PUBLISHER: MarketLine | PRODUCT CODE: 1901445
PUBLISHER: MarketLine | PRODUCT CODE: 1901445
Global IT Services industry profile provides top-line qualitative and quantitative summary information including: industry size (value , and forecast to 2029). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the industry.
IT services market involves the design, development, implementation, management, and support of information technology systems and applications for organizations. Market values include revenues generated from (a) signed deals that remain under contract and (b) new contracts signed within that calendar year.
The market is segmented into BPO services, application services, and infrastructure services. The BPO services segment includes customer relationship management (CRM), finance and accounting, human resources, knowledge process outsourcing, and procurement and supply chain. The application services segment covers application development, application management, and application performance monitoring. Infrastructure services segment includes cloud computing, data center & hosting services, IT management, managed security services, and storage services.
All market data and forecasts are based on nominal prices, and all currency conversions used in the creation of this report have been calculated using the yearly annual average exchange rates. The USD values may show a declining trend for a few countries, such as Argentina, Turkey, Nigeria, Egypt, and Russia. This is primarily because of the impact of exchange rates considered.
The global IT services industry recorded revenues of $1,795.0 billion in 2024, representing a compound annual growth rate (CAGR) of 8.2% between 2019 and 2024.
The infrastructure services segment accounted for the industry's largest proportion in 2024, with total revenues of $1,139.9 billion, equivalent to 63.5% of the industry's overall value.
In 2024, the global IT services industry recorded an annual growth of 9.6% due to the accelerating digital transformation among small and medium-sized enterprises (SMEs). According to the US Small Business Administration (SBA), in 2024, the US had approximately 34.8 million small businesses. These small businesses lack the in-house technical expertise, leading to greater reliance on IT service providers for outsourced solutions.