IT Services Global Market To Reach Value Of About $5.7 Trillion In 2025

8 Jul, 2021

The IT services market consists of sales of IT services and related goods by entities (organizations, sole traders and partnerships) that apply technical expertise and knowledge to enable organizations to create, manage and optimize their IT processes.

Global IT Services Market Size And Drivers:

The global IT services market is expected to grow from $3.5 trillion in 2020 to $3.7 trillion in 2021 at a compound annual growth rate (CAGR) of 7%. 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 $5.7 trillion in 2025 at a CAGR of 11%. Economic growth is the main driver of the market.

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Trends In The Global IT Services Market

Data analytics is increasingly being used across all industries to find key information from raw data for better decision making. Data analytics examines large amounts of data to identify correlations and hidden patterns that may directly or indirectly affect business. Major companies across different industries are using data analytics tools. Data analytics tools are specific to the industry; and custom computer programming companies are offering customized data analytics tools based upon the functioning and demands of their clients.

Global IT Services Market Segments:
The global IT services market is further segmented based on type, organization size, end user industry and geography.
By Type: Hardware Support Services, Software And BPO Services, Cloud Services
By Organization Size: Large Enterprises, Small And Medium Enterprises
By End-User Industry: Financial Services, Retail & Wholesale, Manufacturing, Healthcare, Others
Subsegments Covered: Computer And Peripherals Support Services, Storage And Servers Support Services, Networking Support Services, Other Hardware Support Services, BPO Services, Software Services, Software as a service (SaaS), Platform as a service (PaaS), Infrastructure as a service (IaaS), Business Process as a service (BPaaS)
By Geography: The global IT services 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 it services market, accounting for 33% of the market in 2020.

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IT Services Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides IT services market overviews, analyzes and forecasts market size and growth for the global IT services market, IT services market share, IT services market players, IT services market segments and geographies, IT services market’s leading competitors’ revenues, profiles and market shares. The IT services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.