Revenues in the German digital industry will continue to substantially grow this year, the Bitkom digital association has predicted. Business is being driven by increasing digitalisation in the economy, state and society, it said on Wednesday.
The crisis in the export-oriented industries has so far not affected IT and telecommunications companies, according to Bitkom president Achim Berg. He expects revenues to increase by 2 per cent to 170.3 billion euros (188 billion dollars) in 2019.
For 2020, a slightly lower increase of 1.6 per cent to 173.1 billion euros in revenues is expected.
Information technology continues to drive growth as the largest market segment. Its revenues should rise by 3.2 per cent to 93.6 billion euros, Bitkom predicted.
The telecommunications sector has been growing again since 2018 following some difficult years. Here, an increase of 1.8 per cent to 68.2 billion euros is expected, following a rise of 2.1 per cent last year.
The consumer electronics business, on the other hand, continues to face a downturn, with Bitkom expecting a substantial decrease of 7.7 per cent.
"The market for consumer electronics is facing significant pressure," Berg said. Prices have been nearly stable, but fewer devices are being sold.
In terms of employment, the digital association expects an increase of 42,000 jobs to reach 1.19 million by the end of the year. Last year, the industry created 51,000 new jobs - the highest number since 2000, according to Bitkom.
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