Global IT Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global IT Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

IT services help organizations install IT infrastructure, including support services, system integration services, application development, and other IT-related services. These services focus on providing a framework for building IT-related activities.

Market Overview:

The latest research study on the global IT Services market finds that the global IT Services market reached a value of USD 1114522.0 million in 2022. It’s expected that the market will achieve USD 1438229.87 million by 2028, exhibiting a CAGR of 4.34% during the forecast period.

In March 2020, the PMI of the American manufacturing industry decreased by 1.7 percentage points from the previous month to 48.7%, ending the trend of more than 50% for two consecutive months. From the perspective of major countries, the manufacturing PMI of all major countries has dropped to below 50%.

The United States is most affected by the epidemic, and the number of COVID-19 diagnoses ranks first in the world. In March, the US manufacturing PMI fell to 49.1%, a decrease of 1 percentage point from the previous month. Affected by the decline in supply and demand, employment in the US manufacturing industry has slowed significantly, and market prices have declined. The US manufacturing industry has been a key area supported by the US government in recent years. The occurrence of the epidemic has affected the manufacturing industry that has been restored. As the epidemic spreads further, governments at all levels may adopt larger-scale control measures in response to the epidemic, and US manufacturing will continue to be under pressure in the short term. The number of new jobless claims in the United States has been increasing recen

Outstanding advantages of IT services industry

Benefits associated with IT services, such as ease of deployment, lesser risk, and higher security, have been aiding the market growth. Benefits associated with IT services, such as ease of deployment, lesser risk, and higher security, have been aiding the market growth. Enterprises are opting for IT services across multiple industry verticals owing to manifold benefits, such as accurate forecasting through business intelligence, thereby helping to optimize the business operations, minimizing the wastage, and increasing the organizational revenues，which has given the industry a boost.

Insecurity of IT Services

The advent of the digital age has both advantages and disadvantages. In the meantime, IT Services offer various advantages but expose data hosted to substantial risks, including privacy, identity theft, property security among others.

Digitization trends

Digitization trends are changing how businesses operate and will continue to do so for the foreseeable future. The growth of IT services is expected to be fueled by the introduction of digitization trends prompting the SMBs and other large enterprises to opt for IT infrastructure, which is further responsible for driving the growth in the adoption of IT operation solutions.

Region Overview:

North America dominated the IT Services market in 2022, with a market share of 34.51%.

Company Overview:

Accenture is one of the major players operating in the IT Services market, holding a share of 4.52% in 2023.

Accenture

Accenture, Inc. provides management consulting, technology, and outsourcing services. The Company offers its management consulting services in customer relationship management, finance and enterprise performance, operations, risk management, strategy, and talent and organization service areas. Accenture offers services globally.

IBM

IBM provides information technology services. The Company offers business and technical consulting, training and support, data storage, analysis, networks, and enterprise applications. IBM serves clients worldwide.

Segmentation Overview:

By type, System Support segment accounted for the largest share of market in 2022.

System Integration

System integration is defined as the process of bringing together the component sub-systems into one system (an aggregation of subsystems cooperating so that the system is able to deliver the overarching functionality) and ensuring that the subsystems function together as a system, and in information technology as the process of linking together different computing systems and software applications physically or functionally, to act as a coordinated whole. Furthermore, the system integrator integrates discrete systems utilizing a variety of techniques such as computer networking, enterprise application integration, business process management or manual programming.

Cloud Computing Service

Cloud Computing Services provide information technology (IT) as a service over the Internet or dedicated network, with delivery on demand, and payment based on usage. Cloud computing services range from full applications and development platforms, to servers, storage, and virtual desktops. Moreover, cloud computing services provide more secure data backup and data storage software as a Service (SaaS). It takes advantage of powerful server capabilities and has no hardware investment platform or operating system. Better positioning for growth and scale. And it improves the cost-effectiveness of productivity, sandboxing, and virtualization capabilities.

IT Consulting

IT Consulting Service helps enterprise develop and execute a clear and strategic IT roadmap with priorities that are closely linked to business goals. IT Consulting Service provides the services enterprise need to drive the infrastructure of the technology in the right direction, whether it's a project, support for ongoing maintenance, direction for IT investment, or guidance for installation of an enterprise system. Meanwhile, a managed IT services provider with IT consulting services can add immediate value to an organization by providing access to the advanced tools and technology expertise. IT consulting is a cost-effective strategy for organizations that rely on IT performance to support their business operations.

System Support

System support services are troubleshooting, installing, and repairing all types of computer system hardware and software. System Support Service solve computer or software technical problem, which includes viruses, email issue, software faults, hardware issue and other technical issues related to the computer and laptop. Besides, after user report issues through phone or email or a ticketing system, technicians of system support will track issues and begin to identify the glitches using conventional procedures and their insights. After isolating the problem, they find ways of fixing it. They need to replace the faulty hardware or resolve the software problem, depending on whether it is a software or a hardware issue.

Application Overview:

In the IT Services market, 16.91% of the total value was generated through the Manufacturing segment by application in 2022.

Key Companies in the global IT Services market covered in Chapter 3:

BT Global Services
TCS
China Unicom
Infosys
ADP
Atos
DHC Software
Neusoft
Chinasoft
IBM
Taiji
Teamsun Tech
Unisys Corp
DXC
NEC
Capita
Xerox
HCL Tech
NTT Data
Capgemini
Oracle
Wipro
Fujitsu
Hitachi
Accenture
SAIC

In Chapter 4 and Chapter 14.2, on the basis of types, the IT Services market from 2018 to 2029 is primarily split into:

System Integration
Cloud Computing Service
IT Consulting
System Support

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the IT Services market from 2018 to 2029 covers:

Financial
Government
Computer Services
Manufacturing
Telecom
Transportation
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)