IT Services Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Service (Professional, Managed and Telecom), By Organization Size (Small and Medium Organization, and Large Organization), By Deployment Mode (On-Premises and Cloud), By Business Functions (Human Resources, Finance & Accounting, Sales & Marketing, Supply Chain Management, Operations & Suppo
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationIT Services Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Service (Professional, Managed and Telecom), By Organization Size (Small and Medium Organization, and Large Organization), By Deployment Mode (On-Premises and Cloud), By Business Functions (Human Resources, Finance & Accounting, Sales & Marketing, Supply Chain Management, Operations & Suppo
Global IT Services market is expected to grow at a high CAGR during the forecast period. IT services refer to a broad range of services provided by companies that specialize in information technology. These services can include everything from software development and network management to cybersecurity and cloud computing. IT services are important for businesses of all sizes because technology has become such an integral part of modern business operations. With the rapid pace of technological change, many companies find it difficult to keep up with the latest developments and implement them effectively. By outsourcing their IT services to specialized companies, businesses can benefit from the expertise and resources of these providers. This can help them improve their efficiency, reduce costs, and stay ahead of the competition.
The IT services market refers to the industry that provides services related to information technology, including hardware, software, and networking solutions. IT services encompass a wide range of activities, including consulting, development, implementation, integration, maintenance, and support of various technology systems and applications. The IT services market is a rapidly growing industry, driven by the increasing demand for digital transformation and technology solutions across various sectors.
The IT services market is expected to continue its growth trajectory in the coming years, driven by the increasing demand for digital transformation across industries. Emerging technologies, such as artificial intelligence, machine learning, and the Internet of Things, are expected to further fuel the growth of the IT services market.
Increasing Demand for Digital Transformation Across Industries
There has been a significant increase in demand for digital transformation across industries in recent years. With the rapid pace of technological advancement and the rise of digital technologies such as cloud computing, artificial intelligence, and the Internet of Things, companies are recognizing the need to adapt to the digital age to remain competitive.
Digital transformation involves using technology to fundamentally change the way a business operates and delivers value to customers. This can involve rethinking business models, processes, and systems, and leveraging data and analytics to drive decision-making.
Industries such as finance, healthcare, retail, and manufacturing are all undergoing digital transformation as they seek to optimize their operations, improve customer experiences, and create new revenue streams. However, the specific technologies and strategies used will vary depending on the industry and the specific business needs.
Overall, digital transformation is seen as a critical factor in staying relevant and competitive in today's fast-paced, technology-driven business environment. The COVID-19 pandemic has accelerated this trend, as many companies have had to quickly adapt to remote work and online operations to survive.
Download Free Sample ReportRising Digitalization Among Businesses is Driving the Market Growth
The rising digitalization among businesses is driving the IT services market growth. With the increasing use of technology in all aspects of business, businesses are looking for IT service providers to help them manage and optimize their technology infrastructure.
- Digital TransformationMany businesses are undergoing digital transformation, which involves theintegration of digital technology into all areas of their business. Thisrequires a range of IT services, including cloud computing, cybersecurity, dataanalytics, and more.
- Increased Reliance on TechnologyAs businesses become more reliant on technology to drive their operations, theyneed IT service providers to help them manage and maintain their IT systems.
- Outsourcing TrendMany businessesare outsourcing their IT services to third-party providers to reduce costs andimprove efficiency. This is driving the demand for IT service providers who canoffer a range of services at competitive prices.
- Cloud ComputingCloudcomputing has become increasingly popular among businesses as it offers a rangeof benefits, including scalability, flexibility, and cost-effectiveness. ITservice providers are playing a key role in helping businesses adopt and managecloud-based solutions.
- Data AnalyticsWith theincreasing amount of data being generated by businesses, there is a growingneed for IT service providers who can help businesses analyze and make sense ofthis data. This is driving the demand for services such as data management,data analytics, and business intelligence.
- Overall, the risingdigitalization among businesses is driving the growth of the IT servicesmarket, and this trend is expected to continue in the coming years.
