IT Services Market

Analysis from GMI Research finds that the IT Services Market earned revenues of USD 1,156.0 billion in 2022 and estimated to touch USD 2,108.2 billion in 2030 will grow at a CAGR of 7.8% from 2023-2030.

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Major IT Services Market Drivers

Emerging need for automation to eliminate daily tasks and growing demand for better customer experience and customized pricing have encouraged organizations to implement IT services, driving the Global IT Services Market size. Increasing adoption of software-as-a-service and cloud-based solutions across end-user industries have further strengthened the market growth. In addition, with the rising data volume worldwide, the need for smart IT services has increased, for optimal use of these data reserves to reach a strategic data-driven decision, which is projected to boost the IT services market growth over the upcoming years. As per the Seagate Technology PLC, the amount of data produced globally is projected to reach 47 zettabytes and 163 zettabytes in 2020 and 2025, respectively, from 12 zettabytes in 2015.

Additionally, the market growth can be attributed to the advent of fourth industrial revolution and expansion of IIoT. Emergence of 5G, Blockchain, AR, and AI, in information management are the key trends witnessed in the global IT services market. Integration of Artificial Intelligence in IT services improves the effectiveness, process integrity of information services, and improve data quality, augmenting the IT Services Market share.

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Organization size – Segment Analysis

Based on organization size, large enterprises is expected to grow at a higher CAGR in the global IT services market over the forecast period. This is attributable to the rising presence of large organizations that have a global presence like IBM Corporation, Infosys, Microsoft, TOSHIBA CORPORATION etc. The data monetization market includes companies that have marked a strong foothold in retail, BFSI, and telecommunication verticals. Furthermore, large enterprises have customers present across the globe and value chain. They have adequate technical expertise, business strategies, and capital. There is a growing requirement for advanced technologies such as artificial intelligence and cloud computing, which has driven the growth of the global IT services market.

Deployment Type – Segment Analysis

Based on the deployment type, the cloud-based segment is expected to dominate the global IT services market over the forecast period. The low cost of deployment is the reason behind the popularity of cloud-based technology.  With cloud based IT services, scale up and scale down of businesses can be achieved easily. Thus, cloud-based IT services is considered to be the most effective deployment platform among many small and medium-sized enterprises in recent time.

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Regional – Segment Analysis:

On the basis of regional coverage, North America region is expected to grow at a higher CAGR in the global IT Services market in 2019 due to the rising adoption of IT Services among residential sectors. The changes in the climate along with agricultural intensification are some of the major factors that are propelling the market growth in this region. Europe region is projected to hold a substantial share in the global IT Services market in 2019 due to the high adoption of IT Services by the commercial sector in this region.

Top Market Players

Some of the leading players operating in the market include Citrix Systems, Inc., Cisco Systems Inc, Dell Inc., IBM Corporation, Hewlett Packard Enterprise Development LP, Microsoft, Tata Consultancy Services Limited., TOSHIBA CORPORATION, Verizon, and Infosys, among others. 

Key Developments:

• • In 2020, Infosys Finacle, part of EdgeVerve Systems, (a subsidiary of Infosys), and RBL Bank, announced a collaboration to migrate the bank’s on-premises deployment to a containerised ecosystem, which is managed by Kubernetes and has been certified by Cloud Native Computing Foundation (CNCF).
  • In 2022, Cisco in collaboration with leading partners will offer 5G services to enterprises to reduce customers’ technical, financial, and operational risks associated with managing enterprise private 5G networks. Cisco with two leading ORAN vendors will work to incorporate ORAN technology into Cisco Private 5G, which is currently in customer trials with Airspan and JMA.
  • In 2021 – Zerto, a leading player in cloud data management and protection, was acquired by Hewlett Packard Enterprise for USD 374 million. This acquisition is intended to expand HPE GreenLake and offer HPE Storage’s shift to a cloud-native, software-defined data services business.
  • In 2021 – Atos decided to enter into a strategic partnership with IBM to help companies speed up their digital transformation and optimize business processes. These companies will work together to address business challenges faced by the Manufacturing, Energy, Utilities, Oil and Gas, Retail, and Transportation sectors. The areas of focus involve Asset Monitoring and Maintenance, Asset Lifecycle Management Solutions, Repair, and Operations (MRO) Optimization, Packaging, Transportation and Logistics Optimization Solutions, and SMART Waste/Energy Monitoring and Optimization Solution.

Segments covered in the Report:

The Global IT Services Market has been segmented on the basis of Service Type, Size, End-user Industry and Deployment. Based on the Service Type, the market is segmented into Professional, Managed. Based on the Size, the market is segmented into Small and Medium Enterprises, Large Enterprises. Based on the End-user Industry, the market is segmented into BFSI, Telecommunication, Healthcare, Retail, Manufacturing, Government, Others. Based on the Deployment, the market is segmented into On-premises, Cloud.

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Market Segmentation

Global IT Services Market by Service Type

• • Professional
  • Managed

Global IT Services Market by Size

• • Small and Medium Enterprises
  • Large Enterprises

Global IT Services Market by End-user Industry

• • BFSI
  • Telecommunication
  • Healthcare
  • Retail
  • Manufacturing
  • Government
  • Others

Global IT Services Market by Deployment

• • On-premises
  • Cloud

Global IT Services Market by Region

• • North America IT Services Market (Option 1: As a part of the free 25% customization)

    • By Service Type
    • By size
    • By End-user Industry
    • By Deployment
    • US Market All-Up
    • Canada Market All-Up

  • Europe IT Services Market (Option 2: As a part of the free 25% customization)

    • By Service Type
    • By size
    • By End-user Industry
    • By Deployment
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific IT Services Market (Option 3: As a part of the free 25% customization)

    • By Service Type
    • By size
    • By End-user Industry
    • By Deployment
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW IT Services Market (Option 4: As a part of the free 25% customization)

    • By Service Type
    • By size
    • By End-user Industry
    • By Deployment
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the IT Services (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Citrix Systems, Inc.
  • Cisco Systems Inc.
  • Dell Inc.
  • IBM Corporation
  • Hewlett Packard Enterprise Development LP
  • Microsoft
  • Tata Consultancy Services Limited
  • TOSHIBA CORPORATION
  • Verizon
  • FUJITSU