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Top Trends Transforming the Information Technology Market Landscape in 2025: Open Source's Growing Influence In Technology Development
Information Technology Market
What Will the Information Technology Industry Market Size Be by 2025?
Recent years have seen robust growth in the size of the information technology market. It is projected to surge from $8920.05 billion in 2024 to attain a value of $9610.93 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.7%. This growth during the historical period is a result of a rise in personal computing, increased internet adoption, mobile revolution, progression in software development, the open source movement, and concerns about cybersecurity.
What's the Long-Term Growth Forecast for the Information Technology Market Size Through 2029?
The size of the information technology market is set to experience substantial expansion in the coming years. It's projected to reach a value of $13176.84 billion by 2029, enjoying a compound annual growth rate (CAGR) of 8.2%. This growth in the forecasted period is due to the internationalization of IT services, advancements in digital transformation, innovations in cybersecurity, the evolution of smart cities, and growth of e-commerce. The future trends contain embracing hybrid work environments, the rise of cloud computing, the emergence of climate tech solutions, the integration of AI in business processes, sustainability in IT practices, and blockchain technologies.
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What Are the Key Growth Drivers Fueling the Information Technology Market Expansion?
The forecasted demand for information technology is likely to be fueled by the burgeoning interest in cloud computing services. This model involves a cloud computing provider storing data on the internet and overseeing data storage as a service. An increasing number of firms are opting for cloud-hosted applications for their daily functioning. Google LLC, an American tech company, substantiates this with its January 2023 report which stated that 76% of individuals used the public cloud in 2022, a significant 56% surge from 2021 figures. Meanwhile, the European Union, an international institution based in the Netherlands, in its December 2023 report noted that the percentage of EU firms procuring cloud computing services saw a 4.2 percentage point uptick in 2023 as compared to 2021. Hence, the surging demand for cloud computing services is projected to propel the information technology market.
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What Are the Key Trends Driving Information Technology Market Growth?
In the last half-decade, low-cost open-source options have been steadily rising in popularity. Open source is now the go-to platform for technology development. Previously, unprofitable software was the usual candidate for open-sourcing by software publishers, but now firms are leveraging open source software to expand their market footprint and visibility. Supabase, a start-up incubated by YC that provides an open-source alternative for developers, recently declared that it secured $6 million in funding to develop new open-source instruments.
How Is the Information Technology Market Segmented?
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:
1) By IT Services: Managed IT Services, Cloud Services, IT Consulting Services, Technical Support And Maintenance
2) By Computer Hardware: Personal Computers (Desktops And Laptops), Servers, Networking Equipment (Routers, Switches), Storage Devices (HDDs, SSDs)
3) By Telecom: Mobile Services, Fixed-Line Services, Broadband Internet Services, Value-Added Services (VAS)
4) By Software Products: Enterprise Software (ERP, CRM), Operating Systems, Application Software (Productivity, Design), Security Software
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Which Companies Are Leading the Charge in Information Technology Market Innovation?
Major companies operating in the information technology market include 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, Larsen & Toubro Infotech Limited, Mphasis Limited, Mindtree Limited, PagerDuty Inc., HCL Technologies Limited, Mirakl, 3i Infotech Limited, Inspirisys Solutions Limited, Atom Technologies Limited, Alphabet Inc., Amazon.com Inc
Which Regions Are Leading the Global Information Technology Market in Revenue?
Asia-Pacific was the largest region in the information technology (IT) market in 2024. North America was the second largest region of the information technology market. The regions covered in the information technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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