base. Although Germany has yet to surpass the UK in terms of aggregate mobile payments, its forecasted compound annual growth rate (CAGR) of mobile payment adoption is currently 43.8%, compared to the UK's 19.5%. This growth is particularly driven by rising credit card adoption, which is expected to reach 67.3% in 2028 from 58% in 2023, the highest user penetration of mobile payment options in the EU (24.3%), and strong demand for digital personal finance services.
The country has various fintech businesses, including N26, Fidor Bank, SolarisBank, and Auxmoney that are active. In addition, a lot of Fintech businesses provide online banking. For instance, Solarisbank offers digital banking services in addition to infrastructure services for financial organizations. Furthermore, N26, Fidor Bank, Monzo, and Revolut are Fintech businesses that provide digital banking services in Germany. Deutsche Bank offers a vast array of online banking services. Thus, with such a growing adoption of online banking services and mobile payment, the demand for ITMaaS is also expected to increase in the country, as it can help fintech companies conduct their IT operations efficiently.
The National Health Service (NHS) is undergoing a financing reform to support the transformation of health and social care through technological applications such as high-speed connectivity, digital skills, and cyber resilience. To back this, the UK Government is making various investments in the digitization of the healthcare sector. For instance, in June 2022, the UK Government announced an investment of US$ 182.38 million (