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IT Services Market Insights and Forecast 2024-2033 | Key Players Microsoft, Amazon.com Inc, International Business Machines Corporation, Dell Technologies Inc, SAP SE.
IT Services Market Share
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Allianz Group, Ping An Insurance, China Life Insurance Company Limited, Axa Group, Centene Corporation, Assicurazioni Generali S.p.A., Humana Inc, The People's Insurance Company (Group) of China Limited, Berkshire Hathaway, Munich Re, General Insurance Corporation of India (GIC Re), New India Assurance - General Insurance Brokers, Oriental Insurance Company, ICICI Lombard General Insurance Company, United India Insurance, HDFC ERGO Non-Life Insurance Company, Fanhua Inc, Chang'an Insurance Brokers Co., Ltd, Mintaian Insurance Surveyors & Loss Adjusters Group Co., Ltd, Shenzhen Huakang Insurance Agency Co. (China), Ltd., CPIC, China Property and Casualty Reinsurance Company Ltd, PICC Reinsurance Co. Ltd., Taiping Reinsurance Co. Ltd., Peak Reinsurance Co. Ltd, SCOR Reinsurance Co. (Asia) Ltd., Korean Reinsurance Company, Tokio Marine & Nichido Fire Insurance Co. Ltd., Aioi Nissay Dowa Insurance Co. Ltd, Sompo Japan Nipponkoa Insurance Inc., Toa Reinsurance Co., Mitsui Sumitomo Insurance Co. Ltd., PVI Reinsurance Company, Singapore Reinsurance Corporation Ltd, Marsh & McLennan Companies UK Limited, Arthur J Gallagher & Co, Willis Towers Watson plc., Lloyd's of London Limited, Aon Holding Deutschland GmbH, Funk Gruppe GmbH, Ecclesia Holding GmbH, Hannover Re, Swiss Re, Crédit Agricole Assurances, CNP Assurance, Société Générale, BNP Paribas Cardiff, Sogaz Insurance Group, Ingosstrakh Insurance Co., Russian Re Co. Ltd, Polskie Towarzyst Reasekuracji S.A., Nationale-Nederlanden (NN) Life Insurance Co. Ltd, Uniqa Insurance Group AG, Česká Pojišťovna, MAI Insurance Brokers Poland Sp. z o.o, European Investment Bank (EIB), VIG RE zajist'ovna a.s., Brighthouse Financial (MetLife), Northwestern Mutual, New York Life, Prudential, Lincoln National, MassMutual, John Hancock, Transamerica, Manulife Financial, Chubb Life, Great-West Lifeco, Inc, Sun Life Financial, IA Financial Group, RBC Insurance, Empire Life, National Indemnity Company, Everest Reinsurance Company, XL Reinsurance America, Reinsurance Group of America, Inc, Fairfax Financial Holdings Ltd., Transatlantic Holdings Inc, Markel Corporation, Companhia de seguros alliance do Brazil, Bradesco Vida E Previdencia S.A, AR LIFE, MAPFRE Argentina, Crecer Seguros, Ohio National Seguros de Vida, Instituto de Resseguros do Brasil(IRB), Alliance Insurance, Mashreq bank, Buruj Cooperative Insurance, Al Alamiya, Menora Mivtachim Insurance, Oman Insurance Company, Kuwait Reinsurance company, Arab Re (Lebanon), RGA Re, African Reinsurance Corporation, Compagnie Centrale de Réassurance, J.B.Boda Insurance & Reinsurance Brokers Pvt. Ltd., Société Centrale de Réassurance, Insurance Brokers Of Nigeria (IBN), Northlink Insurance Brokers, Carrier Insurance Brokers, Hogg Robinson Nigeria, Union Commercial Insurance Brokers, Misr Life Insurance Company, Metlife Egypt, GIG Egypt.
IT Services Market 2024 Key Insights:
• 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%.
• Outsourcing In It Shaping The Future Of Business Operations
• Power Of Data Analytics Transforming Decision-Making Across Industries
• North America was the largest region in the IT services market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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