IT Services Market is estimated to reach $1,752 Billion by 2024; growing at a CAGR of 5.4% from 2016 to 2024. Information Technology (IT) is the application of computers to study, store, retrieve, transmit, and manipulate data or information often in the context of business or other enterprise. IT as a service is an operational model where the information technology (IT) service provider delivers information to a business. Several industries are associated with information technology including computer hardware, software, electronics, internet, semiconductors, and ecommerce. The IT service provider could be internal IT organization or external IT organization. Surge in need for low cost IT services would supplement the use of IT as a service framework driving the global IT services market.
IT Services Market Size and Forecast, 2015 - 2024 (US$ Billion)
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.
IT Services market share by region, 2024 (value%)
Based on geography, the IT Services Market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is further bifurcated into U.S., Canada, and Mexico whereas Europe consist of UK, Germany, and others. Asia-Pacific is segmented into India, China, and others while RoW is bifurcated into South America, Middle East and Africa.
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.
The key takeaways from the report
- The report will provide detailed analysis of IT Services Market with respect to major segments such as service type, consulting type, industry vertical, and infrastructure
- The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of IT Services Market has been included in the report
- Profile of the key players in the IT Services Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of IT Services Market
Service Type Segments
- Application Development
- Application Modernization
- System Integration
- Performance Engineering
Consulting type Segments
- IT Consulting
- Network Consulting
Industry Vertical Segments
- Computer services
- Desktop Support Infrastructure
- Data Center Infrastructure
- Mainframe Support Infrastructure
- Help Desk Infrastructure
- North America
- South America
- Middle East