How Has The IT Professional Services Market Size Evolved Historically?
The it professional services market has seen considerable growth due to a variety of factors.
• In the past few years, the market size for IT professional services has witnessed substantial growth. Propelled by factors such as the surge of mobile devices, increasing cybersecurity issues, prevalent outsourcing trends, remote working facilities, and the popularity of the Internet, it is projected to escalate from $902.65 billion in 2024 to approximately $975.17 billion in 2025. This increase represents a Compound Annual Growth Rate (CAGR) of 8.0%.
What Does Future Hold for The IT Professional Services Market Size?
The it professional services market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the IT professional services market is anticipated to expand rapidly, reaching a value of $1520.57 billion in 2029 with a compound annual growth rate (CAGR) of 11.7%.
This projected growth is due to factors such as the launch of 5G networks, the widespread usage of IoT devices, the implementation of AR/VR technologies, support for remote work, and an increased focus on sustainability. The future trends in this market will be characterized by AI-enabled automation, advancements in cybersecurity, hybrid cloud computing, cross-platform integration, and user-centric IT solutions.
What Are The Primary Growth Drivers In The IT Professional Services Market?
The IT professional services market is projected to grow due to the escalating demand from businesses for digital upgrades. These upgrades could mean acquiring a whole new system or updating the existing ones to address technological problems. They are beneficial in substantially reducing staff hours, mitigating system downtime, and improving end-user experiences. As an illustration, in March 2024, a report from the United States Census Bureau, the federal statistical agency in the US, presented that the use of AI is rapidly increasing. It rose from 3.7% of firms in Fall 2023 to 5.4% in February 2024 and is expected to reach 6.6% by Fall 2024. Also, it is suggested that around 12% of employees in these companies will be utilizing AI by then. Thus, the rising requirement for digital upgrades in businesses is anticipated to boost the expansion of the IT professional services market.
What Is The Segmentation Of The Global IT Professional Services Market?
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
Subsegments:
1) By Project-Oriented Services: IT Project Management, Systems Integration, Custom Application Development, IT Infrastructure Setup
2) By ITO (IT Outsourcing) Services: Application Outsourcing, Infrastructure Outsourcing, Business Process Outsourcing (BPO)
3) By IT Support And Training Services: Technical Support Services, End-User Training, Help Desk Services, IT Skill Development Programs
4) By Enterprise Cloud Computing Services: Cloud Migration Services, Cloud Infrastructure Management, Cloud Security Services, Cloud Optimization And Cost Management
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What Emerging Trends Are Shaping The IT Professional Services Market Landscape?
Advancements in technology are becoming a significant trend in the IT professional services sector. Top companies in this market are focusing on creating innovative technological solutions to consolidate their market standing. For example, in October 2024, Acumatica Inc., a cloud ERP provider from the US, unveiled its Professional Services Edition. This all-encompassing solution aims to assist small and medium-sized professional services companies by improving collaboration, optimizing resource management, and maintaining financial control. This edition, customized for industries like architecture, engineering, and IT, empowers firms to manage their projects more effectively, enhance real-time insights, and stay competitive in project-focused settings.
Who Are the Key Players in the IT Professional Services Market?
Major companies operating in the IT professional services market include:
• Microsoft 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
• 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.
What are the Regional Insights into the IT Professional Services Market?
North America was the largest region in the IT professional services market share in 2024. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the IT professional services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
