Market Overview:

The IT Services Market size is estimated to reach $1,852.65 billion by 2030, growing at a CAGR of 9.5% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, IT Services Market Size, Share & Trends Analysis Report- By Service Type (Professional Services (System Integration (Application Integration, Application Development, Application Testing, Application Lifecycle Management). Infrastructure Integration (Data Center, Security, Mobility, Network and Others), Training and Education, Consulting), Managed Services (Managed Security, Managed Data Center, Managed Network, Managed Mobility, Others), Telecom Services), By Business Function (Finance and Accounting, Human Resources, Sales and Marketing, Supply Chain Management, Operations and Support, Manufacturing), By Organization Size (SME, Large Enterprises), By Deployment Type (Cloud, On-Premises), By End User Industry (Banking, Financial Services, and Insurance, Media and Entertainment, Government and Defense, Communication and Technology, Consumer Goods and Retail, Healthcare, Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

Rising demand for cloud-based IT services and emerging big data technology are fueling the growth of the IT Services industry during the forecast period.

North America Dominated the Market in 2023:

In 2023, North America emerged as the largest market for IT services, boasting a market share exceeding 35.23%. This dominance is largely attributed to the region's extensive adoption of cloud-based IT solutions, which has significantly driven market growth. North America is responsible for a substantial portion of global cloud traffic, with projections indicating a compound annual growth rate (CAGR) of 14% from 2024 to 2031. By 2025, it is expected to account for nearly 54% of global cloud traffic. Additionally, approximately 75% of businesses in the region utilize some form of managed services, further solidifying its leading position in the IT services landscape. 

IT Services Market: Key Takeaways

Rising Demand for Cloud-Based IT Services is Driving the Market Growth:

Since 2020, many industries have shifted from on-premise software to cloud-based solutions. These services provide access to comprehensive enterprise applications at a lower cost, eliminating significant upfront investments in software and hardware. Cloud computing allows businesses to scale operations easily, making it an increasingly valuable and cost-effective option for SMEs. Additionally, it introduces new capabilities and opportunities for growth. Major IT service providers estimate that cloud IT services can reduce deployment costs by 45%-50%. Consequently, startups are investing in this technology, giving end users a wide array of vendor options to choose from for their needs.

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Market Growth Driven by Emerging Big Data Technology:

Data consumption has surged due to high-speed internet, increased industrial automation, and widespread mobile device usage. This growth presents substantial opportunities for IT service management. Concurrently, colocation data centers are experiencing heightened demand as companies digitize their operations and become more reliant on IT services. The process and manufacturing sectors are adopting industrial IoT to enhance operational efficiency, generating vast amounts of data that positively impact the IT services market. The industrial IoT market is projected to reach $100 billion by 2025, growing at a CAGR of 18.56% from 2023 to 2025, indicating promising prospects for IT services. 

Scope of the Report: 

Report Metric 

Details 

Base Year Considered

2023

Forecast Period

2024–2030

CAGR

9.5%

Market Size in 2030

$1,852.65 billion

Segments Covered

By Service Type, By Business Function, By Organization Size, By Deployment Type, By End User Industry, and By Region

Geographies Covered

North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World (Middle East, and Africa).

 

1.  Accenture PLC

2.  Capgemini

3.  Cognizant Technology Solutions Corporation

4.  Oracle Corporation

5.  Fujitsu

6.  HCL Technologies Limited

7.  Hewlett Packard Enterprise

8.  Tata Consultancy Services

9.  IBM Corporation

     10. Infosys


Recent Developments:

  • In December 2023, Analytics cloud platform Alteryx is going private. It’s agreed to be acquired by Clearlake Capital and Insight Partners in a deal valued at $4.4 billion. 
  • In December 2023, IT outsourcer Cognizant snapped up Thirdera, a ServiceNow partner based in Colorado, and added almost 1,000 employees to its workforce of almost 350,000.
  • In November 2023, Accenture completed its acquisition of Solnet, an IT services provider with deep technology consulting experience for New Zealand government and private organizations across multiple industries.

IT Services Market: Competitive Landscape

Key companies profiled in the IT Services Market are Accenture PLC, Capgemini, Cognizant Technology Solutions Corporation, Oracle Corporation, Fujitsu, HCL Technologies Limited, Hewlett Packard Enterprise, Tata Consultancy Services, IBM Corporation, Infosys, and others.

About IndustryARC™:

IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets. 
 
IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.

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Mr. Venkat Reddy
IndustryARC
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