Global IT Services Market

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The cloud services market consists of sales of cloud services services by entities (organizations, sole traders and partnerships) that provide cloud services or the delivery of information technology resources and applications on-demand through an Internet platform. Companies in the cloud services industry provide access to servers, storage, databases and a broad set of application services managed by a hardware networking. This market includes sales of storage servers which are used to store, access, secure and manage digital data, files and services.

The database software market consists of sales of database software which are used to develop, modify and maintain database records and files. This software enables users to store data in the form of tables, fields and columns and recover them directly and/or through programmatic access. Database software is used for several reasons ranging from compiling client lists, maintaining bookkeeping tasks to running online web site.

The global database software market is expected to decline from $149.2 billion in 2019 to $146.6 billion in 2020 at a compound annual growth rate (CAGR) of -1.7%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 12% from 2021 and reach $201.2 billion in 2023.

Increase in the amount of data generated by industries in their regular operations and integration of technologies including Internet of Things (IoT) in the process are expected to benefit the forecast period as it rises the need of using database software to handle vast amount of data with confidentiality, integrity, and availability. In addition, the introduction of customer-interface applications and the implementation of cloud computing technologies in industries including small scale enterprises have also increased the demand for database software. For example, companies including Coca-Cola has invested in FileMaker, a custom database software to deal with its large amount of data in a more efficient way. The use of FileMaker enables managers to analyze reports to get a glimpse of what is happening company-wide in-real time.

The increasing number of laws are expected to limit the growth of companies in the database software market during the forecast period. The laws include the Intellectual property (IPR) Act regime which restricts the expansion of software companies from developing countries expanding overseas and the law for software development in a number of countries do not permit the commercial distribution of any Open Source Software (OSS). The industry is also required to adhere to the new changes being made in EU`s GDPR (European Union`s General Data Protection Regulation) law which is effective since May, 25, 2018. For instance, around 60% of tech companies are not ready to comply with the EU GDPR according to a recent study as it restricts innovation in their products. One of the major trends gaining traction in the database software industry is the use of Hybrid Transactional and Analytical Processing Systems (HTAP) to reduce the data processing time. HTAP is an in-memory database which allows user to store data without compromising transactions or analytical workloads and to perform online transaction processing and online analytical processing without duplicating data. This helps to reduce data processing and data retrieval time and also helps in real-time decision making. HTAP performs online-analysis simultaneously with data processing. IN 2016, IBM released IBM DB2 12, a HTAP platform that has in-memory capabilities and boosts real-time analytic processing 100 times over the previous versions.

The EU’s General Data Protection Regulation (GDPR) break the split of regulations for the security of transactions in the European Union (EU). GDPR is a regulation that requires businesses to protect the personal data and privacy of EU citizens for transactions that occur within EU member states. This regulation came into effect in May, 2018. The regulation mandates the implementation of data protection practices and any breach in this context could be fined upto €20 million (1.1217 US-Dollar), or 4 percent of global annual turnover. Patent laws are applicable to the database software so as to enable the companies to effectively protect and leverage the commercial value of their innovations.

For example, regulations related to protecting innovations in the field of software through patent rights has compiled IBM to apply for a patent of a database management system which uses block chain database technology. In January 2019, Microsoft acquired Citus Data for an undisclosed amount. The acquisition of Citus is expected to enhance and scale Microsoft’s capabilities in high-performance PostgreSQL databases. It also helps to improve performance scale for application developers as Citus is an open source extension to PostgreSQL that modifies PostgreSQL into a distributed database. Citus Data is a developer and distributor of database products. It focuses on open source PostgreSQL and on enhancing the performance of the enterprises by providing a horizontal scalable database. Citus Data was established in 2010 and is headquartered in San Francisco, California, USA.

