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Future of the Global Information Technology Market: Trends, Innovations, and Key Forecasts Through 2034
Information Technology
Information Technology Market Size Growth Forecast: What to Expect by 2025?
Over the last few years, the size of the information technology market has seen significant growth. It is expected to expand from $8757.63 billion in 2024 to $9348.7 billion in 2025, with a compound annual growth rate (CAGR) of 6.7%. Factors like heightened personal computing, greater internet usage, mobile tech revolution, advancements in software development, the rise of open source movement, and increased concerns about cybersecurity have all contributed to the growth experienced in the historic period.
How Will the Information Technology Market Size Evolve and Grow by 2029?
The projected outlook for the information technology sector points to impressive expansion in the coming years, with predicted growth to $12711.47 billion by 2029, at a compound annual growth rate (CAGR) of 8.0%. Factors contributing to this anticipated uptick during the forecast timeframe include the global spread of IT services, the rise of digital transformation initiatives, advancements in cybersecurity, the creation of smart cities, and the progress of e-commerce. Key trends to keep an eye on during this period encompass evolving hybrid work models, the growing ubiquity of cloud computing, the emergence of climate tech solutions, the integration of artificial intelligence in business operations, the adoption of sustainable IT methodologies, and the advancement of blockchain technologies.
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What Drivers Are Propelling the Growth of Information Technology Market Forward?
The forecasted rise in the need for information technology can be ascribed to the burgeoning demand for cloud computing services. This model allows for data to be stored on the internet by a service provider, who also manages and controls data storage operations. Increasingly, organizations are favoring cloud-hosted applications for daily operations. Google LLC, a technology titan from the US, noted that in January 2023, public cloud usage in 2022 was at 76%, a substantial leap of 56% from 2021 figures. Furthermore, in December 2023, the European Union revealed that there had been a 4.2 percentage point surge in European businesses acquiring cloud computing services in 2023 compared to 2021. As such, this growing need for cloud computing services is set to steer the information technology market.
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Which Emerging Trends Are Transforming the Information Technology Market in 2025?
In the last five years, there's been a noticeable surge in the popularity of inexpensive open-source options. Open source has grown to be the go-to platform for technological development. Previously, software publishers would only open-source the software that wasn't profitable; however, companies are now open-sourcing their software to boost their visibility and market share. Supabase, a startup incubated by YC that provides developers with an open-source option, revealed that they secured $6 million in funding to develop new open-source tools.
What Are the Key Segments in the Information Technology Market?
The information technologymarket 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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Who Are the Key Players Shaping the Information Technology Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth in the Information Technology Market?
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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