Market Research Report
IT Professional Services Market Size, Share & Trends Analysis Report By Type (Project-oriented Services, ITO Services, IT Support & Training Services), By Deployment, By End Use, By Region, and Segment Forecasts, 2022 - 2030
|IT Professional Services Market Size, Share & Trends Analysis Report By Type (Project-oriented Services, ITO Services, IT Support & Training Services), By Deployment, By End Use, By Region, and Segment Forecasts, 2022 - 2030|
Published: April 14, 2022
Grand View Research, Inc.
Content info: 150 Pages
Delivery time: 2-10 business days
IT Professional Services Market Growth & Trends
The global IT professional services market size is expected to reach USD 1921.33 billion by 2030, registering a CAGR of 11.2% over the forecast period, according to a recent report by Grand View Research, Inc. This is due to the rise in the demand for technology consulting services integrated with the rapidly growing cloud services. IT professional services offer specialized knowledge about an organization's niche areas of interest, such as accounting, marketing, law, and talent acquisition, among others. Advantages such as reduced capital expenditure and increased operational efficiencies are pushing enterprises across several industries to gain an advantage through the implementation of IT professional services.
In addition to above, these services also help reduce IT infrastructure costs and associated labor costs, thus, enhancing the overall capital expenditure. Benefits such as ease of deployment, reduced risk, and high security are adding value to these services and propelling the demand further. Another crucial factor responsible for the growth of IT professional services is cloud computing; it allows IT, professional service providers, to extend their geographical reach to offer scalable and on-demand support to their clients. Amongst the end users, technology, marketing, and consulting firms have emerged as the largest adopters of IT professional services.
IT professional services have evolved, offering new business models such as Managed Security Service Provider (MSSP), Storage Service Provider (SSP), cloud service provider, managed service provider, and system integrator. The ability to outsource critical functionalities such as big data analytics, business intelligence, and diverse talent acquisition at a reduced cost is necessitating the use of these services. The market outlook remains positive for the forecast period due to multiple benefits it can offer to firms, such as risk management, standardized working methods, continuous expert support, and faster time to market.
IT Professional Services Market Report Highlights
The ITO service segment is anticipated to grow with the fastest CAGR of 12.0% over the forecast period. Large organizations are increasingly opting for IT support & training services to acquaint their employees with the latest technologies and reduce the training time by using a single platform across the organization. Moreover, other firms are also outsourcing IT services for regular updates and maintenance of their IT systems.
The cloud segment accounts for the largest market share of over 65% in 2021. The ease of deployment, scalability and reduced costs of implementation are some prominent factors fueling the growth of this segment. Additionally, the COVID-19 pandemic has forced majority of businesses to utilize cloud services due to lockdowns imposed in most parts of the world.
The technology companies segment registered the largest market share of over 40% in 2021. The high demand for automation, business intelligence, and Technology as a Service (TaaS) has triggered the growth of this segment. Moreover, the technology keeps evolving; hence to lessen the burden on in-house IT teams, many firms are relying on IT professional services.
Asia Pacific is anticipated to register the highest CAGR of 12.6% over the forecast period. The rapid increase in the number of Small & Medium Enterprises (SMEs) and startups across the region is focusing on implementing new-generation technologies and services to sustain in the market. Also, economies such as China and India have emerged as the hub for IT companies which drives the growth even further.