Press release
Hardware Support Services Segment Accounted The Largest Share Of The IT Services Market In 2019 Around 48%
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. Growth in the historic period resulted from strong economic growth in emerging markets, technology development, B2B & B2C mobility, high valuations of information technology companies.
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The Interest rates are expected to increase in developed nations, particularly the US and Europe, between 2016 and 2018.This will decrease the flow of cheap money which has been available for investment in 2016-2018, making it harder and more expensive for companies in capital-intensive industries such as the software industry to raise funds for research and development and market expansion.
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.
IT Services Market Segmentation: -
1. Hardware Support Services,
2. Software & BPO Services And
3. Cloud Services.
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By Geography - The IT services market is segmented into
1. North America
2. Western Europe
3. Asia Pacific
4. Eastern Europe
5. South America
6. Middle East
7. Africa
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.
Some of the major key players involved in the IT services market are Microsoft, CISCO, Fujitsu Ltd., International Business Machines Corporation and Qualcomm.
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