Press release
Information Technology Global Market Reach $12417.21 Billion at a CAGR of 8.3% By 2028, Key Factors behind Market's Exponential Growth
Information Technology Market
As per the report, the information technology market size has grown strongly in recent years. It will grow from $8508.63 billion in 2023 to $9039 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The information technology market size is expected to see strong growth in the next few years. It will grow to $12417.21 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.
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Cloud Computing's Dominance Driving The Demand For It Services
The demand for cloud computing services is expected to drive the demand for IT services during the forecast period. In the cloud computing model, data is stored on the internet by a cloud computing provider, who manages and operates data storage as a service. Many companies are now choosing applications hosted in the cloud for their day-to-day operations. For example, according to statistics provided by hostingtribunal.com, 94% of enterprise workloads are expected to be processed by cloud data centers in 2021. Companies are also opting for cloud-based data storage, thus boosting the demand for IT services.
Open Source's Growing Influence In Technology Development
Over the past five years there has been an increasing prevalence of low-cost open-source alternatives. Open source has become a preferred platform for developing new technology. In the past, software publishers would open-source software that was not making money, but now companies are open sourcing software to increase their presence and share in the market. Supabase, a YC-incubated startup that offers developers an open-source alternative, announced that it had raised a $6 million in funding to create new open-source tools.
The information technology market covered in this report is segmented -
1) By Type: IT Services, Computer Hardware, Telecom, Software Products
2) By Organization Size: Large Enterprise, Small and Medium Enterprise
3) By End User: Financial Services, Retail & Wholesale, Manufacturing, Healthcare, Other End Users
Subsegments Covered: Hardware Support Services, Software And BPO Services, Cloud Services, Computer Peripheral Equipment, Computer Storage Devices And Servers, Computers, Wireless Telecommunication Carriers, Wired Telecommunication Carriers, Communications Hardware, Satellite & Telecommunication Resellers, Operating Systems & Productivity Software Publishing, Database, Storage & Backup Software Publishing, Business Analytics & Enterprise Software, Video Game Software, Design, Editing & Rendering Software
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Major companies operating in the information technology market report are Apple Inc., Microsoft Corporation, Verizon Communications Inc., China Mobile Limited, AT&T Inc., Huawei Technologies Co. Ltd., Deutsche Telekom AG, Dell Technologies Inc., Samsung Electronics Co. Ltd., Comcast Corporation, International Business Machines Corp., Oracle Corporation, Tata Consultancy Services Ltd., Salesforce Inc., Infosys Limited, Wipro Limited, Tech Mahindra Limited, Echo Global Logistics Inc., Larsen & Toubro Infotech Limited, Mphasis Limited, Mindtree Limited, MarketAxess Holdings Inc., PagerDuty Inc., HCL Technologies Limited, Mirakl, 3i Infotech Limited, Inspirisys Solutions Limited, Atom Technologies Limited, Alphabet Inc., Amazon.com Inc
Contents of the report:
1. Executive Summary
2. Information Technology Market Report Structure
3. Information Technology Market Trends And Strategies
4. Information Technology Market - Macro Economic Scenario
5. Information Technology Market Size And Growth
…..
27. Information Technology Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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