Global IT Services Market Report and Forecast 2024-2032

Global IT Services Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global IT services market size reached a value of USD 1.32 trillion in 2023. Aided by the relentless pace of digital transformation across industrial sectors, the market is projected to further grow at a CAGR of 5.6% between 2024 and 2032 to reach a value of USD 2.14 trillion by 2032.

IT services encompass a broad spectrum of activities designed to facilitate the management, deployment, and optimisation of information technology resources in organisations. These services range from software development, IT consulting, and network services to data management and cloud computing, addressing the evolving needs of businesses in a digitally interconnected world.

The surge in IT services market growth across the world can be attributed to several pivotal trends, notably the accelerated adoption of cloud computing services. Cloud solutions offer scalable infrastructure and software platforms that enable businesses to enhance their operational efficiency and agility. This shift is significantly driving the demand for cloud-based IT services, as organisations seek to leverage the benefits of cloud technology, including cost reduction, improved scalability, and enhanced data security.

As per the IT services market analysis, the burgeoning reliance on big data analytics and artificial intelligence (AI) is reshaping the IT services landscape. Businesses are increasingly harnessing these technologies to derive actionable insights from vast data sets, streamline operations, and foster innovation. IT service providers are thus expanding their portfolios to include advanced analytics and AI-driven solutions, catering to the growing demand for data-driven decision-making and automation.

The proliferation of cybersecurity services in the market is another critical factor fuelling the IT services market expansion. As cyber threats become more sophisticated and pervasive, there is a heightened focus on securing digital assets and infrastructure. IT services firms are ramping up their cybersecurity offerings, providing comprehensive solutions that encompass threat intelligence, data protection, and incident response to safeguard businesses against cyber risks.

Additionally, the IT services market is witnessing significant developments in the domain of digital transformation consulting. Organisations are seeking expert guidance to navigate their digital transformation journeys, driving the demand for consulting services that offer strategic insights into leveraging digital technologies for business innovation and growth.

The shift towards remote and hybrid work models has accelerated the adoption of collaboration technologies and IT services that support remote work. This includes solutions for virtual meetings, cloud-based collaboration tools, and secure remote access to corporate resources, which have become indispensable in the current work environment. As per the IT services market outlook, there is also a growing emphasis on sustainability within the IT services sector, with companies increasingly mindful of the environmental impact of their technology choices. This includes the adoption of green IT practices, energy-efficient data centres, and services that help in measuring and reducing carbon footprints.

As the Internet of Things (IoT) expands, edge computing is becoming increasingly important which contributes to the IT services market share. This involves processing data closer to the location where it is generated rather than in a centralised data centre, reducing latency and bandwidth use and enabling real-time data processing for IoT devices.

The competitive landscape of the market is characterised by a mix of global giants and niche players, each vying for a share of the burgeoning demand for digital solutions. Strategic partnerships, mergers, and acquisitions are commonplace as firms seek to enhance their service capabilities and expand their market reach.

Market Segmentation

The market can be divided based on service type, deployment mode, organisation size, application, industry vertical and region.

Market Breakup by Service Type

• Professional Services
• Managed Services

Market Breakup by Deployment Mode

• On-Premises
• Cloud

Market Breakup by Organisation Size

• Small and Medium Enterprises
• Large Enterprises

Market Breakup by Application

• Systems and Network Management
• Data Management
• Application Management
• Security and Compliance Management
• Others

Market Breakup by Industry Vertical

• BFSI
• Consumer Goods and Retail
• Healthcare
• Government
• IT and Telecom
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global IT services market. Some of the major players explored in the report by Expert Market Research are as follows:

• IBM Corp.
• Microsoft Corp.
• Cisco Systems Inc.
• HP Inc.
• Dell Technologies Inc.
• Fujitsu Ltd.
• Intel Corp.
• Toshiba Corp.
• Verizon Communications Inc.
• Accenture Plc
• Tata Consultancy Services Ltd.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.