What are the Historical Developments and Current Growth Metrics of the Information Technology Market?
The information technology market has seen considerable growth due to a variety of factors.
• Recent years have seen robust growth in the size of the information technology market. From its value of $8920.05 billion in 2024, it is projected to increase to $9610.93 billion in 2025, with a compound annual growth rate (CAGR) of 7.7%.
The vigorous expansion in the historical period can be traced back to enhancements in personal computing, widespread internet use, the surge of mobile technology, developments in software construction, the rise of open source campaigns, and issues surrounding cybersecurity.
What Can Be Expected from the Information Technology Market in the Coming Years?
The information technology market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, it is anticipated that the size of the information technology market would experience significant expansion, going up to $13176.84 billion in 2029 with a compound annual growth rate (CAGR) of 8.2%.
This projected growth during the forecast period is attributed to several factors such as the internationalization of IT services, the revolution of digital transformation, advancements in cybersecurity, development of smart cities, and the progression of e-commerce. Predominant trends expected during this period encompass hybrid work setups, cloud technology, climate tech innovations, the incorporation of AI in business procedures, sustainable practices in IT, and the application of blockchain technologies.
What Are The Essential Drivers Behind The Growth Of The Information Technology Market?
Expectations are high for an increase in the demand for information technology due to the escalating demand for cloud computing services within the forecast duration. In this model, a cloud computing provider takes on the responsibility of managing and operating internet-based data storage as part of their service. There has been a rise in the number of companies opting for cloud-hosted applications for their daily business activities. In proof of this, Google LLC, a tech firm hailing from the U.S, disclosed that in January 2023, the usage of the public cloud had risen by 76% in 2022, which constituted a 56% increase from 2021. On top of that, the European Union, an international organization based in the Netherlands, revealed in December 2023 that the proportion of EU enterprises buying cloud computing services had seen a growth of 4.2 percentage points in 2023 compared to 2021. As a result of these trends, it is projected that the upswing in demand for cloud computing services is poised to fuel the information technology market.
How Are The Segments Defined Within The Global Information Technology Market?
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:
1) By IT Services: Managed IT Services, Cloud Services, IT Consulting Services, Technical Support And Maintenance
2) By Computer Hardware: Personal Computers (Desktops And Laptops), Servers, Networking Equipment (Routers, Switches), Storage Devices (HDDs, SSDs)
3) By Telecom: Mobile Services, Fixed-Line Services, Broadband Internet Services, Value-Added Services (VAS)
4) By Software Products: Enterprise Software (ERP, CRM), Operating Systems, Application Software (Productivity, Design), Security Software
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How Are New Trends Expected To Influence The Growth Of The Information Technology Market Landscape?
In recent times, spanning about five years, the trend of low-priced open-source solutions has gained substantial momentum. Open source has evolved as the popularly adapted platform for the inception of new technologies. Unlike earlier tendencies where open-source software was released by publishers when they failed to garner profits, currently, firms are open sourcing software to amplify their visibility and stake in the market. A clear testament to this trend is Supabase, a startup incubated by YC that provides developers with an open-source alternative, disclosed it had secured a funding of $6 million to devise new open-source instruments.
Who Are the Key Players in the Information Technology Market?
Major companies operating in the information technology market include:
• 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
• Larsen & Toubro Infotech Limited
• Mphasis Limited
• Mindtree Limited
• PagerDuty Inc.
• HCL Technologies Limited
• Mirakl
• 3i Infotech Limited
• Inspirisys Solutions Limited
• Atom Technologies Limited
• Alphabet Inc.
• Amazon.com Inc
What Is The Most Dominant Region In The Information Technology Market?
Asia-Pacific was the largest region in the information technology (IT) market in 2024. North America was the second largest region of the information technology market. The regions covered in the information technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
