IT Services Market Size is Projected To Reach USD 1381540 Million By 2028 At A CAGR of 4.1% - Valuates Reports

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Oct 06, 2022, 10:00 ET

BANGALORE, India, Oct. 6, 2022 /PRNewswire/ -- The global IT Services Market is segmented by Type - Hardware Support Services, Software and BPO Services, Cloud Services, by Application - Enterprise, Financial, Government, Healthcare & Medical, Others. Global Opportunity Analysis and Industry Forecast, 2022 - 2028. It is published in Valuates Reports under the Enterprise Technology Category.

The global IT Services market size is projected to reach USD 1381540 million by 2028, from USD 1039340 million in 2021, at a CAGR of 4.1% during 2022-2028.

Major Factors Driving The Growth of The It Services Market Are

The need for IT services is continuously expanding globally due to the rising popularity of cloud-based software and the growing concern to automate company processes.

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TRENDS INFLUENCING THE GROWTH OF IT SERVICES MARKET

The IT revolution, which has altered the way organizations operate, was led by IT services. These services have improved business process effectiveness while also enabling organizations to concentrate on their core strengths without having to worry about the deployed IT infrastructure. The IT services have a wide range of uses in businesses, from routine tasks like managing employee documents to intricate company procedures like supply chain and operations management. These factors are expected to drive the growth of the IT services market.

Rising demand for cloud-based IT services is expected to further fuel the IT service market growth. The cloud-based software offers inexpensive access to all workplace applications without requiring a substantial up-front investment in software and infrastructure. Similar to this, the advent of cloud computing makes it easier for firms to expand and contract. As a result, cloud-based IT services are becoming practical and affordable for SMEs. Additionally, cloud-based computing gives SMEs new business opportunities and capabilities.

Due to the widespread use of mobile devices, rising industrial automation, and high-speed internet connections, data consumption has considerably increased. The possibility for IT service management is significant as a result of the increase in data volume. Similar to this, there is a huge demand for Colocation data centers due to the increase in data quantities. The businesses in this industry are increasingly digitizing their processes and offerings, which has raised their need for IT Services. Industrial IoT is being used by process and manufacturing industries to increase operational effectiveness, which will generate a significant amount of data and benefit the IT services market. The IT services market is therefore anticipated to discover opportunities as the big data idea develops in corporations and industries.

Enterprise IT infrastructure is evolving quickly. The use of traditional server racks is progressively declining as more businesses move some or all of their IT services to the "clouds." This is the first notable trend in the IT support industry, and it applies to businesses that want to avoid being dependent on one supplier or that want to take advantage of the best deals offered by many providers.

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IT SERVICES MARKET SHARE ANALYSIS

With a market share of over 37% in 2019, North America led the market for IT services, followed by APAC and Europe. The presence of several IT service providers in the nation has contributed to the region's growth. The world's center for software and IT is often regarded to be the USA. Large government IT budgets dominate the North American market for IT services.

The cloud services segment is growing the fastest, with a total market value of approximately 700 billion US dollars in 2019.

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Market By Region

North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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Key players

IBM
Accenture
AWS
Fujitsu
NTT Data
DXC Technology
TCS
Cognizant
Capgemini
Atos
NEC
Infosys
Hitachi
HCL Tech
CGI
Wipro
SAIC
CTSI
BT Group
Chinasoft
Taiji
China Unicom
Teamsun Tech
DCITS
Capita
Xerox
DHC Software
Neusoft

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SIMILAR REPORTS

- The global Business Process Outsourcing (BPO) market size is projected to reach USD 241370 Million by 2027, from USD 180440 Million in 2020, at a CAGR of 4.2% during 2021-2027.

- The global Legal Process Outsourcing (LPO) market size is projected to reach USD 72090 Million by 2027, from USD 10560 Million in 2020, at a CAGR of 31.6% during 2021-2027.

- The global IT Outsourcing market size is projected to reach USD 414300 million by 2028, from USD 352830 million in 2021, at a CAGR of 2.3% during 2022-2028.

- The global IT Managed Services market size is projected to reach USD 399170 million by 2028, from USD 224010 million in 2021, at a Compound Annual Growth Rate (CAGR) of 8.5% during 2022-2028.

- The global Managed Services market size is projected to reach USD 271640 Million by 2028, from USD 142300 Million in 2021, at a CAGR of 9.2% during 2022-2028.

- The global Managed Services Software market size is projected to reach USD 393730 million by 2028, from USD 244620 million in 2021, at a CAGR of 6.9% during 2022-2028.

- The Medical Device Outsourcing market size is estimated to be valued at USD 74220 Million in 2021 and projected to reach USD 142960 Million by 2028, recording a CAGR of 9.7%.

- Global IT Infrastructure Outsourcing Market Insights and Forecast to 2028

- Global Application Outsourcing Market Insights, Forecast to 2028

- The global Edge Computing market size is projected to reach USD 55930 million by 2028, from USD 8237 million in 2021, at a Compound Annual Growth Rate (CAGR) of 31.1% during 2022-2028.

- The global Subscription and Billing Management Software market size is projected to reach USD 11920 million by 2028, from USD 4021 million in 2021, at a CAGR of 16.6% during 2022-2028.

- The cloud services marke t size was valued at USD 264.80 billion in 2019 and is projected to reach USD 927.51 billion by 2027, growing at a CAGR of 16.4% from 2020 to 2027.

- The global Cloud Computing market size is projected to reach USD 611170 million by 2027, from USD 97010 million in 2020, at a CAGR of 29.2% during 2021-2027.

- The Cloud Storage market size was valued at USD 46.12 billion in 2019, and is projected to reach USD 222.25 billion by 2027, growing at a CAGR of 21.9% from 2020 to 2027.

- The global Open Source Intelligence (OSINT) market size is projected to reach USD 6077.8 million by 2027, from USD 3861.4 million in 2020, at a CAGR of 6.2% during 2021-2027.

- The global big data and business analytics market size was valued at D198.08 billion in 2020, and is projected to reach D684.12 billion by 2030, growing at a CAGR of 13.5% from 2021 to 2030.

- The global edge AI hardware market size was valued at D6.88 billion in 2020, and is projected to reach D38.87 billion by 2030, registering a CAGR of 18.8% from 2021 to 2030.

- The global Edge AI Software market size is projected to reach USD 2773.2 million by 2027, from USD 576 million in 2020, at a CAGR of 24.8% during 2021-2027.

- The global Tokenization market size is projected to reach USD 2709.9 million by 2028, from USD 1140.7 million in 2021, at a CAGR of 13.0% during 2022-2028.

- The global Industrial IoT (IIoT) market size is projected to reach USD 102460 million by 2028, from USD 71160 million in 2021, at a CAGR of 5.3% during 2022-2028.

- Global Software as a Service (SaaS) Market Report, History and Forecast 2016-2027

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