Global It Services Market Size 2024, Forecast To 2033
11 Mar, 2024
The IT services market has shown robust growth, advancing from $3414.09 billion in 2023 to $3615.86 billion in 2024, marking a compound annual growth rate (CAGR) of 5.9%. This growth in the historical period is attributed to increased internet penetration, growing adoption of the cloud in SMEs, increasing government support, and the impact of the coronavirus pandemic. Looking forward to 2028, the market is expected to witness strong growth, reaching $5074.84 billion with a CAGR of 8.8%. The forecasted growth in the coming years can be linked to the rising penetration of e-commerce, the increasing development of smart cities, the emergence of startups, and the rising adoption of the Internet of Things (IoT). Major trends during this period include leveraging data analytics, focusing on using artificial intelligence (AI) to increase efficiency, focusing on quantum computing for seamless data encryption, leveraging augmented reality, adopting cloud desktops, and focusing on strategic partnerships and collaborations.
Global IT Services Market Key Driver
Companies across all industries are increasingly outsourcing their computer facilities management and data recovery operations. For example, in September 2023, Radix web, an India-based IT outsourcing company, revealed that spending on IT outsourcing could potentially reach $1.3 trillion by 2023. This trend is expected to be particularly prevalent in emerging markets due to their generally lower current penetration rates. Consequently, the rise in outsourcing services is projected to be a driving force for the IT services market during the forecast period, encompassing the market sizes for 2023, 2024, and 2028.
Get A Free Sample Of The Global IT Services Market ReportGlobal IT Services Market Segments
The it services market covered in this report is segmented –
1) By Type: Hardware Support Services, Software And BPO Services, Cloud Services
2) By Enterprise Size: Small And Medium Enterprises (SMEs), Large Enterprises
3) By End-Use Industry: BFSI (Banking, Financial Services And Insurance), Retail And Wholesale, Communication, Media And Technology, Manufacturing, Life Science And Healthcare, Other End-Users
Sub segments: Computer And Peripherals Support Services, Storage And Servers Support Services, Networking Support Services, Other Hardware Support Services, Software Services, BPO Services, Infrastructure As A Service (IaaS), Platform As A Service (PaaS), Software As A Service (SaaS), Business Process As A Service (BPaaS)
By Geography:The regions covered in the it services 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
North America was the largest region in the IT services market in 2023. Asia-Pacific was the second largest region of the IT services market. The regions covered in the it services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major IT Services Industry Players
Microsoft, Amazon.com Inc, International Business Machines Corporation, Dell Technologies Inc, SAP SE, KDDI Corporation, OpenText Corporation, Tencent, CodeLab, Telefonaktiebolaget lm ericsson, Amadeus IT Group, Tensor, Kitopi, Wipro Ltd, Red Hat, Inc, Fulcrum Digital, T-Systems, Indra Sistemas, Kingsoft Corporation, Intel Corporation, Dimension Data, Wirecard, Neuron Soundware, Sequel, GFI Informatique, Accenture, CGI Group Inc., BairesDev, T-Systems South Africa (TSSA), Apprenda Inc, Mimecast, Supercell, Infosys Technologies Ltd, DigitalOcean Inc, Alibaba, Wise, TCS, GoCardless, BlackBerry Limited, Salesforce.com, Inc., Constellation Software Inc, NetApp India Pvt. Ltd, Zenith Infotech Limited, Google LLC, Servionic, Fujitsu Ltd, Shopify Inc, Commerce Decisions, Softline, Sopra Steria Bechtle, Teraco Data Environments, Manta, Sage, Nippon Telegraph And Telephone Corp, Micro Focus, ATOS, Rostelecom, Hitachi Ltd, Oracle Software Systems Co. Ltd, SAVVIS Australia Pty Ltd, Cisco Systems, Inc., Oracle Corporation, Capgemini, SKB Kontur, Dassault Systèmes, Agfa-Gevaert, Barco, Genpact India Pvt Ltd, Comarch, LMKR, Main Data Nigeria Limited (MDXi), Duffel, UCloud Information Technology, Toshiba Corporation, Mango Telecom, Adobe Inc
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IT Services Market Overview
IT services are the application of business and technical skills to assist businesses in creating, managing, and optimizing access to information and business processes.
IT Services Global Market Report 2023 provides data on the global it services market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The it services market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.