The Information Technology Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Information Technology Global Market Report 2024, The information technology market size has grown strongly in recent years. It will grow from $8508.63 billion in 2023 to $9039 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to increased personal computing, internet adoption, mobile revolution, growth of software development advancements, open source movement, cybersecurity concerns.
The information technology market size is expected to see strong growth in the next few years. It will grow to $12417.21 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to globalization of it services, digital transformation, cybersecurity innovations, smart cities development, e-commerce evolution. Major trends in the forecast period include hybrid work environments, cloud computing, climate tech solutions, ai in business processes, sustainable it practices, blockchain technologies.
The demand for cloud computing services is expected to drive the demand for IT services during the forecast period. In the cloud computing model, data is stored on the internet by a cloud computing provider, who manages and operates data storage as a service. Many companies are now choosing applications hosted in the cloud for their day-to-day operations. For example, according to statistics provided by hostingtribunal.com, 94% of enterprise workloads are expected to be processed by cloud data centers in 2021. Companies are also opting for cloud-based data storage, thus boosting the demand for IT services.
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The information technology market covered in this report is segmented –
1) By Type: IT Services, Computer Hardware, Telecom, Software Products
2) By Organization Size: Large Enterprise, Small and Medium Enterprise
3) By End User: Financial Services, Retail & Wholesale, Manufacturing, Healthcare, Other End Users
Subsegments Covered: Hardware Support Services, Software And BPO Services, Cloud Services, Computer Peripheral Equipment, Computer Storage Devices And Servers, Computers, Wireless Telecommunication Carriers, Wired Telecommunication Carriers, Communications Hardware, Satellite & Telecommunication Resellers, Operating Systems & Productivity Software Publishing, Database, Storage & Backup Software Publishing, Business Analytics & Enterprise Software, Video Game Software, Design, Editing & Rendering Software
Over the past five years there has been an increasing prevalence of low-cost open-source alternatives. Open source has become a preferred platform for developing new technology. In the past, software publishers would open-source software that was not making money, but now companies are open sourcing software to increase their presence and share in the market. Supabase, a YC-incubated startup that offers developers an open-source alternative, announced that it had raised a $6 million in funding to create new open-source tools.
The information technology market report table of contents includes:
1. Executive Summary
2. Information Technology Market Characteristics
3. Information Technology Product/Service Analysis -Product/Service Examples
4. Information Technology Market Trends And Strategies
5. Information Technology Market – Macro Economic Scenario
…..
68. Global Information Technology Market Competitive Benchmarking
69. Global Information Technology Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Information Technology Market
71. Information Technology Market Future Outlook and Potential Analysis
36. Appendix
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