The IT professional services market has shown robust growth, projected to increase from $845.56 billion in 2023 to $923.46 billion in 2024, achieving a CAGR of 9.2%. This growth is driven by mobile device proliferation and rising cybersecurity concerns. By 2028, the market is expected to reach $1,348.26 billion, with a CAGR of 9.9%. Key factors include the rollout of 5G networks and the rise of IoT devices. Anticipated trends encompass AI-driven automation, hybrid cloud solutions, and user-friendly IT innovations.
Major Driver In The IT Professional Services Market
The IT professional services market is poised for growth as businesses increasingly seek digital upgrades. Digital upgrades involve acquiring new platforms or updating existing systems to address technological challenges, leading to time savings, reduced system downtime, and improved end-user experiences. In 2021, PTC, an American computer software and services company, reported that over 52% of companies had completed digital transformations or were in the process of doing so. This rising demand for digital upgrades in businesses is expected to drive the growth of the IT professional services market.
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IT Professional Services Market Competitive Landscape
Microsoft Corporation, Intel Corporation, Accenture plc, International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Cisco Systems Inc., Ernst & Young Global Limited, Oracle Corporation, KPMG International Ltd., Salesforce Inc., Tata Consultancy Services Limited, Hewlett Packard Enterprise Company, Fujitsu Limited, Larsen & Toubro Infotech Limited, Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, Adobe Inc., DXC Technology Company, Atos SE, VMware Inc., Wipro Limited, CGI Inc., HCL Technologies Limited, Tech Mahindra Limited, Mphasis Limited, Mindtree Limited, Hexaware Technologies Limited, Syntel Inc., Datto Inc.
Key IT Professional Services Market Trend
Technological advancement is a key trend gaining popularity in the IT professional services market. Major companies operating in the IT professional services market are focused on developing new technological solutions to strengthen their position in the market. For instance, in October 2021, VMware Inc., a US-based company operating in IT professional services, launched Cross-Cloud services for multi-cloud management. This group of integrated services would help to deliver a faster and smarter path to the cloud for digital businesses, providing customers with the ability to build, run, and better secure apps through any cloud with freedom and flexibility. Through VMware Cross-Cloud services, customers would have key advantages such as accelerated cloud journeys, cost efficiency, flexibility, and control over multiple clouds. This service helps manage multiple clouds by providing a unified platform.
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IT Professional Services Market Segmentation
The IT Professional services market covered in this report is segmented –
1) By Type: Project-Oriented Services, ITO Services, IT Support And Training Services, Enterprise Cloud Computing Services
2) By Deployment: On-Premise, Cloud
3) By End-Use: Technology Companies, Consulting Companies, Marketing And Communication Companies, Other End-Users
By Geography:The regions covered in the it professional services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the IT professional services market share in 2023.
The IT Professional Services Global Market Report 2024 furnishes information about the global it professional services 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.
