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Rising Demand For Digital Upgrades Fuels Growth In IT Professional Services Market: Powering Innovation and Expansion in the IT Professional Services Market by 2025
IT Professional Services
How Large Will the IT Professional Services Market Size By 2025?
Over the past few years, the size of the IT professional services market has shown robust growth. The market, valued at $902.65 billion in 2024, is projected to rise to $975.17 billion in 2025, indicating a compound annual growth rate (CAGR) of 8.0%. The remarkable growth during the historical period can be linked to the widespread use of mobile devices, increasing worries over cybersecurity, prevalent outsourcing trends, encouragement of remote work, and the expansion of the Internet.
How Big Is the IT Professional Services Market Size Expected to Grow by 2029?
The market size for professional IT services is projected to experience swift expansion in the coming years, anticipated to reach $1520.57 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 11.7%. This projected growth during the forecast period can be linked to the introduction of 5G networks, escalating use of IoT devices, the uptake of AR/VR technologies, support for remote work, and an increased focus on sustainability. The most significant trends for the forecast period are expected to be automation driven by AI, advancements in cybersecurity, the adoption of hybrid cloud solutions, cross-platform integration, and the development of user-centric IT solutions.
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Which Key Market Drivers Powering IT Professional Services Market Expansion and Growth?
The burgeoning need for digital advancements in businesses is anticipated to fuel the expansion of the IT professional services market in the future. This digital advancement involves either acquiring a fresh platform or upgrading obsolete systems to handle technological challenges. Such digital enhancements usually streamline staff operations, reduce system downtime, and augment experiences for end-users. As an example, a report released by the United States Census Bureau in March 2024, a statistical agency based in the US, showed a fast-paced rise in AI adoption, increasing from 3.7% in Fall 2023 to 5.4% in February 2024. The projections forecast a surge to 6.6% by Fall 2024, and it's predicted that almost 12% of workers in firms will be utilizing AI by then, according to the employment-weighted usage rate. Consequently, the escalating demand for digital advancements in businesses is set to steer the growth of the IT professional services market.
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Which Fast-Growing Trends Are Poised to Disrupt the IT Professional Services Market?
The emergence of technological innovations is an important trend being adopted in the IT professional services industry. Many large corporations in this market are concentrating on creating new technology-based solutions to fortify their standing. Acumatica Inc., an American cloud ERP provider, is one such example. In October 2024, they rolled out their Professional Services Edition, a complete solution crafted for small and medium-sized professional service organizations to heighten cooperation, optimize resource allocation, and maintain financial regulation. Designed specifically for industries like architecture, engineering, and IT, this edition aids firms in managing their projects more productively, enhancing their real-time insights, and keeping a competitive edge in project-oriented settings.
What Are the Emerging Segments in the IT Professional Services Market?
The IT professional services market covered in this report is segmented -
1) By Type: Project-Oriented Services, ITO Services, IT Support And Training Services, Enterprise Cloud Computing Services
2) By Deployment: On-Premise, Cloud
3) By End-Use: Technology Companies, Consulting Companies, marketing And Communication Companies, Other End-Users
Subsegments:
1) By Project-Oriented Services: IT Project Management, Systems Integration, Custom Application Development, IT Infrastructure Setup
2) By ITO (IT Outsourcing) Services: Application Outsourcing, Infrastructure Outsourcing, Business Process Outsourcing (BPO)
3) By IT Support And Training Services: Technical Support Services, End-User Training, Help Desk Services, IT Skill Development Programs
4) By Enterprise Cloud Computing Services: Cloud Migration Services, Cloud Infrastructure Management, Cloud Security Services, Cloud Optimization And Cost Management
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Who Are the Global Leaders in the IT Professional Services Market?
Major companies operating in the IT professional services market include Microsoft Corporation, plc, International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Cisco Systems Inc., Ernst & Young Global Limited, Oracle Corporation, KPMG International Ltd., Salesforce Inc., Tata Consultancy Services Limited, Hewlett Packard Enterprise Company, Fujitsu Limited, Larsen & Toubro Infotech Limited, Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, DXC Technology Company, Atos SE, VMware Inc., Wipro Limited, CGI Inc., HCL Technologies Limited, Tech Mahindra Limited, Mphasis Limited, Mindtree Limited, Hexaware Technologies Limited, Syntel Inc.
Which are the Top Profitable Regional Markets for the IT Professional Services Industry?
North America was the largest region in the IT professional services market share in 2024. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the IT professional services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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