PUBLISHER: The Business Research Company | PRODUCT CODE: 1260888
PUBLISHER: The Business Research Company | PRODUCT CODE: 1260888
“IT Services Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on it services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for it services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The it services market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Major companies in the IT services market include Microsoft, Amazon.com Inc., International Business Machines Corporation, Nippon Telegraph And Telephone Corp, Dell Technologies Inc., Intel Corporation, SAP SE, telefonaktiebolaget lm ericsson, TCS, and Cisco Systems, Inc.
The global IT services market grew from $3319.3 billion in 2022 to $3605.24 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The IT services market is expected to grow to $4910.44 billion in 2027 at a CAGR of 8.0%.
The IT services market includes revenues earned by entities by providing IT services by applying technical expertise and knowledge to enable organizations to create, manage and optimize their IT processes. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
IT services are the application of business and technical skills to assist businesses in creating, managing, and optimizing access to information and business processes.
North America was the largest region in the IT services market in 2022. Asia-Pacific was the second largest region of the IT services market. The regions covered in the IT services market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of IT services are hardware support services, software and BPO services, and cloud services. Cloud services are infrastructure, platforms, or software that are hosted by third-party providers and are made available to users through the internet. The various type of organization sizes is large enterprises, small and medium enterprises. Financial services, retail and wholesale, manufacturing, healthcare, and others are end-user industries of IT services.
Companies across all industries are increasingly outsourcing their computer facilities management and data recovery operations. IT departments spend on outsourcing raised from 12.7% in 2019 to 13.6% in 2020. This trend is expected to be particularly prevalent in emerging markets, given their generally lower current penetration rates. Therefore, rise in outsourcing services is expected to drive the IT services market during the forecast period.
Access to the internet varies widely across the globe, with relatively poor access to the internet in developing countries than in developed nations. Countries in South Asia and sub-Saharan Africa have the lowest rates of internet usage. This low access is further fragmented by the number of people who own a computer, computer literate people, and people who own smartphone owners. For example, internet penetration was around 40% in India and 59.3% in China as of January 2020.
Data analytics is increasingly being used across all industries to find key information from raw data for better decision-making. Data analytics examines large amounts of data to identify correlations and hidden patterns that may directly or indirectly affect business. Major companies across different industries are using data analytics tools. Data analytics tools are specific to the industry, and custom computer programming companies are offering customized data analytics tools based on the functioning and demands of their clients. For example, the city of Toulouse in France is using IBM's social media analytics platform to identify and prioritize citizens' issues.
The countries covered in the IT services market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The information technology (IT) market research report is one of a series of new reports from The Business Research Company that provides information technology (IT) market statistics, including information technology (IT) industry global market size, regional shares, competitors with information technology (IT) market share, detailed information technology (IT) market segments, market trends and opportunities, and any further data you may need to thrive in the information technology (IT) industry. This information technology (IT) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.