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IT Services Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

IT Services Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The IT Services by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s IT Services, The it services market size has grown strongly in recent years. It will grow from $3414.09 billion in 2023 to $3615.86 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to the increased internet penetration, the growing adoption of the cloud in smes, the increasing government support and the coronavirus pandemic.

The it services market size is expected to see strong growth in the next few years. It will grow to $5074.84 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to 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 growth. Major trends in the forecast period include leveraging data analytics, focusing on using artificial intelligence (ai) to increase the efficiency, focusing on quantum computing for seamless data encryption, focusing on leveraging augmented reality, focusing on cloud desktops and focusing on strategic partnerships and collaborations.

Companies across all industries are increasingly outsourcing their computer facilities management and data recovery operations. For instance, in September 2023, according to Radix web, an India-based IT outsourcing company, Spending on IT outsourcing could reach $1.3 trillion by 2023. 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.

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The it services market covered in this report is segmented –

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

2) By Enterprise Size: Small And Medium Enterprises (SMEs), Large Enterprises

3) By End-Use Industry: BFSI (Banking, Financial Services And Insurance), Retail And Wholesale, Communication, Media And Technology, Manufacturing, Life Science And Healthcare, Other End-Users

Sub segments: Computer And Peripherals Support Services, Storage And Servers Support Services, Networking Support Services, Other Hardware Support Services, Software Services, BPO Services, Infrastructure As A Service (IaaS), Platform As A Service (PaaS), Software As A Service (SaaS), Business Process As A Service (BPaaS)

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 IT services market report table of contents includes:

1. Executive Summary

2. IT Services Market Characteristics

3. IT Services Market Trends And Strategies

4. IT Services Market - Macro Economic Scenario

5. Global IT Services Market Size and Growth


32. Global IT Services Market Competitive Benchmarking

33. Global IT Services Market Competitive Dashboard

34. Key Mergers And Acquisitions In The IT Services Market

35. IT Services Market Future Outlook and Potential Analysis

36. Appendix

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