The augmented reality (AR) services market consists of sales of augmented reality services. Augmented Reality is an integration of digital information with a real-time environment. AR services include services for the applications of training, preparation of annual reports and augmented brochures, architectural projects/ new construction, games, trade show environments, marketing campaigns, medical uses, data visualization, entertainment, and location-based education. The global augmented reality services market is expected grow from $48.92 billion in 2020 to $67.63 billion in 2021 at a compound annual growth rate (CAGR) of 38.2%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while 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 $291.96 billion in 2025 at a CAGR of 44%. The augmented reality services market covered in this report is segmented by applications into training; annual reports and augmented brochures; architectural projects/new construction; games; trade show environments. The COVID-19 outbreak is enforcing companies to shift towards more advanced and virtual solutions in order to continue their businesses, which is predicted to act as a major driver for the growth of the augmented reality (AR) services market in the short-term. Increasing demand for augmented reality in various end-use industries post COVID-19 outbreak is expected to generate a higher demand for augmented reality services. For instance, according to Analytics Insights magazine published in April 2020, the demand for AR, VR, and other new-age technologies is escalating due to COVID-19. AR companies including Imaginate and Queppelin are recording a surge in AR, MR, and VR technology. The demand for AR services is also supported by the rising push for learning and development for remote demonstrations and training for employees and consumers. The various risk associated with the usage of AR products and services is expected to hinder the growth of the market during the forecast period. The risks include consumer privacy and data security, product liability and safety issues. Augmented reality collects abundant information from users leading to privacy and safety concerns. According to a survey report published by Perkins Coie LLP, an international law firm, the respondents expressed more concerns about various legal risks of augmented reality products and services, with consumer privacy and data security being the top option selected (44%), followed by health and safety issues and product liability (42%) and IP infringement (40%). Therefore, abundant risks linked with AR solutions are likely to hamper the AR services market growth in the near future. The integration of blockchain technology is gaining significant popularity in the augmented reality services market. Blockchain technology is the Distributed Ledger Technology (DLT) in which digital assets are assigned with unique attributes using cryptography and are distributed on a decentralized and public ledger. Apart from digital currency application, blockchain technology performs several applications that augmented and virtual reality developers are focusing on such as it allows developers to create unique digital assets that users and other developers cannot copy, selling virtual real estate, tracking virtually represented data, and more. In 2019, Terra Virtua, an augmented reality entertainment platform and Worldwide Asset exchange announced that users can interact with the millions of digital collectibles trading through the WAX Blockchain in augmented reality. The incorporation of WAX into Terra Virtua brings together the strength of WAX blockchain and services for a secure and interactive social platform to buy, sell, view, and trade virtual collectibles. Thus, the incorporation of blockchain with augmented reality is expected to boost market growth during the forecast period. In May 2020, Unity Technologies, a US-based global creator and operator of interactive, real-time 3D (RT3D) content, acquired the Finger Food Advanced Technology Group for an undisclosed amount. The acquisition is expected to expand Unity's work beyond gaming as Finger Food will ensure the development and deployment of scalable RT3D solutions and services to various industries and enterprises. The acquisition is expected to grow Unity's business to additional industries that are ready to utilize RT3D technologies but lack the necessary infrastructure. Finger Food Advanced Technology group was founded in 2009 and is a Canada-based global custom technology company specializing in AI, IoT, AR/VR, blockchain, and robotics to create mobile, cloud, web, machine, and advanced-interface solutions. The major players covered in the global augmented reality services market are Groove jones, Quytech, Craftars, WEAR, Next/Now, Apple, Microsoft, Niantic, Zappar, Augmented Reality Labs (Blippar), Lucyd, Magic Leap, Echo Interaction Group, Notion theory, Mobilab, AVRspot, Transition Technologies PSC, Innovecs, HQSoftware, INDE, Augment, Metagram, VironIT, Scanta, VR Vision Inc, 8ninths, Yeppar, Mutual Moblie, intellectsoft, Zco Corporation, CitrusBits. The countries covered in the global augmented reality services market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global AR services market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global augmented reality services market is segmented - 1) By Applications: Training, Annual Reports and Augmented Brochures, Architectural Projects/New Construction, Games, Trade Show Environments 2) By Type: Hardware, Software 3) By End Use: Commercial, Healthcare, Automotive, Other