Privacy and Security Concerns
Privacy and security concerns is a challenge in the IT services market. As more businesses rely on technology to manage their operations and store sensitive data, the risk of cyberattacks and data breaches has increased significantly. IT service providers play a critical role in addressing these concerns by offering a range of security and privacy solutions to protect their clients' data and systems. With the increasing amount of personal and sensitive data being collected by businesses, there is growing concern over how this data is being used and protected. Businesses need to comply with a range of regulations and standards related to data privacy and security, and IT services providers need to help their clients stay compliant. With the increasing use of cloud computing, there is a growing need for IT services providers to offer robust cloud security solutions to protect their clients' data and applications. Insider threats, such as employees with malicious intent, can pose a significant risk to businesses, and IT service providers need to implement measures to prevent and detect such threats.
Some of the recent developments of the key market players are
- In 2021, IBM announcedthe spinoff of its managed infrastructure services unit into a separate publiccompany, called Kyndryl. This move is part of IBM's strategy to focus onhigher-growth areas such as cloud computing and AI.
- In 2021, Wipro acquiredthe cloud consulting firm Capco for $1.45 billion, as part of its strategy toexpand its capabilities in the financial services sector. Wipro has also beeninvesting in automation and AI technologies to enhance its service offerings.
- In 2021, Infosys acquiredBlue Acorn iCi, a digital customer experience firm, and Simplus, a Salesforceconsulting firm, to enhance its offerings in these areas.
- In 2021, TCS companyopened a new research and innovation center in Amsterdam to focus on areas suchas blockchain, AI, and cybersecurity.
- In 2021, Accenture companyacquired several cybersecurity firms, including Sentor and Openminded, toenhance its offerings in cloud migration and cybersecurity area.
- In 2021, Atos and IBMhave announced the expansion of their strategic global alliance to assistbusinesses in accelerating digital transformation and optimizing businessprocesses. Atos and IBM intend to collaborate to address business challenges inthe Manufacturing, Energy, Utilities, Oil and Gas, Retail, and Transportationsectors. Asset Lifecycle Management Solutions, Asset Monitoring andMaintenance, Repair, and Operations (MRO) Optimization, Packaging,Transportation, and Logistics Optimization Solutions, and SMART Waste/EnergyMonitoring and Optimization Solution are among the areas of focus.
Market Segmentation
Based on Service, the market is segmented into Professional, Managed and Telecom. Based on Organization Size, the market is segmented into Small and Medium Organization, and Large Organization. Based on Deployment Mode, the market is segmented into On-Premises and Cloud. Based on
Company Profiles
Some of the key players in the market include Accenture Plc, Cognizant Technology Solutions Corp., Dell Technologies Inc., DXC Technology Co., Fujitsu Ltd., HCL Technologies Ltd., Hewlett Packard Enterprise Co., Huawei Technologies Co. Ltd., Infosys Ltd., International Business Machines Corp. These companies offer a wide range of services, including application development, infrastructure management, cloud computing, cybersecurity, and data analytics.
The IT services market is highly competitive, with companies constantly seeking to differentiate themselves through their expertise, quality of services, and cost-effectiveness. As the demand for innovative products continues to grow, the IT services market is expected to expand further in the coming years.
| Attribute | Details |
| Base Year | 2022 |
| Historical Years | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Billion and CAGR for 2018-2022 and 2023E-2028F |
| Report Coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments Covered | By Service By Organization Size By Deployment Mode By Business Functions By End User By Region |
| Regional Scope | Asia-Pacific, North America, Europe, Middle East & Africa, and South America |
| Country Scope | China, Japan, India, Australia, South Korea, United States, Canada, Mexico, United Kingdom, Germany, France, Spain, Italy, Israel, Turkey, Saudi Arabia, UAE, South Africa, Brazil, Argentina, Colombia |
| Key Companies Profiled | Accenture Plc, Cognizant Technology Solutions Corp., Dell Technologies Inc., DXC Technology Co., Fujitsu Ltd., HCL Technologies Ltd., Hewlett Packard Enterprise Co., Huawei Technologies Co. Ltd., Infosys Ltd., International Business Machines Corp. |
| Customization Scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and Purchase Options | Avail of customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
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