IT Services Market is Forecasted to Reach US$ 181.19 Billion in 2028, Says Stratview Research

The global IT services market is projected to witness a growth rate of 9.8% annually from 2023 to 2028, with an anticipated size of US$ 181.19 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global IT services market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/1289/IT-services-market.html#form

Report Highlights:
Market Size in 2028: US$ 181.19 billion
Growth (CAGR): 9.8% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 5
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the IT services Market:

The global IT services market is segmented based on service type, development type, size type, end-use industry type, and region.

Based on service type - "Managed security services segment contributed a revenue share of more than 40% in 2022"
The market is segmented into Managed Services, Project Oriented Services, and Support Services. The managed security services segment dominated the market and contributed a revenue share in 2022. Almost half of the businesses, according to an NTT Ltd.-commissioned report by IDG, are looking for managed service providers to choose for their value-added services to minimize security risks, which have multiplied since the COVID-19 pandemic outbreak as staff members are working remotely and clients and business partners are completely reliant on electronic communication. As a result, a significant demand for managed security services increased IT services market revenue.

Based on development type - "Cloud services segment is expected to remain dominant during the forecast period"
The market is segmented as cloud and on-premises. The cloud services segment is expected to remain dominant as well as fastest growing during the forecast period owing to advancement in the IT sector and consumer preference for cloud computing due to its various benefits such as remote access optimization, operational efficiency, and business opportunity discovery.

Based on end-use industry type - "BFSI (Banking, financial services, and insurance) segment leads the market during the forecast period"
Based on the end-use industry type, the market is segmented as BFSI, telecommunication, healthcare, retail, manufacturing, government, and others. The BFSI (Banking, financial services, and insurance) segment leads the market owing to various financial institutions' wide networking and central control units. These institutions require huge data handling and real-time support, and the IT services market provides the best solutions to them.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/1289/IT-services-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North America is estimated to be the most significant and fastest-growing IT service market during the forecast period. This growth outlook is majorly attributed to the following-

• With the USA being the major country offering lucrative growth opportunities.
• The region's growth is due to many IT service providers in the country. The USA is the IT and software hub of the world. The IT services market of North America is mainly driven by the huge IT budgets of governments.
• Europe and Asia-Pacific also offer substantial growth opportunities during the forecast period.

IT Services Market Drivers:

Some of the key drivers listed in the report are given below.
• The growing demand for IT services is mainly due applicability of services in different industries.
• Increasing adaptability of digitalization in various developing countries and increasing usage in small & medium enterprises.
• A major force behind the growth of the IT services market is the adoption of cloud computing.
• Cybersecurity is now a significant priority for businesses due to the rise in cyberattacks and data breaches. Network security, endpoint protection, threat intelligence, and incident response are among the many cybersecurity services that IT service companies provide.
• IT service providers are essential to implementing data analytics platforms, creating data models, and developing data-driven apps that assist organizations in deriving valuable insights from their data.

Top Companies in the IT Services Market:

Stratview Research has identified the following companies as the top market players.
• Cisco Systems Inc.
• Citrix Systems Inc.
• Dell EMC
• Fujitsu Ltd.
• Hewlett Packard Enterprise
• IBM Corporation
• Microsoft Corporation
• TCS Limited
• Toshiba Corporation
• Verizon Communications Inc.

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the IT Services Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:
• IoT Security Market: https://www.stratviewresearch.com/3247/IoT-security-market.html
• Security Analytics Market: https://www.stratviewresearch.com/2876/security-analytics-market.html

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

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