Market Research Report
IT Services Market Size, Share & Trends Analysis Report By Type (Security Outsourcing, IT Support, Managed Security Services, Systems, Network Implementations), By Region, And Segment Forecasts, 2022 - 2028
|IT Services Market Size, Share & Trends Analysis Report By Type (Security Outsourcing, IT Support, Managed Security Services, Systems, Network Implementations), By Region, And Segment Forecasts, 2022 - 2028|
Published: May 6, 2022
Grand View Research, Inc.
Content info: 70 Pages
Delivery time: 2-10 business days
The global IT services market size was estimated to reach USD 186.4 billion by 2028 and is anticipated to grow at a CAGR of 9.5% from 2022 to 2028, according to a new report by Grand View Research, Inc.Growing concerns about data security and privacy protection are the key factors driving the demand for IT services from enterprises working in various industries. Increasing difficulties in network infrastructure are acting as key impedances to ineffective data security management; therefore increasing the demand for IT services. Lack of expertise with the end-users in integrating the latest technologies and implementing IT services is hampering the growth of the market. Most of the major players operating in the IT services market are implementing the strategy of mergers, and acquisitions to gain maximum share in the market.
The IT revolution has revolutionized the way organizations operate, and IT services have been at the forefront of that transition. These services have not only improved the efficiency of corporate operations but have allowed businesses to focus on their core skills rather than worrying about the IT infrastructure they have in place. IT services assist businesses in managing a variety of tasks including, day-to-day tasks like employee document management and also complicated business processes like operations management and supply chain management.
Over the last few years, cloud computing has made great progress, as cloud solutions provide numerous benefits while also exposing data stored to serious hazards, such as privacy and identity theft, among other things. IT services that can examine all executions, security pipelines, and network connections should be considered by organizations embracing cloud computing.
The COVID-19 pandemic has positively impacted the market. The FBI reported a nearly 300% surge in reported cybercrimes in the first couple of months after the commencement of the COVID-19 pandemic. The COVID-19 pandemic has enforced companies to quickly digitalize their business models, form flexible and remote working surroundings, reach clients, and handle employees predominately over digital channels. Therefore, the demand for IT services from companies augmented to secure their business process and operations.
The managed security services segment held the largest market share in 2021. The growing demand to decrease the entire price of management and maintenance of IT infrastructure across organizations is a key factor for the high demand for managed security services. In addition, the implementation of managed security services can help companies to decrease both administrative as well as maintenance charges to a substantial level. Thus, the managed security services demand is high and contributed more to the market revenue.
North America accounted for the largest market share in 2021. The increasing implementation of smart technologies along with growing security investment are some of the key factors that drive the demand for IT services in the U.S. Most companies in North America have started adhering to newer approaches and processes to increase a competitive advantage, which led to increased implementation of developing technologies, such as AI, robotics, IoT, machine learning, and data science. This revolution has augmented the demand for IT services. Thus, the above mention factor contributes to more revenue generation in the market in North America.