Global IT Services MarketReport, published by Variant Market Research, forecast that the global market is expected to reach $1,752 Billion by 2024 from $1,152 Billion in 2016, growing at a CAGR of 5.4% from 2016 to 2024. By geography, Asia Pacific and Rest of the World are expected to grow at a CAGR of 6.4% and 5.8%, respectively, during the forecast period.
"IT Services Market (Application Development, Application Modernization, System Integration, Performance Engineering; IT Consulting and Network Consulting;Financial, Government, Computer Services, Manufacturing, Telecom, Transportation; Desktop Support Infrastructure, Data Center Infrastructure, Mainframe Support Infrastructure, Help Desk Infrastructure; North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
Key factors driving the growth of IT services market are increase in number of start-up community and increasing technology. Growing emphasis on developing an IT efficient infrastructure and implementation of IT services such as consulting services and system integration services by organizations is also supplementing the growth of the market. However, stiff competition is a major challenge for competitors. IT services market will place a great prominence on the needs and outcomes necessitated by the business to improve revenue, profitability, and employee productivity in the upcoming years.
The IT services market is segmented by service type, consulting type, industry vertical, infrastructure, and geography. By service type, the market is classified into application development, application modernization, system integration, performance engineering, and others. By consulting type, the market is segmented as IT consulting and network consulting. By industry vertical the market is segmented as financial, government, computer services, manufacturing, telecom, transportation, and others. By infrastructure, the segmentations considered in the report are desktop support infrastructure, data center infrastructure, mainframe support infrastructure, help desk infrastructure, and others.
By geography the market is classified into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America and Europe dominated the market with 44.8% and 23.9% market share in 2016. Moreover, in terms of growth, Asia-Pacific is anticipated to grow with the fastest CAGR of 6.4% during the forecast period 2016 to 2024, owing to increasing technology and the rise in numbers of start-ups.
The key market players include Hewlett Packard Enterprise, International Business Machine Corporation, Infosys Limited, Accenture PLC, Capgemini SE, Cisco Systems, Cognizant Technology Solutions Corporation, HCL Technologies Limited, Oracle Corporation, and Tata Consultancy Services, among others.