Information Technology Global Market Report 2024

The information technology market size has grown strongly in recent years. It will grow from $8508.63 billion in 2023 to $9039 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth observed in the historic period was driven by increased personal computing, widespread internet adoption, the mobile revolution, advancements in software development, the open-source movement, and growing concerns about cybersecurity.

The information technology market size is expected to see strong growth in the next few years. It will grow to $12417.21 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. Forecasted growth hinges on globalized IT services, digital transformation, cybersecurity innovations, smart city development, and evolving e-commerce. Major trends include hybrid work setups, cloud computing, climate tech solutions, AI in business, sustainable IT practices, and blockchain tech.

The burgeoning demand for cloud computing services is expected to be a major driver for the information technology sector in the forecast period. Cloud computing involves storing data on the internet through a service provided by cloud computing providers, who manage and operate data storage as a service. Many companies are now opting for cloud-hosted applications for their day-to-day operations. According to statistics from hostingtribunal.com, it is projected that 94% of enterprise workloads were processed by cloud data centers in 2021. This trend reflects the increasing preference for cloud-based data storage, contributing significantly to the growing demand for information technology.

The growth of the information technology market is further propelled by the escalating adoption of Internet of Things (IoT) devices. The Internet of Things refers to a network of physical objects embedded with sensors, software, and connectivity capabilities, enabling them to collect and exchange data over the Internet. Information technology plays a crucial role in the successful deployment, management, and utilization of IoT devices, providing the necessary infrastructure, connectivity, security, and analytics capabilities. As an illustration, data from the GSM Association in January 2022 projected a significant surge in global IoT connections, reaching 23.3 billion by 2025, compared to the 15.1 billion connections recorded in 2021. This substantial increase in the adoption of IoT devices serves as a key driver for the growth of the information technology market.

The COVID-19 pandemic served as a significant impediment to the information technology market in 2020. The disruptions were primarily attributed to supply chain interruptions due to trade restrictions, compounded by the challenges faced by employees working remotely as a result of lockdowns imposed globally. These restrictions compelled businesses to adapt to work-from-home arrangements, posing difficulties related to infrastructure and communication. COVID-19, identified in Wuhan, China, in 2019, brought about flu-such as symptoms, including fever, cough, and respiratory challenges, leading to a global spread. National governments implemented measures to curb transmission, resulting in diminished economic activity and widespread lockdowns. Throughout 2020 and into 2021, the pandemic had an adverse impact on businesses. However, looking ahead, there is an expectation that the information technology market will recover from this disruption. Despite the challenges posed by the 'black swan' event, it is anticipated that the market's recovery will occur over the forecast period, with the setback not being indicative of any ongoing or fundamental weaknesses within the market or the global economy.

There has been a noticeable increase in the prevalence of low-cost open-source alternatives, making open source a preferred platform for developing new technology. Unlike as the past, where software publishers would often open-source software that was not profitable, there is now a strategic shift, with companies embracing open source to enhance their market presence and share. As an example, Supabase, a startup incubated by Y Combinator (YC), recently secured $6 million in funding to develop new open-source tools, exemplifying the continued interest and investment in open-source initiatives.

Major companies within the information technology market are focusing on introducing innovative next-generation language models as a strategy to drive revenues. These language models, a type of artificial intelligence technology, aim to enhance natural language processing and understanding. In a notable instance, Google, a prominent US-based technology company, launched a next-generation language model in May 2023. This model is designed to build upon previous advancements in large language models, incorporating improvements in dataset mixture, model architecture and objective, and optimal scaling using compute resources. This introduction underscores the ongoing efforts to push the boundaries of language processing capabilities in the information technology sector.

Major companies operating in the information technology market report are 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; Echo Global Logistics Inc.; Larsen & Toubro Infotech Limited; Mphasis Limited; Mindtree Limited; MarketAxess Holdings Inc.; PagerDuty Inc.; HCL Technologies Limited; Mirakl; 3i Infotech Limited; Inspirisys Solutions Limited; Atom Technologies Limited; Alphabet Inc.; Amazon.com Inc.

Asia-Pacific was the largest region in the information technology (IT) market in 2023. 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. The countries covered in the information technology market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.

The primary IT categories include IT services, computer hardware, telecom, and software products. Computer hardware comprises the physical components needed for a computer system to operate, encompassing elements within PCs or laptops. These services cater to enterprises across various sectors such as financial services, retail, manufacturing, healthcare, and more.

The information technology (IT) market research report is one of a series of new reports that provides information technology (IT) market statistics, including information technology (IT) industry global market size, regional shares, competitors with information technology (IT) market share, detailed information technology (IT) market segments, market trends and opportunities, and any further data you may need to thrive in the information technology (IT) industry. This information technology (IT) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The information technology (IT) market consists of revenues earned by entities by providing IT services such as computer networking, broadcasting, systems design services and information distribution technologies such as television and telephones and other equipment used during the process. The market value includes the value of related goods sold by the service provider or included within the service offering. The information technology market also includes sales of computers, computer peripherals and telecommunications equipment which are used in providing IT services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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