Global IT Services Market Size to reach USD 2554.76 Billion by 2030 | CAGR of 5.8%Category: Information & Technology
The Global IT Services Market Size was valued at USD 1114.22 Billion in 2021 and is expected to reach USD 2554.76 Billion by 2030, growing at a CAGR of 5.8% during 2021-2030, according to the new research study published by Spherical Insights & Consulting.
Businesses prefer on-premise deployment because it gives them better control over their IT infrastructure and gives them the flexibility to change it as needed. Data protection, which prevents sensitive information from leaving the company's premises and from potential fraud and data loss, is the main driver behind on-premise adoption for businesses. Less reliance on the internet means that staff will still be able to access data in the event of a network issue, which is another consideration that pushes businesses to adopt on-premise software. It is anticipated that these advantages would increase demand for on-premise deployment.
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The growing demand for IT infrastructure across enterprises is likely to fuel the growth of the global IT services market. The trend that started with software has shifted to hardware when it comes to consumption-based pricing models and is gaining attention across different businesses. This transition from capital to operational minimal capital, spending lowers risk, and enables flexibility.
Technology firms depend on the intelligent application of data analytics, which is possible with the aid of expert IT services. Additionally, because technology is always changing, many technology organizations, especially those working to establish Technology as a Service (TaaS), choose to use IT professional services to support their company operations. With several technical changes in work culture, such as working remotely and maintaining the organization's IT infrastructure, the COVID-19 pandemic also sparked the demand for digital transformation, which is fueling the expansion of the IT professional services market.
The increasing adoption of cloud-based deployments will accelerate the IT services by lowering IT costs, better scalability, access to automatic updates, etc., will favor the market growth. Different verticals have started adopting cloud services due to the demand of cloud deployments. Moreover, the data storing capacity is huge than the on-premises deployment. Enterprises are adapting according to client demands in spite using conventional deployments.
Based on type, is managed categorized into professional services (system integration, training and education & consulting) & managed services. The professional services segment is expected to dominate the market share of global IT services market owing to increasing use of project management services by small and medium-sized businesses. Based on deployment, the market is managed categorized into on-premise & cloud-based. The cloud-based segment is expected to dominate the market share of global IT services market owing to increasing adoption of SaaS and PaaS based offerings across enterprises. Firms are shifting their operations to cloud-based systems due to the simplicity of deployment and lower cost of installation.
Over the past few years, cloud computing has advanced significantly. While cloud solutions have many benefits, they also expose hosted data to considerable threats, including identity theft and privacy concerns. When embracing cloud computing, businesses should think about putting in place IT services that can examine all network connections, apps, and executions. IT services have improved for the business by becoming more data-driven and real-time as a result of developments in IT operations throughout the cloud-based platform, particularly in the areas of operational efficiency, business opportunity identification, and remote access optimization.
Organizations are being compelled to work with expert service providers by growing competition and digitalization. These service providers are largely concerned with assisting businesses in increasing their operational effectiveness by addressing problems with subpar service infrastructure and unsuitable manpower. The organization's administrative processes are approached in a standardized and streamlined manner by the IT professional service providers, which aids in the digital transformation of the organization's operations. Businesses might divide the use of professional services into two categories depending on their strategy.
The IT service offerings are likely to be impacted by trends like 5G, AR, Blockchain, and AI. The development of 5G technology will probably make it possible for businesses to install networks on their property. The digital transformation is anticipated to make it possible to either upgrade current networks to LTE or implementation of the latest networks using local frequencies. To enable the autonomy and automation of complex systems, real-time IT locations must be established. Moreover, IoT, AI, and machine learning are gaining traction across the world.
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North America region is expected to dominate the market share of global IT services market owing to growing adoption of innovation technologies and the presence of major players are few factors which is driving the demand favoring the market region. Adopting emerging technologies like IoT, AI, machine learning (ML), robotics, blockchain, and data science to gain competitive advantage. However, Asia Pacific region is expected to witness highest growth rate during the forecast period of global IT services market due to increasing penetration of smart connected devices and population across the region.
Browse 53 market data tables and 57 figures spread through 259 pages and in-depth TOC on “Global IT Services Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Type (Professional Services [System Integration, Training and Education & Consulting) & Managed Services]), By Deployment (On-premise & Cloud-based), By Organization Size (Small and Medium Enterprises & Large Enterprises), By Vertical (BFSI, Telecommunication, Healthcare, Retail, Manufacturing, Government and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030”, in detail along with the table of contents https://www.sphericalinsights.com/reports/it-services-market
TABLE OF CONTENTS
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On IT Services Market
Chapter 5. Global IT Services Market Overview, By Offering, 2017 - 2030 (USD Million)
Chapter 6. Global IT Services Market Overview, By Product, 2017 - 2030 (USD Million)
Chapter 7. Global IT Services Market Overview, By Type, 2017 - 2030 (USD Million)
Chapter 8. Global IT Services Market Overview, By Currency Type, 2017 - 2030 (USD Million)
Chapter 9. Global IT Services Market Overview, By Geography, 2017 - 2030 (USD Million)
Chapter 10. North America IT Services Market Overview, By Countries, 2017 - 2030 (USD Million)
Chapter 11. Europe IT Services Market Overview, By Countries, 2017 - 2030 (USD Million)
Chapter 12. Asia Pacific IT Services Market Overview, By Countries, 2017 - 2030 (USD Million)
Chapter 13. Middle East & Africa IT Services Market Overview, By Countries, 2017 - 2030 (USD Million)
Chapter 14. South America IT Services Market Overview, By Countries, 2017 - 2030 (USD Million)
Chapter 15. Competitive Landscape
Chapter 16. Key Vendor Analysis
Chapter 17. Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 18. Marketing Strategy Analysis, Distributors/Traders
Chapter 19. Market Effect Factors Analysis
Chapter 20. Future Outlook of the Market
List of Figures
List of Tables
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