2023 IT Services Market Report: Market Size, Growth Drivers, and Key Trends

As per The Business Research Company's IT Services Opportunities And Strategies Market Report 2023, the global IT services market size reached a value of nearly $3,745.08 billion in 2021, having increased at a compound annual growth rate (CAGR) of 8.2%. The global IT services market size is expected to grow at a CAGR of 10.8% from 2021 to reach $6,262.18 billion in 2026. The global IT services market size is expected to reach $9,852.65 billion in 2031, at a CAGR of 9.5%.

Governments around the world are investing in the creation of smart cities. The European Union is actively promoting smart city initiatives, with funds for research and sustainability targets for member states. The concept of smart cities is rising in developing nations too. In China and India alone almost 300 smart city pilots are currently planned. These projects require state-of-the-art IT infrastructure for realization. This will act as a major driver of the growth of the IT services industry going forward. Also, Tencent announced a five-year (2021-2026), $70 billion plan to invest more in cloud computing, artificial intelligence, and cybersecurity. Chinese firms have shown great intent to establish themselves via investments in India, but their position had grown riskier as New Delhi's shifted position on allowing Chinese technology and investment into its domestic market. This will act as a major driver of the growth of the IT services market going forward.

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Data analytics is increasingly being used across all industries to find key information from raw data for better decision making. Data analytics examines large amounts of data to identify correlations and hidden patterns that may directly or indirectly affect business. Major companies across different industries are using data analytics tools. Data analytics tools are specific to the industry; and custom computer programming companies are offering customized data analytics tools based upon the functions and demands of their clients. Furthermore, some companies are even advancing technology by offering big data for real time predictive analysis. Companies offer predictive analytics using big data in their service delivery package to their customers.

The top opportunities in the IT services market segmented by type will arise in the software and BPO services segment, which will gain $1,691.2 billion of global annual sales by 2026. The top opportunities in the software and BPO services market segmented by type will arise in the software services segment, which will gain $1,519.4 billion of global annual sales by 2026. The top opportunities in the hardware support services market segmented by type will arise in the computer and peripherals support services segment, which will gain $198.0 billion of global annual sales by 2026. The top opportunities in the cloud services market segmented by type will arise in the software as a service (SaaS) segment, which will gain $209.0 billion of global annual sales by 2026. The top opportunities in the IT services market segmented by organization size will arise in the small and medium enterprises segment, which will gain $1,349.4 billion of global annual sales by 2026. The top opportunities in the IT services market segmented by end-use industry type will arise in the others segment, which will gain $1,268.0 billion of global annual sales by 2026. The IT services market size will gain the most in the USA at $466.3 billion.

IT Services Market Segmentation:
The IT services market is segmented by organization size and by end-use industry.
By Type-
a) Hardware Support Services
b) Software And BPO Services
c) Cloud Services
By Organization Size -
a) Large Enterprises
b) Small And Medium Enterprises (SMEs)

By End-Use Industry -
a) Financial Services
b) Retail & Wholesale
c) Manufacturing
d) Healthcare Services
e) Professional Services
f) Others

Major players in the IT services market include Microsoft, Amazon.com Inc., International Business Machines Corporation, Dell Technologies Inc., Intel Corporation.

The regions covered in the global IT services market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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The latest report from The Business Research Company, 'Global IT Services Opportunities And Strategies Market Report - Forecast To 2032,' provides a comprehensive global perspective with data and statistics from 60+ geographies, analyzing 7000+ market segments. The regional and country breakdowns section offers insights into each geography's market analysis, size, historic and forecast growth, and key strategies for industry competitiveness.

IT Services Market Report Table Of Content
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
6. Introduction And Market Characteristics
……
25. Key Mergers And Acquisitions
26. Market Background: Information Technology Market Characteristics
27. Opportunities And Strategies
28. IT Services Market, Conclusions And Recommendations
29. Appendix

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