Press release
Top Market Shifts Transforming the IT Services Market Landscape: Key Insights
IT Services Market
How Large Will the IT Services Market Size By 2025?
The growth in the IT services market has been significant in the past few years. The market is projected to expand from $3444.7 billion in 2024 to $3703.41 billion in 2025, with a compound annual growth rate (CAGR) of 7.5%. The strong growth during the historical period can be ascribed to factors such as enhanced internet penetration, a rise in cloud adoption by SMEs, added government support, and the impact of the COVID-19 pandemic.
How Big Is the IT Services Market Size Expected to Grow by 2029?
The IT services industry is predicted to witness robust expansion in the upcoming years, reaching a valuation of $5228.95 billion in 2029 with a compound annual growth rate (CAGR) of 9.0%. Factors contributing to this predicted progress during the forecast period include the growing pervasiveness of e-commerce, the intensified growth of smart cities, the rise of start-ups, and increased adoption of IoT. The primary trends projected during the forecast period involve the utilization of data analytics, the emphasis on the application of artificial intelligence (AI) for enhanced efficiency, the focus on quantum computing for flawless data encryption, the rising usage of augmented reality, the growth in cloud desktops, and the inclination towards strategic alliances and collaborations.
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Which Key Market Drivers Powering IT Services Market Expansion and Growth?
There has been a growing trend across various sectors to outsource tasks related to management of computer facilities and data recovery. As per Radix web, an IT outsourcing firm based in India, the expenditure on IT outsourcing is projected to skyrocket to a massive $1.3 trillion by September 2023. This phenomenon is speculated to be more common in developing markets due to their relatively lesser present intrusion rates. As a result, an increase in outsourcing services can be presumed to propel the IT services market throughout the forecast period.
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Which Fast-Growing Trends Are Poised to Disrupt the IT Services Market?
The utilization of data analytics is on the rise across various industries, helping uncover crucial details from unprocessed data to enhance decision-making. It scrutinizes enormous quantities of data to discover correlations and concealed patterns that could influence business either directly or indirectly. Big-name corporations from varying sectors are employing data analytic tools. These tools are industry-specific, and bespoke computer programming companies are providing tailored data analytics tools that align with their clients' operations and needs. For instance, Toulouse, a city in France, leverages IBM's social media analytics platform to identify and rank the concerns of its citizens.
What Are the Emerging Segments in the IT Services Market?
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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Who Are the Global Leaders 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, accenture*, 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.
Which are the Top Profitable Regional Markets for the IT Services Industry?
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
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