IT Services Market Analysis, Trends, Forecast Up to 2029
IT Services Market is projected to rise at a CAGR of 4.1% over the forecast period during 2022-2029.
The factors driving growth of the IT Services Market includes emerging trend of Bring your Own Device (BYOD), rise in the volumes of data generated around the world, surge in the number of data breaches, Government initiatives promoting digitalization, and improvements in the living standards. For instance, almost 15 million data breaches were registered worldwide during the third quarter of 2022, showing an increase of 37%, as compared to previous quarter, which is expected to accelerate the IT Services Market share in the approaching years. Moreover, growing adoption of advanced technologies such as Blockchain, Artificial Intelligence (AI) and Internet of Things (IoT), rise in the launch of innovative services and rapid industrialization, are some of the additional factors supplementing the IT Services Market size. In addition, the increasing investments by major companies on research and development, strategic collaborations, and mergers between enterprises, rising disposable incomes and growing population growth rates, are further contributing to the market growth.
The prominent players operating in the market are Hewlett Packard Enterprise Development LP, Microsoft, Tata Consultancy Services Limited., Citrix Systems, Inc., Cisco Systems Inc, Dell Inc., TOSHIBA CORPORATION, Verizon, IBM Corporation, and Infosys, among others.
Based on Organization Size, the Large Enterprises segment is predicted to grow at a robust CAGR during the forecast period
Increased adoption of advanced technologies such as artificial intelligence and cloud computing, by large organizations, is pushing the segment’s growth.
Based on Deployment Type, the Cloud segment is projected to capture the largest market share over the forecast period
Cloud based IT services are increasingly adopted by small and medium sized enterprises because services enhance scalability, and are cost-effective, which is propelling growth of the segment.
Based on Region, the North American region is anticipated to expand at a remarkable CAGR during the forecast period
As per the IT Services Market Analysis, Microsoft Corporation, Cisco Systems Inc, and Hewlett Packard Enterprise Development LP, huge volumes of data generated by companies, increasing incidences of cyber-attacks and high per capita incomes, are some of the important factors augmenting the market growth in North America.
Key Developments
In 2020, Infosys Finacle, and RBL Bank, decided to collaborate to migrate the bank’s on-premises deployment to a containerised ecosystem, which is managed by Kubernetes and has been certified by Cloud Native Computing Foundation (CNCF).
In 2022, Cisco will offer 5G services to enterprises to reduce customers’ technical, financial, and operational risks associated with managing enterprise private 5G networks. Cisco with two leading ORAN vendors will work to incorporate ORAN technology into Cisco Private 5G, which is currently in customer trials with Airspan and JMA.
In 2021 – Zerto, was acquired by Hewlett Packard Enterprise for USD 374 million. This acquisition will expand HPE GreenLake and offer HPE Storage’s shift to a cloud-native, software-defined data services business.
Market Segmentation
Segmentation by Service Type
Professional Services
Managed Services
Telecom Services
Segmentation by Organization size
Small and Medium Businesses
Enterprises
Segmentation by Deployment Type
On-Premises
Cloud
Segmentation by Region
Asia PacificChina
Japan
India
Rest of APAC
North AmericaUnited States of America
Canada
EuropeUnited Kingdom
Germany
France
Spain
Rest of Europe
RoWBrazil
South Africa
Saudi Arabia
UAE
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