European IT Market Growth Above World AverageThe IT market in Europe will grow 11.3 percent by the end of this year, with an output worth 440 billion U.S. dollars, surpassing U.S., Japanese and world average rates, according a recent study.The study, conducted by the European Information Technology Observatory (EITO), noted that the demand for telecommunications services and technology in Europe is growing faster than expected. Europe's IT market is expected to grow by 9.5 percent next year, reaching 484 billion dollars in output, according to the study. The IT market growth rate by the end of this year in the United States, Japan and the world is expected to be eight percent, six percent and 10.1 percent respectively. Government plans to promote Internet and e-business and to shift investment from traditional sectors to the IT industry have substantially contributed to the growth of the IT market in Europe, according to the study. However, EITO warned that shortages of skilled personnel will hinder further development of the European IT market. There are now 14.5 million IT and e-business specialists in Europe. The number is expected to rise to 22 million by 2003, said EITO. |
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