Global IT Services Market Report and Forecast 2024-2032

Global IT Services Market Outlook

The global IT services market size was approximately USD 1.16 trillion in 2023. The market is assessed to grow at a CAGR of 7.6% between 2024 and 2032, reaching a value of USD 2.25 trillion by 2032.

Key Trends in the Market

Information technology (IT) services is the use of business and technical competence to support companies in creating, managing, and improving business processes and access to information. A highly skilled and trained workforce is employed by an organisation to help it in managing large quantities of data effectively, making data driven decisions, creating outcome-oriented marketing strategies, and utilising latest technologies. It also helps consumers in reaching businesses through various channels, which boosts product demand and overall growth.

• The expansion of e-commerce has fuelled the global IT services market growth. Technologies like artificial intelligence (AI) are utilised by marketing experts in generating questionnaires and analysing data. It also helps them in driving sales by providing tailored product recommendations to consumers based on their search history and location data.

• The threat of malicious spying and hacking is prompting companies to integrate advanced IT services into their cybersecurity strategies. This includes protecting their networks from unauthorised users, monitoring internet traffic for malware, securing devices from external attacks, and protecting information stored on cloud. This is contributing to the global IT services market demand.

• The digitalisation of various platforms for e-governance is one of the key IT services market trends. This enables governments of both developed and developing nations to provide citizen centric services to people and boost mutual trust between them.

Market Segmentation

Based on service type, the market is segmented into professional services and managed services. On the basis of deployment mode, the market can be divided into on-premises and cloud. By organisation size, the market is segmented into small and medium enterprises, and large enterprises.  The global IT services market segmentation, based on application, includes systems and network management, data management, application management, and security and compliance management, among others.

By industry vertical, the market is categorised into BFSI, consumer goods and retail, healthcare, government, and IT and telecom, among others. The major regional markets for IT services include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global IT services market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• IBM Corp.

• Microsoft Corp.

• Cisco Systems Inc.

• HP Inc.

• Dell Technologies Inc.

• Fujitsu Ltd.

• Intel Corp.

• Toshiba Corp.

• Verizon Communications Inc.

• Accenture Plc

• Tata Consultancy Services Ltd.

• Others

Market Share by Service Type

As per the global IT services market analysis, the demand for professional services is expected to witness a significant growth in the coming years. This is because professional services specialise in troubleshooting problems that cannot be handled by a small in-house team. They also provide consulting services to companies before they make any uninformed purchase decision, thereby saving them from unforeseen losses. For transferring data to cloud, they provide an expert team that can handle complex challenges and ensure scalability and security of services. They also help in the installation and configuration of new hardware and software solutions that can help businesses in running efficiently and smoothly.

Market Share by Region

The Asia Pacific accounts for a significant IT services market share due a stable macroeconomic environment, increase in corporate establishments, and strong business confidence. The adoption of digital technologies by various industries for streamlining operations and enhancing efficiency is boosting the demand for IT services in the region. For example, IT services help healthcare professionals in tracking patient data and updating medical status easily which helps in preventing critical emergencies. It also helps the BFSI sector in approving financial transactions with minimal risk of fraud and in sanctioning loans. This helps streamline bank’s internal operations and improve security, enhancing credit availability for households.

Competitive Landscape

IBM Corp. is among the world’s leading companies operating in the information technology sector. It was incorporated in 1911 and is headquartered in the state of New York in the United States. It mainly provides hybrid cloud systems, artificial intelligence support, and business services. Its four business segments include Software, Infrastructure, Consulting, and Financing that provide client specific solutions.

HP Inc. stands for Hewlett Packard, a company which was founded in 1939 and is headquartered in Texas, United States. It is one of the leading organisations in the world which manufactures personal systems and printing products. It operates through six different business units which include Compute, HPC & AI, Financial Services, Intelligent Edge, Corporate Investments, Storage, and Other.

Accenture Plc was incorporated in 2009 and is headquartered in Dublin, Ireland. It is a globally renowned information technology company providing professional services. It has a track record of having served more than 9000 clients across 120 countries and ranks among Fortune’s list of world’s most admired companies. It is engaged in providing application and cloud services, business process outsourcing and consulting services, among others.

Other global IT services market players include Microsoft Corp., Cisco Systems Inc., HP Inc., Dell Technologies Inc., Fujitsu Ltd., Intel Corp., Toshiba Corp., Verizon Communications Inc., and Tata Consultancy Services Ltd., among others.

Key Highlights of the Report