The blockchain market consists of sales of blockchain technology by the entities that develop this technology. Blockchain is a decentralized ledger or a database that records the data of the organizations in many databases which is called a block over a network called chain connected in peer to peer version referred to as node. Blockchain is preferred for its safe, secure and transparent nature. The global blockchain market is expected to grow from $2.24 billion in 2020 to $4.01 billion in 2021 at a compound annual growth rate (CAGR) of 79%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while 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 $60.2 billion in 2025 at a CAGR of 97%. The blockchain market covered in this report is segmented by type into private; public; hybrid. The growing demand for blockchain technology in industries and the public sector is expected to drive the growth of the market. Blockchain has been the base for cryptocurrencies since it is a decentralized database; therefore, it has found its most important use in financial services for making the digital transactions safe, secure, and transparent. Companies like Circle and BitPesa use blockchain technology for international overseas payments. Now, it has also found its use in the supply chain, healthcare, government, and other sectors. In Dubai, all the government-related financial transactions are taking place through blockchain technology making it the first government to be powered with blockchain. In May 2019, Muzika, an online music stream platform, has partnered with Binance, the world’s leading crypto exchange and a decentralized network, for creating a decentralized digital music ecosystem to decrease the gap between the musicians and listeners, and to give the musicians the deserved recognition. Therefore, the demand for blockchain across industries is expected to drive the blockchain technology market. The inefficiency of scalability in blockchain technology impedes the blockchain market as it obstructs the processes involved. There is a partial dependence of the blockchain network's health over the number of nodes in the network and the spread of those nodes across the world. The bigger the blocks, the increase in the size of the blockchain is even faster which removes out the solo miners eventually that results in more pile-up of transactions. For instance, bitcoin scalability is an issue that resulted from a limited rate of processing of transactions that relates to an increase in the number of transactions and the limited size of blocks. In 2019, the blockchain size has grown to 242.386 GB from 184.622 GB in 2018. In 2018, in a week there were 165,000 unconfirmed transactions resulting in scaling issues due to a huge number of transactions. Similarly, in December 2018, scalability issues have congested the Ethereum network by Cryptokitties app due to a six-fold increase in transactions with Cryptokitties release and resulted in a pile-up of all un-processed transactions. Thus, an increase in the number of transactions results in scalability issues, which hampers the growth of the market. Federated blockchain, also called as a consortium blockchain, is expected to be a major trend shaping the blockchain market in the forecast period. Federated blockchain is a private permission type of blockchain, which gives permission for multiple entities to have access to the network by voting or token system. Decentralization is maintained by the prior selection of the authority nodes by the organizations in the network which can exchange the data or information continuously. In 2019, Oracle Corporation has entered the HyperLedger Consortiums and has a few dozen cloud blockchain applications which are now running. In February 2019, Hyland, a US-based content service provider and software developer, has acquired Learning Machine for an undisclosed amount. With this acquisition, Hyland aims to support its customers by generating and managing its contracts that can be verified and shared very fast. Learning Machine is a start-up offering blockchain credentialing solutions that helps the customers by offering platform for creating, issue and verifying contract using blockchain technology. The major players covered in the global blockchain market are Amazon Web Services, Inc., BTL Group Ltd., r3, Bitfury, IBM, ConsenSys, LeewayHertz, 4IRE Labs, Factom, Synsoft Global, OpenLedger, Inn4Science, Titanium Blockchain, Blockchain Intelligence Group, Blockchangers, ChromaWay, Intellectsoft, Altoros, Deqode, Primechain, SoluLab, Accubits, SheerChain, Espeo, Venture Aviator, Software Mill. The countries covered in the global blockchain market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global blockchain market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global blockchain market is segmented - 1) By Type: Private, Public, Hybrid 2) By Provider: Application, Middleware, Infrastructure 3) By Application: BFSI, Telecom & IT, Government