Overview and Scope
IT services are the application of business and technical skills to assist businesses in creating, managing, and optimizing access to information and business processes.
Sizing and Forecast
The it services market size has grown strongly in recent years. It will grow from $3414.09 billion in 2023 to $3615.86 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to the increased internet penetration, the growing adoption of the cloud in smes, the increasing government support and the coronavirus pandemic.
The it services market size is expected to see strong growth in the next few years. It will grow to $5074.84 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to the rising penetration of e-commerce, the increasing development of smart cities, the emergence of start-ups and the rising adoption of iot will drive the growth. Major trends in the forecast period include leveraging data analytics, focusing on using artificial intelligence (ai) to increase the efficiency, focusing on quantum computing for seamless data encryption, focusing on leveraging augmented reality, focusing on cloud desktops and focusing on strategic partnerships and collaborations.
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Segmentation & Regional Insights
The it services market covered in this report is segmented –
1) By Type: Hardware Support Services, Software And BPO Services, Cloud Services
2) By Enterprise Size: Small And Medium Enterprises (SMEs), Large Enterprises
3) By End-Use Industry: BFSI (Banking, Financial Services And Insurance), Retail And Wholesale, Communication, Media And Technology, Manufacturing, Life Science And Healthcare, Other End-Users
Sub segments: Computer And Peripherals Support Services, Storage And Servers Support Services, Networking Support Services, Other Hardware Support Services, Software Services, BPO Services, Infrastructure As A Service (IaaS), Platform As A Service (PaaS), Software As A Service (SaaS), Business Process As A Service (BPaaS)
North America was the largest region in the IT services market in 2023. Asia-Pacific was the second largest region of the IT services market. The regions covered in the it services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Companies across all industries are increasingly outsourcing their computer facilities management and data recovery operations. For instance, in September 2023, according to Radix web, an India-based IT outsourcing company, Spending on IT outsourcing could reach $1.3 trillion by 2023. This trend is expected to be particularly prevalent in emerging markets, given their generally lower current penetration rates. Therefore, rise in outsourcing services is expected to drive the IT services market during the forecast period.
Key Industry Players
Major companies operating in the it services market report are Microsoft, Amazon.com Inc, International Business Machines Corporation, Dell Technologies Inc, SAP SE, KDDI Corporation, OpenText Corporation, Tencent, CodeLab, Telefonaktiebolaget lm ericsson, Amadeus IT Group, Tensor, Kitopi, Wipro Ltd, Red Hat, Inc, Fulcrum Digital, T-Systems, Indra Sistemas, Kingsoft Corporation, Intel Corporation, Dimension Data, Wirecard, Neuron Soundware, Sequel, GFI Informatique, Accenture, CGI Group Inc., BairesDev, T-Systems South Africa (TSSA), Apprenda Inc, Mimecast, Supercell, Infosys Technologies Ltd, DigitalOcean Inc, Alibaba, Wise, TCS, GoCardless, BlackBerry Limited, Salesforce.com, Inc., Constellation Software Inc, NetApp India Pvt. Ltd, Zenith Infotech Limited, Google LLC, Servionic, Fujitsu Ltd, Shopify Inc, Commerce Decisions, Softline, Sopra Steria Bechtle, Teraco Data Environments, Manta, Sage, Nippon Telegraph And Telephone Corp, Micro Focus, ATOS, Rostelecom, Hitachi Ltd, Oracle Software Systems Co. Ltd, SAVVIS Australia Pty Ltd, Cisco Systems, Inc., Oracle Corporation, Capgemini, SKB Kontur, Dassault Systèmes, Agfa-Gevaert, Barco, Genpact India Pvt Ltd, Comarch, LMKR, Main Data Nigeria Limited (MDXi), Duffel, UCloud Information Technology, Toshiba Corporation, Mango Telecom, Adobe Inc
The it services market report table of contents includes:
1. Executive Summary
2. IT Services Market Characteristics
3. IT Services Product/Service Analysis -Product/Service Examples
4. IT Services Market Trends And Strategies
5. IT Services Market – Macro Economic Scenario
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68. Global IT Services Market Competitive Benchmarking
69. Global IT Services Market Competitive Dashboard
70. Key Mergers And Acquisitions In The IT Services Market
71. IT Services Market Future Outlook and Potential Analysis
72. Appendix
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