The global information technology (IT) market size is expected to grow from $8.38 trillion in 2021 to $9.32 trillion in 2022 at a compound annual growth rate (CAGR) of 11.2%. The growth in the market 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 IT market size is expected to reach $13.82 trillion in 2026 at a CAGR of 10.3%.
What is the Global Information Technology Market?
The information technology (IT) market consists of sales of information technology 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.
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What drives the Global Information Technology Market?
The demand for cloud computing services is expected to drive the demand for IT services during the forecast period. In cloud computing model data is stored on the internet by a cloud computing provider, who manages and operates data storage as a service. Many companies are now choosing applications hosted in the cloud for their day-to-day operations. Similarly, 94% of enterprise workloads are expected to be processed by cloud data centers in 2021. Companies are also opting for cloud-based data storage; thus, boosting the demand for IT services.
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Global Information Technology Market Segments
The global information technology market is segmented:
1) By Type: IT Services, Computer Hardware, Telecom, Software Products
2) By Organization Size: Large Enterprise, Small and Medium Enterprise
End-User Industry: Financial Services, Retail and Wholesale, Manufacturing, Healthcare, Others
By Geography: The regions covered in the information technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Information Technology Global Market Report 2022provides market size and growth forecasts for the global information technology market, global information technology market share, information technology market segments and geographies, information technology market competitive landscape including 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.
Global Information Technology Industry Playersinclude Apple, Microsoft, Verizon Communications, China Mobile, AT&T Inc., Huawei, Deutsche Telekom AG, Dell Technologies Inc, Samsung Electronics Co., Ltd. and Comcast Corporation. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
