IT Services Market Size is Projected To Reach USD 1381540 Million By 2028 At A CAGR of 4.1% - Valuates Reports

BANGALORE, India, Oct. 6, 2022 /PRNewswire/ -- The global IT Services Market is segmented by Type - Hardware Support Services, Software and BPO Services, Cloud Services, by Application - Enterprise, Financial, Government, Healthcare & Medical, Others. Global Opportunity Analysis and Industry Forecast, 2022 - 2028. It is published in Valuates Reports under the Enterprise Technology Category.

The global IT Services market size is projected to reach USD 1381540 million by 2028, from USD 1039340 million in 2021, at a CAGR of 4.1% during 2022-2028.

Major Factors Driving The Growth of The It Services Market Are

The need for IT services is continuously expanding globally due to the rising popularity of cloud-based software and the growing concern to automate company processes.

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TRENDS INFLUENCING THE GROWTH OF IT SERVICES MARKET

The IT revolution, which has altered the way organizations operate, was led by IT services. These services have improved business process effectiveness while also enabling organizations to concentrate on their core strengths without having to worry about the deployed IT infrastructure. The IT services have a wide range of uses in businesses, from routine tasks like managing employee documents to intricate company procedures like supply chain and operations management. These factors are expected to drive the growth of the IT services market.

Rising demand for cloud-based IT services is expected to further fuel the IT service market growth. The cloud-based software offers inexpensive access to all workplace applications without requiring a substantial up-front investment in software and infrastructure. Similar to this, the advent of cloud computing makes it easier for firms to expand and contract. As a result, cloud-based IT services are becoming practical and affordable for SMEs. Additionally, cloud-based computing gives SMEs new business opportunities and capabilities.

Due to the widespread use of mobile devices, rising industrial automation, and high-speed internet connections, data consumption has considerably increased. The possibility for IT service management is significant as a result of the increase in data volume. Similar to this, there is a huge demand for Colocation data centers due to the increase in data quantities. The businesses in this industry are increasingly digitizing their processes and offerings, which has raised their need for IT Services. Industrial IoT is being used by process and manufacturing industries to increase operational effectiveness, which will generate a significant amount of data and benefit the IT services market. The IT services market is therefore anticipated to discover opportunities as the big data idea develops in corporations and industries. 

Enterprise IT infrastructure is evolving quickly. The use of traditional server racks is progressively declining as more businesses move some or all of their IT services to the "clouds." This is the first notable trend in the IT support industry, and it applies to businesses that want to avoid being dependent on one supplier or that want to take advantage of the best deals offered by many providers.

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 IT SERVICES MARKET SHARE ANALYSIS

With a market share of over 37% in 2019, North America led the market for IT services, followed by APAC and Europe. The presence of several IT service providers in the nation has contributed to the region's growth. The world's center for software and IT is often regarded to be the USA. Large government IT budgets dominate the North American market for IT services.

The cloud services segment is growing the fastest, with a total market value of approximately 700 billion US dollars in 2019.

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Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

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Key players

• IBM
• Accenture
• AWS
• Fujitsu
• NTT Data
• DXC Technology
• TCS
• Cognizant
• Capgemini
• Atos
• NEC
• Infosys
• Hitachi
• HCL Tech
• CGI
• Wipro
• SAIC
• CTSI
• BT Group
• Chinasoft
• Taiji
• China Unicom
• Teamsun Tech
• DCITS
• Capita
• Xerox
• DHC Software
• Neusoft

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SIMILAR REPORTS

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-  The cloud services market size was valued at USD 264.80 billion in 2019 and is projected to reach USD 927.51 billion by 2027, growing at a CAGR of 16.4% from 2020 to 2027.

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-  The Cloud Storage market size was valued at USD 46.12 billion in 2019, and is projected to reach USD 222.25 billion by 2027, growing at a CAGR of 21.9% from 2020 to 2027.

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-  The global Edge AI Software market size is projected to reach USD 2773.2 million by 2027, from USD 576 million in 2020, at a CAGR of 24.8% during 2021-2027.

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-  Global Software as a Service (SaaS) Market Report, History and Forecast 2016-2027

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