Information Technology Global Market To Reach Value Of About $12 Trillion In 2025
7 Jul, 2021
The information technology (IT) market consists of sales of information technology (IT) services and related goods by entities (organizations, sole traders and partnerships) that apply computers, computer peripherals and telecommunications equipment to store, retrieve, transmit and maneuver data. The IT market involves services such as computer networking, broadcasting, systems design services and information distribution technologies like television and telephones and other equipment used during the process. The IT market also includes sales of goods such as computers, computer peripherals and telecommunications equipment which are used in providing IT services.
Global Information Technology Market Size And Drivers:
The global information technology market is expected to grow from $7850.57 billion in 2020 to $8370.95 billion in 2021 at a compound annual growth rate (CAGR) of 6.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $11866.34 billion in 2025 at a CAGR of 9%. The demand for cloud computing services is expected to drive the demand for IT services during the forecast period.
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Trends In The Global Information Technology Market
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 its presence and share in the market.
Global Information Technology Market Segments:
The global information technology market is further segmented based on type, end user industry and geography.
By Type: IT Services, Computer Hardware, Telecom, Software Products
By End-User Industry: Financial Services, Retail & Wholesale, Manufacturing, Healthcare, Others
Sub segments 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 global information technology market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global information technology market, accounting for 34% of the market in 2020.
Read More On The Report For The Global Information Technology Market At:https://www.thebusinessresearchcompany.com/report/information-technology-global-market-report-2020-30-covid-19-impact-and-recovery
Information Technology Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides information technology market overviews, analyzes and forecasts market size and growth for the global information technology market, information technology market share, information technology market players, information technology market segments and geographies, information technology market’s leading competitors’ revenues, profiles and market shares. The information technology market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.