IT Services Market Characteristics
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. The information technology services market breaks down into custom computer programming services, computer systems design services and computer related services.
Competitive Landscape of the IT Services Market
Major players in the global IT Services market include IBM, Accenture, HPE, Microsoft, SAP, Fujitsu, TCS, Oracle and NTT dat.
IT Services Market Size
The IT services market size is expected to reach $1 trillion by 2022, significantly growing at a CAGR of around 5% during the forecast period. The growth in the IT Services market is due to emerging markets growth, technology development, B2B & B2C mobility.
However, the market for IT services is expected to face certain restraints from several factors such as multinational operations difficulties, high R&D expenditure.
IT Services Market Segmentation
The global IT services market is further segmented based on type and geography.
By Type - The IT services market is segmented into hardware support services, software and BPO services, cloud services among these segments, the hardware support services market accounts for the largest share in the global IT services market.
By Geography - The global IT Services is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific IT services market accounts the largest share in the global IT services market.
Trends in the IT Services Market
Software products integration, growing demand for cloud data recovery and software installations automation are the major trends witnessed in the global IT services market.
Potential Opportunities in the IT Services Market
With smart cities, government initiatives, internet of things (IoT), the scope and potential for the global IT services market is expected to significantly rise in the forecast period.