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IT Services Market is Expected to Grow at Nearly $3,496 Billion by 2022

09-09-2019 10:39 AM CET | IT, New Media & Software

Press release from: The Business research company

Global IT Services Market

Global IT Services Market

IT services providers apply technical expertise and knowledge to enable organizations and individual users to create, manage and optimize their IT processes. The information technology services industry breaks down into software and BPO services, hardware support services and cloud services.

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The IT Services market (https://www.thebusinessresearchcompany.com/report/it-services-market) is expected to grow at a CAGR of around 11% to nearly $3,496 billion by 2022.

Growth in the historic period resulted from strong economic growth in emerging markets, technology development, B2B & B2C mobility, high valuations of information technology companies. Going forward, faster economic growth, increasing investments in smart cities, increase in outsourcing and Internet of Things (IoT) will drive growth. Factors that negatively affected growth in the historic period were multinational operations difficulties and high R&D expenditure. Factors that could hinder the growth of this market in the future are rise in interest rates and infrastructural barriers.

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Some of the major drivers of the market are:
Economic Growth – The global growth is currently estimated to be about 3 percent, and is expected to rise to about 3 percent in in 2017. The US economy was already showing strong growth in 2016 and this is likely to continue during the forecast period.

Smart Cities – Governments around the world are investing in the creation of smart cities. The overall smart–city experience involves systems and objects interconnected through various technologies like local, wide and wireless networks.

Software Products Integration - Software products integration has been increasing rapidly over the last five years. Growing Demand For Cloud Data Recovery - Over the past five years, cloud software solutions have been gaining acceptance from companies across all industries.

The IT Services market is segmented into Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa, and China and the USA .Among these regions, A Western Europe is the largest market for IT services market, accounting for about 32% of the global market. It was followed by North America, Asia-Pacific and then the other regions. Going forward, Asia-pacific, and Africa will be the fastest growing regions in this market. This is followed by Middle East and Eastern Europe.

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