Press release
IT Services Market Poised for 9 % Growth, Set to Hit $5228.95 Billion by 2029
IT Services
Outsourcing of computer facilities management and data recovery operations is becoming more common across all industry sectors. Radix web, an IT outsourcing firm based in India, reported in September 2023 that the expenditure on IT outsourcing may hit $1.3 trillion by the end of 2023. Given their relatively lower current penetration rates, this trend is anticipated to be especially prominent in emerging markets. Consequently, an upsurge in outsourcing services is predicted to propel the IT services market over the forecast period.
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What growth opportunities are expected to drive the it services market's CAGR through 2034?
In the past few years, the IT services market has witnessed robust growth. The sector, which is forecasted to escalate from $3444.7 billion in 2024 to $3703.41 billion in 2025, is experiencing a compound annual growth rate (CAGR) of 7.5%. Factors such as increased internet usage, SMEs adopting cloud technology more frequently, growing government backing, and the global COVID-19 crisis have all contributed to the massive growth in the historic period.
Anticipations suggest a robust expansion in the IT services market size in the coming years, skyrocketing to $5228.95 billion by 2029 with a compound annual growth rate (CAGR) of 9.0%. The surge during the forecast period is ascribed to factors such as the escalated penetration of e-commerce, the progressive development of smart cities, the onset of start-ups, and the increasing adoption of Internet of Things (IoT), all of which are expected to fuel the growth. Key trends projected during this period entail capitalizing on data analytics, placing emphasis on utilizing artificial intelligence (AI) to boost efficiency, focusing on quantum computing for flawless data encryption, leveraging augmented reality, relying on cloud desktops, and concentration on strategic partnerships and collaborations.
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How are the latest trends influencing the growth of the it services market?
The utilization of data analytics is on the rise in multiple sectors as a method to extract indispensable information from raw data, thus enhancing decision-making. Such analytics study a huge volume of data to reveal relationships and concealed trends that could have a perceptible influence on business operations. Prominent organizations across varied sectors are employing data analytics instruments. These tools are tailored to specific industries, and bespoke computer programming firms are providing personalized data analytics instruments based on the working and requirements of their clientele. For instance, the city of Toulouse in France has adopted IBM's social media analytics platform as a way to detect and prioritize issues raised by its citizens.
Which growth-oriented segments of the it services market are leading the industry's development?
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
Subsegments:
1) By Hardware Support Services: Maintenance And Repair Services, Installation And Configuration Services, Managed Hardware Services
2) By Software And BPO Services: Application Development And Maintenance, Business Process Outsourcing (BPO), Software Testing And Quality Assurance
3) By Cloud Services: Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS), Cloud Storage And Backup Services
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What regions are leading the charge in the it services market?
North America was the largest region in the IT services market in 2024. Asia-Pacific was the second largest region of the IT services market. The regions covered in the it services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What companies are at the forefront of innovation in the it services market?
Major companies operating in the IT services market include 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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What Is Covered In The IT Services Global Market Report?
• Market Size Forecast: Examine the it services market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the it services market for a structured understanding.
• Key Players Overview: Analyze major players in the it services market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the it services market.
• Segment Contributions: Evaluate how different segments drive overall growth in the it services market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the it services market.
• Industry Challenges: Identify potential risks and obstacles affecting the it services market.
• Competitive Landscape: Review strategic developments in the it services market, including expansions, agreements, and new product launches.
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