The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, June 1, 2023 /PRNewswire/ -- As per the Business Research Company's IT Services Global Market Report 2023, the global IT services industry market size is expected to grow from $3319.3 billion in 2022 to $3605.2 billion in 2023 at a compound annual growth rate (CAGR) of more than 8%. The IT services market is then expected to grow to $4910.4 billion in 2027 at a CAGR of 8%. Going forward, the rising penetration of e-commerce, the increasing development of smart cities, the emergence of start-ups and the rising adoption of IoT will drive the IT services market growth.
The global IT services market is segmented -
1) By Type: Hardware Support Services, Software and BPO Services, Cloud Services
2) By Organization Size: Large Enterprises, Small and Medium Enterprises
3) By End-User Industry: Financial Services, Retail & Wholesale, Manufacturing, Healthcare, Other End User Industries
4) By Service Provider Location: North America, Asia-Pacific, Western Europe, Eastern Europe, Rest of the World
The top growth potential in the IT services market segmented by type will arise in the software and BPO services segment, which will gain $910.7 billion of global annual sales by 2027. The IT professional services market size will gain the most in China at $239 billion.
Learn More On The IT Services Market Report - https://www.thebusinessresearchcompany.com/report/it-services-global-market-report
The IT services market is fairly fragmented, with a large number of players. Microsoft was the IT services market leader with 3% share of the market, followed by Amazon.com Inc., International Business Machines Corporation, Dell Technologies Inc., SAP SE, Intel Corporation, Nippon Telegraph and Telephone Corp., telefonaktiebolaget lm ericsson, Cisco Systems, Inc. and TCS.
IT service providers are increasingly using artificial intelligence (AI) to increase the efficiency and speed of cloud computing services. AI leverages computers and machines to mimic the problem-solving and decision-making capabilities of the human mind. The advantages of using AI for IT services include lowering adoption costs, facilitates co-creation and innovation and driving AI-powered transformation for enterprises. Cloud service providers can use AI-powered network security tools to track and evaluate network traffic. For instance, in March 2023, the US-based technology corporation, Microsoft, launched its Dynamics 365 Copilot, a new artificial intelligence tool that handles various business tasks. With Dynamics 365 Copilot, organizations empower their workers with AI tools built for sales, service, marketing, operations and supply chain roles. These AI capabilities allow everyone to spend more time on the best parts of their jobs, and less time on mundane tasks.
Companies in the IT services market are increasingly focusing on mergers and acquisitions to improve their financial strength and product portfolio. In February 2022, US-based technology corporation, IBM, acquired Neudesic, a U.S. cloud services consultancy. This acquisition will significantly expand IBM's offering of hybrid multi-cloud services, and further enhance the company's hybrid cloud and AI strategy. Moreover, Neudesic brings deep Azure data engineering, cloud and data analytics expertise to boost customers' hybrid cloud journeys.
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The IT services market outlook 2023 describes and explains the IT services market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market size, growth rate, drivers and upcoming trends across each region and for the major economies within each region.
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