Press release
IT Services Market on Track for Strong Growth, Estimated to Grow at 9% CAGR Through 2029
IT Services
What Is the Expected CAGR for the IT Services Market Through 2025?
The market size of IT services has seen significant expansion in the past few years. It is projected to rise from $3421.62 billion in 2024 to $3663.76 billion in 2025, marking a compound annual growth rate (CAGR) of 7.1%. Factors such as heightened internet usage, greater cloud integration in small and medium-sized enterprises (SMEs), increased governmental aid, and the impact of the COVID-19 pandemic have all contributed to the growth recorded in the historic period.
What's the Projected Size of the Global IT Services Market by 2029?
In the next few years, the IT services market is predicted to witness a robust expansion. The market value is projected to reach $5168.69 billion by 2029, with an estimated compound annual growth rate (CAGR) of 9.0%. This progression during the forecast period could be credited to aspects like increased e-commerce penetration, rapid development of smart cities, proliferation of start-ups and the growing acceptance of IoT as growth propellers. Key trends to look for include the application of data analytics, concentration on utilizing artificial intelligence (AI) to boost efficiency, emphasis on quantum computing for flawless data encryption, employing augmented reality, the inclination towards cloud desktops and a focus on strategic collaborations and alliances.
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Top Growth Drivers in the IT Services Industry: What's Accelerating the Market?
A growing trend across industries is the significant boost in the outsourcing of data recovery and computer facility management services. Radix web, an IT outsourcing firm based in India, has predicted in September 2023 that IT outsourcing expenditure could escalate to $1.3 trillion by the same year. There's a high possibility for increased occurrence of this pattern in developing markets since they typically have lower prevailing penetration rates. Consequently, this surge in the utilization of outsourcing services is anticipated to propel the IT services market forward in the upcoming years.
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What Trends Will Shape the IT Services Market Through 2029 and Beyond?
The utilization of data analytics is on the rise across numerous industries as it aids in extracting crucial insights from unprocessed data for enhanced decision-making. This process involves scrutiny of a vast amount of data in order to discover correlations and concealed patterns that might have a direct or indirect business impact. Leading companies from various sectors are taking advantage of data analytics tools. These tools are tailored to specific industries, and custom computer programming organizations provide customized data analytics tools in line with the operational requirements and demands of their clients. For instance, Toulouse city in France utilizes IBM's social media analytics platform to identify and prioritize the concerns of its citizens.
What Are the Main Segments in the IT Services Market?
The it servicesmarket 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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Which Top Companies are Driving Growth 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 Regions Will Dominate the IT Services Market Through 2029?
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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