IT Services Industry Overview
The global IT services market size was valued at USD 98.5 billion in 2021 and is estimated to rise at a compound annual growth rate (CAGR) of 9.5% from 2022 to 2028.
Increasing concerns regarding data security and privacy protection are driving the demand for IT services from companies working across various industry verticals. Moreover, rising complications in network infrastructure are acting as the main impedances to effective data security management; thus, driving the requirement for and implementation of IT services. The COVID-19 outbreak positively impacted the market. The FBI reported a 300% increase in reported cybercrimes in the first few months after the beginning of the COVID-19 pandemic. Therefore, the demand for IT services from enterprises increased to secure their business process and operations.
Gather more insights about the market drivers, restrains and growth of the Global IT Services Market
IT services are mainly provided by external partners and are utilized for individual safety measures or for implementing general security strategies. The market is increasing and developing, and several kinds of services, as well as models of IT services, are spreading with rising customer demand. In the context of global digitalization, the recognized trends open new opportunities for growth and sustainable development of enterprises, gaining popularity in the market. Moreover, the pace of IT services distribution is growing year after year with most nations becoming active players in the market.
IT services are the application of business as well as technical expertise to allow companies in the creation, management, and optimization or admittance to information and business processes. In addition, several benefits of IT services include increased IT efficiency and productivity, better support for regulatory and compliance challenges, and increased control.
Furthermore, due to huge cloud deployments across end-user sectors, IT cloud services are growing. For example, the U.S. market is home to most of the world's largest cloud providers, and the country has a significant proportion of cloud storage. The volume of data produced in the country has become a major driver of cloud adoption. IT services are also gaining popularity inside the hybrid IT-managed environment, due to the rise of the Industrial Internet of Things (IIoT) throughout the Industry 4.0 platform. The use of Artificial Intelligence (AI) is expanding throughout the manufacturing and design sectors, boosting market demand for IT services during the projection period.
Organizations are increasingly turning to IT service providers because of increased competitiveness and digitization. These service providers generally assist businesses in improving their operational efficiency by resolving challenges such as inadequate service infrastructure, and networking issues. IT service providers give a simplified and standardized approach to an organization's administrative procedures, which aids in the digital transformation of operations. Furthermore, the vulnerability of supply chains has been highlighted because of the start of the COVID-19. During the spread of the COVID-19, companies and businesses turned to IT services to manage business operations and agility. Work-from-home rules have also prompted service providers to guarantee that mission-critical enterprise customers have the tools and technology they need to improve the security, quality, speed, and overall efficacy of services.
The COVID-19 pandemic has positively affected the market. The pandemic has enforced companies to quickly digitalize their business models, form flexible and remote working surroundings, reach clients, and handle employees predominately over digital channels. This generates an opportunity for the IT services to be reactive to the escalating number of cybersecurity attacks as well as an increasing number of businesses necessitating cybersecurity services.
Browse through Grand View Research's Network Security Industry Research Reports.
- Industrial Internet Of Things Market – The global industrial internet of things market size was USD 263.52 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 23.1% from 2022 to 2030. The advancements in technology and the increasing availability of affordable sensors and processors that can provide real-time access to information are expected to drive the growth.
- Artificial Intelligence Market – The global artificial intelligence market size was valued at USD 93.5 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 38.1% from 2022 to 2030. The continuous research and innovation directed by the tech giants are driving the adoption of advanced technologies in industry verticals, such as automotive, healthcare, retail, finance, and manufacturing.
IT Services Market Segmentation
Grand View Research has segmented the IT services market based on type and region:
IT Services Type Outlook (Revenue, USD Million, 2017 – 2028)
- Security Outsourcing
- IT Support
- Managed Security Services
- Systems and Network Implementations
- Security Strategy and Planning
IT Services Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global IT services market include
- Accenture PLC
- Tata Consultancy Services Limited
- Cognizant Technology Solutions Corporation
- Wipro Limited
- HCL Technologies Limited
- Capgemini SE
- IBM Corporation
- Infosys Limited
- DXC Technologies
- NTT Data Corporation
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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