Revenue growth for the technology, media, and telecommunications (TMT) sector has been slower in Europe than in the rest of the world. Between 2000 and 2023, Europe experienced an annual growth rate of 4 percent, while the rest of the world saw 7 percent growth, explain Senior Partner Ruben Schaubroeck and coauthors. If European TMT companies were to focus on key areas such as AI and next-generation software, data infrastructure, and content and commerce, they could generate as much as $800 billion in incremental value by 2030.
Image description:
A pair of stacked bar charts compare the evolution of technology, media, and telecommunications revenue in Europe and the rest of the world, measured in trillions of dollars. For Europe, the revenue in 2000, 2014, and 2023, respectively, was $0.4 trillion, $0.9 trillion, and $1.1 trillion. Technology revenue increased from $0.1 trillion in 2000 to $0.3 trillion in 2014 and $0.5 trillion in 2023. Media revenue was steady at $0.1 trillion in 2000 and in 2014 and increased to $0.2 trillion in 2023. Telecommunications revenue started at $0.2 trillion in 2000, then $0.4 trillion in 2014 and in 2023. The CAGR in Europe from 2000 to 2023 was 6% for technology, 3% for media, and 3% for telecommunications, resulting in a total of +4% per year.
For the rest of the world, the revenue in 2000, 2014, and 2023, respectively, was $1.5 trillion, $4.8 trillion, and $8.2 trillion. Technology revenue increased from $1.0 trillion in 2000 to $3.0 trillion in 2014 and $5.2 trillion in 2023. Media revenue grew from $0.2 trillion in 2000 to $0.6 trillion in 2014 and $1.5 trillion in 2023. Telecommunications revenue grew from $0.4 trillion in 2000 to $1.3 trillion in 2014 and $1.4 trillion in 2023. The CAGR from 2000 to 2023 was 7% for technology, 10% for media, and 6% for telecommunications, resulting in a total of +7% per year.
Note: This image description was completed with the assistance of Writer, a gen AI tool.
Source: S&P Capital IQ; World Bank.
End of image description.
To read the report, see “Technology, media, and telecom in Europe: The new growth engine or another decade of missing out?,” May 21, 2025.