Belgium ICT Market Size (2024 - 2029)

Belgium ICT Market Analysis

The Belgium ICT Market size is estimated at USD 27.21 billion in 2024, and is expected to reach USD 46.44 billion by 2029, growing at a CAGR of 11.28% during the forecast period (2024-2029).

The Belgian ICT market is experiencing robust growth, driven by increasing digitalization and government initiatives to enhance technological infrastructure. The market's expansion is supported by the rising demand for advanced communication solutions and IT services.

• Government initiatives and policies are playing a pivotal role in driving growth in the Belgian ICT market, emphasizing digital transformation and innovation. Notably, the Government's digital strategy for education seeks to create a comprehensive digital ecosystem, spanning hardware and software infrastructure. It also focuses on enhancing digital literacy among education stakeholders and fostering partnerships with academic and EdTech sectors.
• Belgium is aiming to be a green, inclusive digital champion. A growing focus on sustainability is driving the adoption of energy-efficient technologies and practices within the ICT market. The introduction of "Right to Repair" in May 2024 is a crucial step. The introduction of universal charger regulations is also expected to save money and avert more than 11,000 tonnes of electronic waste each year.
• The increasing shift toward cloud computing for enhanced business agility and cost efficiency is driving the demand for ICT solutions. Companies in Belgium are adopting cloud services for their application and storage purposes at a rapid pace.
• Continuous advancements in technology, including AI, IoT, and 5G, are creating new opportunities and driving the market’s growth. For instance, the government of Belgium is spending close to EUR 11 million for various 5G projects.
• However, complex regulatory requirements and compliance issues can hinder the swift adoption and deployment of new ICT technologies, potentially restraining the market’s growth. EU-level frameworks like the Digital Markets Act, the Digital Services Act, the AI Act, the Data Act, and NIS2, among others, are expected to have a significant impact on the Belgian regulatory environment. It is challenging to integrate them and divide the competencies amongst various public authorities, thus adding more complexity to the already complicated system.

Belgium ICT Industry Segmentation

Information and communications technology (ICT) is a broad term encompassing information technology (IT) with a focus on integrating telecommunications (both wired and wireless) with computing systems. This integration includes essential components like enterprise software, middleware, storage, and audiovisual tools. The goal is to facilitate users in accessing, storing, transmitting, and effectively utilizing information.

The report covers the Belgian ICT market companies. The market is segmented by type (hardware, software, IT services, and telecommunication services), size of enterprise (small and medium enterprises and large enterprises), and industry vertical (BFSI, IT and telecom, government, retail and e-commerce, manufacturing, energy and utilities, and other industry verticals). The report offers market sizes and forecasts in value (USD) for all the above segments.