IT Services Market Overview 2023-2032: Estimated Market Size, Growth Rate, Major Driver And Trends - By The Business Research Company

News provided by

Jun 01, 2023, 06:40 ET

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, June 1, 2023 /PRNewswire/ -- As per the Business Research Company's IT Services Global Market Report 2023, the global IT services industry market size is expected to grow from $3319.3 billion in 2022 to $3605.2 billion in 2023 at a compound annual growth rate (CAGR) of more than 8%. The IT services market is then expected to grow to $4910.4 billion in 2027 at a CAGR of 8%. Going forward, the rising penetration of e-commerce, the increasing development of smart cities, the emergence of start-ups and the rising adoption of IoT will drive the IT services market growth.

The global IT services market is segmented -

1) By Type: Hardware Support Services, Software and BPO Services, Cloud Services

2) By Organization Size: Large Enterprises, Small and Medium Enterprises

3) By End-User Industry: Financial Services, Retail & Wholesale, Manufacturing, Healthcare, Other End User Industries

4) By Service Provider Location: North America, Asia-Pacific, Western Europe, Eastern Europe, Rest of the World

The top growth potential in the IT services market segmented by type will arise in the software and BPO services segment, which will gain $910.7 billion of global annual sales by 2027. The IT professional services market size will gain the most in China at $239 billion.

Learn More On The IT Services Market Report – https://www.thebusinessresearchcompany.com/report/it-services-global-market-report

The IT services market is fairly fragmented, with a large number of players. Microsoft was the IT services market leader with 3% share of the market, followed by Amazon.com Inc., International Business Machines Corporation, Dell Technologies Inc., SAP SE, Intel Corporation, Nippon Telegraph and Telephone Corp., telefonaktiebolaget lm ericsson, Cisco Systems, Inc. and TCS.

IT service providers are increasingly using artificial intelligence (AI) to increase the efficiency and speed of cloud computing services. AI leverages computers and machines to mimic the problem-solving and decision-making capabilities of the human mind. The advantages of using AI for IT services include lowering adoption costs, facilitates co-creation and innovation and driving AI-powered transformation for enterprises. Cloud service providers can use AI-powered network security tools to track and evaluate network traffic. For instance, in March 2023, the US-based technology corporation, Microsoft, launched its Dynamics 365 Copilot, a new artificial intelligence tool that handles various business tasks. With Dynamics 365 Copilot, organizations empower their workers with AI tools built for sales, service, marketing, operations and supply chain roles. These AI capabilities allow everyone to spend more time on the best parts of their jobs, and less time on mundane tasks.

Companies in the IT services market are increasingly focusing on mergers and acquisitions to improve their financial strength and product portfolio. In February 2022, US-based technology corporation, IBM, acquired Neudesic, a U.S. cloud services consultancy. This acquisition will significantly expand IBM's offering of hybrid multi-cloud services, and further enhance the company's hybrid cloud and AI strategy. Moreover, Neudesic brings deep Azure data engineering, cloud and data analytics expertise to boost customers' hybrid cloud journeys.

Request A Free Sample Of The IT Services Market Report – https://www.thebusinessresearchcompany.com/sample.aspx?id=3587&type=smp

The IT services market outlook 2023 describes and explains the IT services market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market size, growth rate, drivers and upcoming trends across each region and for the major economies within each region.

View More Similar Market Reports:

IT Professional Services Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/it-professional-services-global-market-report

IT Infrastructure Monitoring Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/it-infrastructure-monitoring-global-market-report

IT Consulting Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/it-consulting-global-market-report

Interested to know more about The Business Research Company?

The Business Research Company has published over 3000+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

The World's Most Comprehensive Database

The Global Market Model, The Business Research Company's flagship product, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets that help its users make better strategic decisions.

Contact Information
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model