The global IT services market size is expected to reach USD 2.59 trillion by 2030. The market is anticipated to grow at a CAGR of 9.5% from 2024 to 2030 Increasing concerns regarding data security and privacy protection drive the demand for IT services from companies across various industry verticals. Moreover, rising network infrastructure complications are the main impediments to effective data security management, thus driving the requirement for and implementation of IT services. The need for IT infrastructure from SMEs has grown significantly over recent years, boosting market growth. SMEs heavily invest in IT support services across industries, including e-commerce, particularly start-ups such as Indian food ordering and delivery platform Swiggy, whose complete enterprise depends on IT infrastructure.
Businesses of all sizes and industries increasingly provide their employees with digital tools. AI and machine learning (ML) are revolutionizing the market. The vast availability of data empowers AI to analyze extensive datasets, extract valuable insights, and optimize decision-making processes, leading to enhanced personalized customer experiences and streamlined operations. As computing power costs decrease, businesses are adopting AI solutions more affordably, facilitating real-time fraud detection and predictive maintenance. The growing demand for automation drives the implementation of AI and ML in streamlining tasks such as customer service, freeing human resources for more intricate roles, and fueling market expansion. With continuous advancements in AI technology and increasing investment from various industries, the market is witnessing a remarkable transformation and exponential growth.
The increase in demand for cloud services is also driving the industry growth. With governments making substantial investments in the IT industry, the demand for IT support services has increased. One key reason for the widespread popularity of cloud services is their superior data security compared to on-site servers. Cloud storage ensures data integrity and remains impervious to physical threats like theft or building damage. Numerous corporate enterprises have expressed positive experiences with cloud computing's security as it reduces human mistakes. Additionally, cloud computing safeguards the private data of multiple companies.
Businesses of all sizes and industries increasingly provide their employees with digital tools. AI and machine learning (ML) are revolutionizing the market. The vast availability of data empowers AI to analyze extensive datasets, extract valuable insights, and optimize decision-making processes, leading to enhanced personalized customer experiences and streamlined operations. As computing power costs decrease, businesses are adopting AI solutions more affordably, facilitating real-time fraud detection and predictive maintenance. The growing demand for automation drives the implementation of AI and ML in streamlining tasks such as customer service, freeing human resources for more intricate roles, and fueling market expansion. With continuous advancements in AI technology and increasing investment from various industries, the market is witnessing a remarkable transformation and exponential growth.
The increase in demand for cloud services is also driving the industry growth. With governments making substantial investments in the IT industry, the demand for IT support services has increased. One key reason for the widespread popularity of cloud services is their superior data security compared to on-site servers. Cloud storage ensures data integrity and remains impervious to physical threats like theft or building damage. Numerous corporate enterprises have expressed positive experiences with cloud computing's security as it reduces human mistakes. Additionally, cloud computing safeguards the private data of multiple companies.
IT Services Market Report Highlights
- The reactive IT services segment led the market in 2023. Factors, such as adopting new technologies, software updates, and cybersecurity threats, have led to a higher demand for reactive IT services
- The application management segment held the largest revenue share in 2023 due to factors, such as the rising complexity of enterprise applications, need for improved IT agility & efficiency, and growing demand for mobile applications
- The AI and ML segment held the largest revenue share in 2023. With continuous advancements in AI technology and increasing investment from various industries, the market is witnessing a remarkable transformation and exponential growth
- The on-premises segment held the largest revenue share in 2023. On-premises solutions offer a higher level of control and security over data and applications
- The IT & telecom segment held the largest revenue share in 2023. The telecommunications sector often requires significant IT services support to expand and maintain network infrastructure. For instance, the rollout of 5G networks has driven the demand for IT services in this segment
- North America dominated the market in 2023 accounting for over 36.5% share of the global revenue. The region, particularly the U.S., has a strong and diverse economy that drives investments in IT services
Why should you buy this report?
- Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments
- Competitive Landscape: Explore the market presence of key players worldwide
- Future Trends: Discover the pivotal trends and drivers shaping the future of the global market
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions
This report addresses:
- Market intelligence to enable effective decision-making
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listing for you to stay ahead of the curve
- COVID-19's impact and how to sustain in these fast-evolving markets
The leading players in the IT Services market include:
- IBM
- Accenture
- TATA Consultancy Services Limited
- Infosys Limited
- Wipro
- Capgemini
- Cognizant
- Cisco Systems, Inc.
- HCL Technologies Limited
- DXC Technology Company
- Microsoft
Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. IT Services Market Variables, Trends, & Scope
Chapter 4. IT Services Market: Approach Estimates & Trend Analysis
Chapter 5. IT Services Market: Type Estimates & Trend Analysis
Chapter 6. IT Services Market: Application Estimates & Trend Analysis
Chapter 7. IT Services Market: Technology Estimates & Trend Analysis
Chapter 8. IT Services Market: Deployment Estimates & Trend Analysis
Chapter 9. IT Services Market: Enterprise Size Estimates & Trend Analysis
Chapter 10. IT Services Market: End Use Estimates & Trend Analysis
Chapter 11. IT Services Market: Regional Estimates & Trend Analysis
Chapter 12. Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
- IBM
- Accenture
- TATA Consultancy Services Limited
- Infosys Limited
- Wipro
- Capgemini
- Cognizant
- Cisco Systems, Inc.
- HCL Technologies Limited
- DXC Technology Company
- Microsoft
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 120 |
Published | October 2024 |
Forecast Period | 2023 - 2030 |
Estimated Market Value ( USD | $ 1.36 Trillion |
Forecasted Market Value ( USD | $ 2.59 Trillion |
Compound Annual Growth Rate | 9.5% |
Regions Covered | Global |
No. of Companies Mentioned | 11 |