Europe's IT, Business Services Market Boosted by AI-Driven Cloud Demand in Q2: ISG Index™
Europe continues to embrace the cloud for AI adoption and cost efficiency. Given the region's macroeconomic and geopolitical instability, there has been a lot of discussion around digital sovereignty in Europe. We view sovereign clouds as a growth segment.
The EMEA ISG Index™, which measures commercial outsourcing contracts with annual contract value (ACV) of US $5 million or more, shows second-quarter ACV for the combined market (both managed services and cloud-based as-a-service) advanced 14 percent, to US $9.0 billion. Although up double digits year on year, the combined market declined 1.2 percent sequentially from the first quarter, as economic and geopolitical concerns limited discretionary spending on managed services.
'Europe continues to embrace the cloud for AI adoption and cost efficiency,' said Steve Hall, president, ISG EMEA and the firm's chief AI officer. 'Given the region's macroeconomic and geopolitical instability, there has been a lot of discussion around digital sovereignty in Europe. We view sovereign clouds as a potential growth segment for the industry going forward.'
Second-Quarter Results by Segment
ACV for the as-a-service (XaaS) segment soared 34 percent year on year, to a record US $5.1 billion, and was up 7 percent sequentially from the first quarter. It was the fifth straight quarter XaaS has grown by double digits, averaging 31 percent in that span, although the Q2 growth rate moderated slightly (down 170 basis points) from Q1.
Within this segment, infrastructure-as-a-service (IaaS) climbed 43 percent year on year, to a record US $3.9 billion, while growing 13 percent from the first quarter. Software-as-a-service (SaaS) grew 12 percent versus the prior year, to US $1.2 billion, although it was down 7 percent sequentially.
Managed services ACV in the second quarter dipped 4 percent, to US $3.9 billion, and was down 11 percent sequentially from the first quarter. A total of 240 managed services contracts were awarded in the quarter, down 20 percent from the prior year and down 14 percent from Q1. Among them were three mega deals (ACV of US $100 million or more), compared with four signed in the second quarter last year. Still, the total ACV of the mega deals was up 9 percent year on year, as companies continued to emphasize larger deals aimed cost optimization. The volume of smaller deals under US $10 million declined 31 percent year on year, as enterprises limited discretionary projects.
Within managed services, IT outsourcing (ITO) slumped 21 percent, to US $2.6 billion, with data center services the only growth area. Business process outsourcing (BPO), meanwhile, rose 23 percent, to US $667 million, led by growth in customer engagement, facilities management and finance and accounting services.
By industry, managed services ACV was higher in travel, transportation and leisure (up 90 percent), business services (up 74 percent) and retail (up 10 percent), while the region's three largest sectors showed mixed results. Energy and manufacturing were up 4 percent and 3 percent, respectively, but banking, financial services and insurance (BFSI), Europe's largest industry for sourcing, fell 8 percent.
ACV in the engineering, research and development (ER&D) segment, meanwhile, reached US $953 million, up 193 percent year on year and up 64 percent from the first quarter, as companies invested in digital integration and innovation.
Geographic Performance
EMEA's largest managed services market, the DACH region, grew 11 percent year on year, to US $1.0 billion, while France rose to the number two spot for ACV, at US $817 million, up 142 percent from the prior year. The UK, traditionally Europe's largest sourcing market, dropped to third place, at US $770 million, down 41 percent from the prior year. The Nordics, coming in fourth, climbed 72 percent, to US $471 million of ACV.
First-Half Results
For the first half, combined market ACV rose 19 percent, to US $18.2 billion. Managed services, at US $8.3 billion, was up 3.4 percent, while XaaS, at US $9.9 billion, rose 35 percent versus the same period last year. A total of 518 managed services contracts were awarded in the half, down 11 percent from last year, including six mega-deals, even with the prior year. The total ACV of the mega-deals, however, advanced 10 percent year on year.
Within managed services, ITO was essentially flat (up 0.2 percent), at US $6.1 billion, while BPO declined 16 percent, to US $1.2 billion. On the cloud side, the IaaS market grew 41 percent, to US $7.4 billion, while the SaaS market rose 20 percent, to US $2.5 billion.
ER&D services more than doubled from the prior year, to $953 million of ACV.
2025 Global Forecast
For the full year, ISG is maintaining its forecast of 1.3 percent revenue growth for managed services, reflecting a stabilizing tariff environment but also continued weakness in discretionary spending. At the same time, ISG is raising its previous growth forecast for cloud-based XaaS by 300 basis points, to 21 percent, based on continuing strong demand for AI-driven transformation.
Hall commented: 'In terms of our macro outlook, it has improved over the last 90 days, yet business uncertainty remains high. That said, AI has emerged as the dominant theme, overcoming many of these concerns to drive the overall market forward.'
About the ISG Index™
The ISG Index™ is recognized as the authoritative source for marketplace intelligence on the global technology and business services industry. For 91 consecutive quarters, it has detailed the latest industry data and trends for financial analysts, enterprise buyers, software and service providers, law firms, universities and the media.
The 2Q25 Global ISG Index results were presented during a webcast on July 10. To view a replay of the webcast and download presentation slides, visit this webpage.
About ISG
ISG (Nasdaq: III) is a global AI-centered technology research and advisory firm. A trusted partner to more than 900 clients, including 75 of the world's top 100 enterprises, ISG is a long-time leader in technology and business services that is now at the forefront of leveraging AI to help organizations achieve operational excellence and faster growth. The firm, founded in 2006, is known for its proprietary market data, in-depth knowledge of provider ecosystems, and the expertise of its 1,600 professionals worldwide working together to help clients maximize the value of their technology investments.
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