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Global Information Technology Market Opportunities 2024, Forecast To 2033

25 Sep, 2024

The information technology market has experienced robust growth, climbing from $8508.63 billion in 2023 to $9039 billion in 2024, with a CAGR of 6.2%. This growth is attributed to increased internet adoption and cybersecurity concerns. Looking forward, the market is expected to reach $12417.21 billion by 2028, reflecting a CAGR of 8.3%. Key trends include hybrid work environments and the adoption of cloud computing.

Major Driver In The Information Technology Market

The demand for IT services is expected to be driven by the increasing adoption of cloud computing services during the forecast period. In the cloud computing model, data is stored on the internet by providers who manage and operate data storage as a service. Many companies are opting for cloud-based applications for their day-to-day operations. Hostingtribunal.com reports that 94% of enterprise workloads are anticipated to be processed by cloud data centers in 2021. This transition to cloud-based data storage is contributing to the heightened demand for IT services, with market size projections for 2023, 2024, and 2028 reflecting this shift.

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Information Technology Market Competitive Landscape

Apple Inc., Microsoft Corporation, Verizon Communications Inc., China Mobile Limited, AT&T Inc., Huawei Technologies Co. Ltd., Deutsche Telekom AG, Dell Technologies Inc., Samsung Electronics Co. Ltd., Comcast Corporation, International Business Machines Corp., Oracle Corporation, Tata Consultancy Services Ltd., Salesforce Inc., Infosys Limited, Wipro Limited, Tech Mahindra Limited, Echo Global Logistics Inc., Larsen & Toubro Infotech Limited, Mphasis Limited, Mindtree Limited, MarketAxess Holdings Inc., PagerDuty Inc., HCL Technologies Limited, Mirakl, 3i Infotech Limited, Inspirisys Solutions Limited, Atom Technologies Limited, Alphabet Inc., Amazon.com Inc

Key Information Technology Market Trend

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.

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Information Technology Market Segmentation

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
By Geography:The regions covered in the information technology market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa. Asia-Pacific was the largest region in the information technology (IT) market in 2023.

The Information Technology Global Market Report 2024 furnishes information about the global information technology market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.