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Forecasts indicate that between 2022 and 2030, the IT services market would expand to the tune of USD 861.69 billion, or a CAGR of 6.82%. Increases in IT expenditure, widespread use of SaaS, and an increase in cloud-based prospects all point to a growing need for IT services in the business world.
The IT revolution, which brought about changes in how organisations function, was primarily propelled by information technology services. These services have increased the efficiency of operational procedures while freeing up businesses to concentrate on their core competencies rather than their IT systems. Businesses use IT services for a wide variety of reasons, from the mundane (such as managing employee records) to the complex (such as managing operations and supply chains). Firms in the information technology industry offer a wide range of services, including programme design, maintenance, and support; application management; computer system integration; data storage and recovery; consulting services; hardware installation; cloud computing; security; and more. IT services are becoming more popular as a result of technological advancements like cloud computing. The proliferation of AI's applications across all sectors of the economy is another factor expected to fuel market expansion over the next several years. Additionally, the quantity, quality, variety, and velocity of data kept by businesses are expanding the need for state-of-the-art data centre facilities. Google LLC, Amazon, Apple, and Facebook are just a few of the companies making significant investments in building out their own data centres. These businesses are served by some of the edge data centres' clientele. Over the forecast period, these elements are expected to drive growth in the North American IT services market.
Increased dependency and complexity in system and networking operations have resulted from recent technology advances such as big data and analytics, the Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML). The companies don't have the know-how to use these technologies into their regular procedures. They also lack the necessary infrastructure to fully embrace these innovations. Consequently, the expense of buying and maintaining cutting-edge tech in-house has increased. In addition, companies are increasingly likely to adopt BYOD rules as the percentage of workers who use mobile apps has increased. The expansion of the IT services market is anticipated to be fueled by the rising popularity of online transactions, the introduction of cutting-edge technologies like artificial intelligence and blockchain in the banking, finance, and insurance sectors, and the proliferation of electronic wallets.
This study breaks down the global IT services industry into its component parts, including projections for revenue growth and analyses of market trends for each. Key growth factors, opportunities, and challenges affecting the IT Services Market are analysed in this report. Recent market changes and competitive strategies have been incorporated into the illustration of the competitive landscape in the market, including growth, product launch and development, collaboration, merger, and acquisition. Each subsegment of the IT Services Market is broken down, and the report's authors identify and profile the leading competitors in each.
The IT Services Market can be broken down into submarkets such as professional services, managed services, and telecommunications services. The professional services industry is one that is anticipated to grow quickly during the coming years. System integration, infrastructure integration, training & education, consulting, and others are all sub-segments of the professional services umbrella. Over the coming years, the market is likely to be led by the system integration sub-segment. System integration refers to the process of bringing together the digital and physical components of a system at many locations. The system integration sector includes a wide range of businesses, from sole proprietorships to multinational conglomerates. As businesses strive to streamline their processes and centralise their data, the prevalence of system integration is predicted to rise. In addition, rising levels of automation and digitalization are fueling business growth.
Human Resources (HR), Accounting and Finance (F&A), Sales and Marketing (S&M), Supply Chain Management (SCM), Operations and Support (O&S), Manufacturing, and Others make up a subset of the IT Services Market based on function type. Specifically, sales and marketing will account for 34.7% of total market revenue by the end of the projection period. In order to organise and control a company's marketing efforts, marketers rely on a variety of IT tools and services. Companies now have a better opportunity to connect with their clients than ever before thanks to the rising trend of individualization and the widespread adoption of mobile phones and the internet. IT services allow businesses to more efficiently create and maintain individualised client journeys, which in turn boosts both sales and marketing efforts. BFSI, healthcare, media & entertainment, government & defence, consumer goods & retail, IT & telecom, and others are the different sectors that make up the IT Services Market on the basis of industry. The healthcare sector is expected to maintain its dominant position in the market and generate the highest revenue share of 41.2% over the projection period. Many hospitals and clinics rely on IT support services to keep their vital machinery running smoothly and boost productivity. Healthcare information technology services can ease the burden of these clerical tasks and provide confidence in the event that technical assistance is required. In the United States, IT services aid businesses in meeting the stringent regulations imposed by the Health Insurance Portability and Accountability Act (HIPAA), as well as in resolving cybersecurity and software management issues.
Report Coverage
Global IT Services research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global IT Services report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and IT Services competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key IT Services market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global IT Services market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, IT Services market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
IBM, Cisco, Cognizant, Infosys, Rackspace, Accenture PLC, Microsoft Corporation, Hewlett Packard Enterprise, Huawei Technologies Co. Ltd., GTT Communications, DXC Technology, Tata Consultancy Services Limited, Wipro Limited, HCL Technologies Limited, Capgemini SE, NTT Data Corporation.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global IT Services market based on the below-mentioned segments:
Global IT Services Market, By Service Type
Professional Services
Managed Services
Telecom Services
Global IT Services market, By Function Type
Human Resources
Finance & Accounting
Sales & Marketing
Supply Chain Management
Operations & Support
Manufacturing, Others
Global IT Services Market, By Industry
Banking, Financial Services, and Insurance (BFSI)
Healthcare
Media & Entertainment
Government & Defense
Consumer Goods & Retail
IT & Telecom
Others
Global IT Services market, Regional Analysis
The IT revolution, which brought about changes in how organisations function, was primarily propelled by information technology services. These services have increased the efficiency of operational procedures while freeing up businesses to concentrate on their core competencies rather than their IT systems. Businesses use IT services for a wide variety of reasons, from the mundane (such as managing employee records) to the complex (such as managing operations and supply chains). Firms in the information technology industry offer a wide range of services, including programme design, maintenance, and support; application management; computer system integration; data storage and recovery; consulting services; hardware installation; cloud computing; security; and more. IT services are becoming more popular as a result of technological advancements like cloud computing. The proliferation of AI's applications across all sectors of the economy is another factor expected to fuel market expansion over the next several years. Additionally, the quantity, quality, variety, and velocity of data kept by businesses are expanding the need for state-of-the-art data centre facilities. Google LLC, Amazon, Apple, and Facebook are just a few of the companies making significant investments in building out their own data centres. These businesses are served by some of the edge data centres' clientele. Over the forecast period, these elements are expected to drive growth in the North American IT services market.
