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IT Services Market Size, Share, Trends, Growth, Opportunities And Strategies 2024
IT Services Market
The Business Research Company offers in-depth market insights through IT Services Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The it services market size has grown strongly in recent years. It will grow from $3414.09 billion in 2023 to $3615.86 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to the increased internet penetration, the growing adoption of the cloud in smes, the increasing government support and the coronavirus pandemic.
The it services market size is expected to see strong growth in the next few years. It will grow to $5074.84 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to the rising penetration of e-commerce, the increasing development of smart cities, the emergence of start-ups and the rising adoption of iot will drive the growth. Major trends in the forecast period include leveraging data analytics, focusing on using artificial intelligence (ai) to increase the efficiency, focusing on quantum computing for seamless data encryption, focusing on leveraging augmented reality, focusing on cloud desktops and focusing on strategic partnerships and collaborations.
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Market Segmentation:
The it services market covered in this report is segmented -
1) By Type: Hardware Support Services, Software And BPO Services, Cloud Services
2) By Enterprise Size: Small And Medium Enterprises (SMEs), Large Enterprises
3) By End-Use Industry: BFSI (Banking, Financial Services And Insurance), Retail And Wholesale, Communication, Media And Technology, Manufacturing, Life Science And Healthcare, Other End-Users
Sub segments: Computer And Peripherals Support Services, Storage And Servers Support Services, Networking Support Services, Other Hardware Support Services, Software Services, BPO Services, Infrastructure As A Service (IaaS), Platform As A Service (PaaS), Software As A Service (SaaS), Business Process As A Service (BPaaS)
Major Driver - Outsourcing In It Shaping The Future Of Business Operations
Companies across all industries are increasingly outsourcing their computer facilities management and data recovery operations. For instance, in September 2023, according to Radix web, an India-based IT outsourcing company, Spending on IT outsourcing could reach $1.3 trillion by 2023. This trend is expected to be particularly prevalent in emerging markets, given their generally lower current penetration rates. Therefore, rise in outsourcing services is expected to drive the IT services market during the forecast period.
Competitive Landscape:
Major companies operating in the it services market report are Microsoft, Amazon.com Inc, International Business Machines Corporation, Dell Technologies Inc, SAP SE, KDDI Corporation, OpenText Corporation, Tencent, CodeLab, Telefonaktiebolaget lm ericsson, Amadeus IT Group, Tensor, Kitopi, Wipro Ltd, Red Hat, Inc, Fulcrum Digital, T-Systems, Indra Sistemas, Kingsoft Corporation, Intel Corporation, Dimension Data, Wirecard, Neuron Soundware, Sequel, GFI Informatique, CGI Group Inc., BairesDev, T-Systems South Africa (TSSA), Apprenda Inc, Mimecast, Supercell, Infosys Technologies Ltd, DigitalOcean Inc, Alibaba, Wise, TCS, GoCardless, BlackBerry Limited, Salesforce.com, Inc., Constellation Software Inc, NetApp India Pvt. Ltd, Zenith Infotech Limited, Google LLC, Servionic, Fujitsu Ltd, Shopify Inc, Commerce Decisions, Softline, Sopra Steria Bechtle, Teraco Data Environments, Manta, Sage, Nippon Telegraph And Telephone Corp, Micro Focus, ATOS, Rostelecom, Hitachi Ltd, Oracle Software Systems Co. Ltd, SAVVIS Australia Pty Ltd, Cisco Systems, Inc., Oracle Corporation, Capgemini, SKB Kontur, Dassault Systèmes, Agfa-Gevaert, Barco, Genpact India Pvt Ltd, Comarch, LMKR, Main Data Nigeria Limited (MDXi), Duffel, UCloud Information Technology, Toshiba Corporation, Mango Telecom, Adobe Inc
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Top Trend - Power Of Data Analytics Transforming Decision-Making Across Industries
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 on the functioning and demands of their clients. For example, the city of Toulouse in France is using IBM's social media analytics platform to identify and prioritize citizens' issues.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. IT Services Market Characteristics
3. IT Services Market Trends And Strategies
4. IT Services Market - Macro Economic Scenario
5. IT Services Market Size And Growth
…..
27. IT Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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