The information technology (IT) industry deals with the application of computers, computer peripherals and telecommunications equipment to store, retrieve, transmit and maneuver data. It involves computer networking, broadcasting, systems design services and information distribution technologies like television and telephones.
Information Technology Services Global Market Size
The global information technology (IT) market was valued at $4885.2 billion in 2017. Asia Pacific was the largest geographic region accounting for $1892.67 billion or 38.74% of the global market. The USA was the largest country accounting for $1044.7 billion or 21.39% of the global market.
Information Technology Services Global Market Trend
Over the past five years, cloud software solutions have been gaining acceptance from companies across all industries. Cloud is a software delivery method where a vendor hosts a software application in a remote server and customers can access it through the internet. Cloud software solutions are widely used in customer relationship management (CRM), HR/payroll, project management and accounting software systems. For example, Hershey’s implemented IBM analytics SaaS tool to obtain customer insights and boost sales.
The companies covered are AT&T, Apple, Verizon Communications Inc., China Mobile Ltd, and Microsoft.
Information Technology Services Global Market Segmentation
The information technology services market is segmented into Telecom, IT Services, Software Publishers, and Computer Hardware.
Telecom is primarily engaged in operating and providing access to facilities for the transmission of voice, data, text and video.
IT services segment provides custom computer programming, systems design services and computer facilities management services.
Software Publishers design, develop, and publish software and provide support services to software purchasers.
Computer Hardware segment manufactures personal computers, computer storage devices, peripheral equipment, system design services and provide related services.