Increased dependency and complexity in system and networking operations have resulted from recent technology advances such as big data and analytics, the Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML). The companies don't have the know-how to use these technologies into their regular procedures. They also lack the necessary infrastructure to fully embrace these innovations. Consequently, the expense of buying and maintaining cutting-edge tech in-house has increased. In addition, companies are increasingly likely to adopt BYOD rules as the percentage of workers who use mobile apps has increased. The expansion of the IT services market is anticipated to be fueled by the rising popularity of online transactions, the introduction of cutting-edge technologies like artificial intelligence and blockchain in the banking, finance, and insurance sectors, and the proliferation of electronic wallets.
This study breaks down the global IT services industry into its component parts, including projections for revenue growth and analyses of market trends for each. Key growth factors, opportunities, and challenges affecting the IT Services Market are analysed in this report. Recent market changes and competitive strategies have been incorporated into the illustration of the competitive landscape in the market, including growth, product launch and development, collaboration, merger, and acquisition. Each subsegment of the IT Services Market is broken down, and the report's authors identify and profile the leading competitors in each.
The IT Services Market can be broken down into submarkets such as professional services, managed services, and telecommunications services. The professional services industry is one that is anticipated to grow quickly during the coming years. System integration, infrastructure integration, training & education, consulting, and others are all sub-segments of the professional services umbrella. Over the coming years, the market is likely to be led by the system integration sub-segment. System integration refers to the process of bringing together the digital and physical components of a system at many locations. The system integration sector includes a wide range of businesses, from sole proprietorships to multinational conglomerates. As businesses strive to streamline their processes and centralise their data, the prevalence of system integration is predicted to rise. In addition, rising levels of automation and digitalization are fueling business growth.
Human Resources (HR), Accounting and Finance (F&A), Sales and Marketing (S&M), Supply Chain Management (SCM), Operations and Support (O&S), Manufacturing, and Others make up a subset of the IT Services Market based on function type. Specifically, sales and marketing will account for 34.7% of total market revenue by the end of the projection period. In order to organise and control a company's marketing efforts, marketers rely on a variety of IT tools and services. Companies now have a better opportunity to connect with their clients than ever before thanks to the rising trend of individualization and the widespread adoption of mobile phones and the internet. IT services allow businesses to more efficiently create and maintain individualised client journeys, which in turn boosts both sales and marketing efforts. BFSI, healthcare, media & entertainment, government & defence, consumer goods & retail, IT & telecom, and others are the different sectors that make up the IT Services Market on the basis of industry. The healthcare sector is expected to maintain its dominant position in the market and generate the highest revenue share of 41.2% over the projection period. Many hospitals and clinics rely on IT support services to keep their vital machinery running smoothly and boost productivity. Healthcare information technology services can ease the burden of these clerical tasks and provide confidence in the event that technical assistance is required. In the United States, IT services aid businesses in meeting the stringent regulations imposed by the Health Insurance Portability and Accountability Act (HIPAA), as well as in resolving cybersecurity and software management issues.
Report Coverage
Global IT Services research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global IT Services report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and IT Services competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key IT Services market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | IBM, Cisco, Cognizant, Infosys, Rackspace, Accenture PLC, Microsoft Corporation, Hewlett Packard Enterprise, Huawei Technologies Co. Ltd., GTT Communications, DXC Technology, Tata Consultancy Services Limited, Wipro Limited, HCL Technologies Limited, Capgemini SE, NTT Data Corporation. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of IT Services Market from 2021 to 2030.
- Market Forecast for IT Services Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, IT Services competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on IT Services
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global IT Services market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, IT Services market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
IBM, Cisco, Cognizant, Infosys, Rackspace, Accenture PLC, Microsoft Corporation, Hewlett Packard Enterprise, Huawei Technologies Co. Ltd., GTT Communications, DXC Technology, Tata Consultancy Services Limited, Wipro Limited, HCL Technologies Limited, Capgemini SE, NTT Data Corporation.
Primary Target Market
- Market Players of IT Services
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global IT Services market based on the below-mentioned segments:
Global IT Services Market, By Service Type
Professional Services
Managed Services
Telecom Services
Global IT Services market, By Function Type
Human Resources
Finance & Accounting
Sales & Marketing
Supply Chain Management
Operations & Support
Manufacturing, Others
Global IT Services Market, By Industry
Banking, Financial Services, and Insurance (BFSI)
Healthcare
Media & Entertainment
Government & Defense
Consumer Goods & Retail
IT & Telecom
Others
Global IT Services market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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