IT Services Market Size, Share, and Analysis, By Service (IT Outsourcing, Cloud Services, Security Services, Application Development & Maintenance, IT Consulting, Managed Services, and Others), By Deployment (On Premise, Cloud-Based, and Hybrid), By Industry (IT & Telecom, BFSI, Retail, Healthcare, Media & Entertainment, Manufacturing, and Government), By Enterprise Type (Small & Medium Sized Enterprise and Large Enterprise), and By Region (North America, Europe, Asia-Pacific, And Rest of the World), And Regional Forecast 2024-2034

August 2024 | 385 pages | ID: IEA3D78AC16FEN
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IT Services Market Size, Share, and Analysis, By Service (IT Outsourcing, Cloud Services, Security Services, Application Development & Maintenance, IT Consulting, Managed Services, and Others), By Deployment (On Premise, Cloud-Based, and Hybrid), By Industry (IT & Telecom, BFSI, Retail, Healthcare, Media & Entertainment, Manufacturing, and Government), By Enterprise Type (Small & Medium Sized Enterprise and Large Enterprise), and By Region (North America, Europe, Asia-Pacific, And Rest of the World), And Regional Forecast 2024-2034

PRODUCT OVERVIEW

IT Services Market is anticipated t%li%grow at a CAGR of 8.1% in the forecast period (2024-2034), with the market size valued at USD 1.3 trillion in 2023 and projected t%li%reach USD 3 trillion by 2034.

Information Technology or IT services include a broad spectrum of activities that are focused on managing and improving technology solutions t%li%address business requirements. These services include software development, network administration, cybersecurity, cloud computing, data storage & management, along with IT consulting and technical support. They can be provided internally by an organization's IT department or externally by third-party service providers. In addition, IT services are essential in improving operational efficiency, improving communication, ensuring data security, and allowing businesses t%li%adapt t%li%changing technological landscapes. Therefore, IT services are crucial for businesses t%li%effectively leverage technology and remain competitive in the contemporary digital era by developing personalized software solutions or offering continuous technical assistance.

MARKET HIGHLIGHTS

IT Services Market is anticipated t%li%reach USD 3 trillion, growing at a CAGR of 8.1% during the forecast period, driven by the vast adoption of digital transformation initiatives across various industries. The expansion of the IT services market is attributed t%li%the increasing utilization of cloud computing, combined with rising concerns regarding cybersecurity and high demand for data analytics solutions. Additionally, the COVID-19 pandemic further accelerated this growth by increasing the requirement for remote work solutions, which led t%li%more demand for cloud-based services and virtual collaboration tools. Moreover, emerging technologies such as artificial intelligence, blockchain, and the Internet of Things (IoT) are creating fresh opportunities for IT service providers t%li%offer creative solutions t%li%businesses. However, several challenges such as cybersecurity threats and talent shortages persist within the market. Therefore, the IT services market is constantly evolving owing t%li%continuous innovation, coupled with the adaptation t%li%changing technical trends.

IT Services Market Segments:
  • By Services
  • IT Outsourcing
  • Cloud Services
  • Security Services
  • Application Development & Maintenance
  • IT Consulting
  • Managed Services
  • Others
  • By Deployment
  • On Premise
  • Cloud-Based
  • Hybrid
  • By Industry
  • IT & Telecom
  • BFSI
  • Retail
  • Healthcare
  • Media & Entertainment,
  • Manufacturing
  • Government
  • By Enterprise Type
  • Small & Medium Sized Enterprise
  • Large Enterprise
MARKET DYNAMICS

Growth Drivers

Digital Transformation Initiatives Will Drive the Growth of IT Services Industry

Cybersecurity Concerns are Becoming Increasingly Important for Growth

Restraint

Shortage of Talent is Making the Market Less Profitable

Key Players
  • Accenture
  • Cognizant
  • Infosys
  • Wipro
  • Tata Consultancy Services (TCS)
  • IBM
  • HCL Technologies
  • Capgemini
  • DXC Technology
  • NTT DATA
  • Atos
  • Dell Technologies
  • Tech Mahindra
  • Unisys
  • ManpowerGroup
  • Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Global Laboratory Temperature Control Units Market is further segmented by region into:
  • North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAG.R – United States and Canada
  • Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
  • Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
  • Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
  • Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
Reasons t%li%Purchase this Report
  • Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
  • Provision of market value (USD Billion) data for each segment and sub-segment
      • Indicates the region and segment that is expected t%li%witness the fastest growth as well as t%li%dominate the market
  • Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
  • Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
  • Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
    • The current as well as the future market outlook of the industry with respect t%li%recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
  • Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
    • Provides insight int%li%the market through Value Chain
    • Market dynamics scenario, along with growth opportunities of the market in the years t%li%come
  • 3-month post-sales analyst support.
1.EXECUTIVE SUMMARY

1.1. Regional Market Share
1.2.Business Trends
1.3. IT Services Market: COVID-19 Outbreak
1.4. Regional Trends
1.5. Segmentation Snapshot

2. RESEARCH METHODOLOGY

2.1.Research Objective
2.2. Research Approach
2.3. Data Sourcing and Methodology
2.4.Primary Research
2.5.Secondary Research
  2.5.1.Paid Sources
  2.5.2. Public Sources
2.6. Market Size Estimation and Data Triangulation

3. MARKET CHARACTERISTICS

3.1.Market Definition
3.2.IT Services Market: COVID-19 Impact
3.3. Key Segmentations
3.4.Key Developments
3.5.Allied Industry Data

4.IT SERVICES MARKET – INDUSTRY INSIGHTS

4.1. Industry Segmentation
4.2.COVID-19 overview on world economy
4.3.Industry ecosystem Channel analysis
4.4.Innovation & Sustainability

5. MACROECONOMIC INDICATORS

6. RECENT DEVELOPMENTS

7. MARKET DYNAMICS

7.1.Introduction
7.2. Growth Drivers
7.3. Market Opportunities
7.4.Market Restraints
7.5. Market Trends

8.RISK ANALYSIS

9. MARKET ANALYSIS

9.1.Porters Five Forces
9.2. PEST Analysis
  9.2.1.Political
  9.2.2. Economic
  9.2.3. Social
  9.2.4. Technological

10.IT SERVICES MARKET

10.1.Overview
10.2. Historical Analysis (2019-2022)
  10.2.1. Market Size, Y-o-Y Growth (%) and Market Forecast

11. IT SERVICES MARKET SIZE & FORECAST 2024A-2034F

11.1. Overview
11.2.Key Findings
11.3.Market Segmentation
  11.3.1.By Service
    11.3.1.1. IT Outsourcing
      11.3.1.1.1.By Value (USD Million) 2024-2034F
      11.3.1.1.2. Market Share (%) 2024-2034F
      11.3.1.1.3. Y-o-Y Growth (%) 2024-2034F
    11.3.1.2.Cloud Services
      11.3.1.2.1. By Value (USD Million) 2024-2034F
      11.3.1.2.2.Market Share (%) 2024-2034F
      11.3.1.2.3.Y-o-Y Growth (%) 2024-2034F
    11.3.1.3.Security Services
      11.3.1.3.1. By Value (USD Million) 2024-2034F
      11.3.1.3.2.Market Share (%) 2024-2034F
      11.3.1.3.3.Y-o-Y Growth (%) 2024-2034F
    11.3.1.4.Application Development & Maintenance
      11.3.1.4.1. By Value (USD Million) 2024-2034F
      11.3.1.4.2.Market Share (%) 2024-2034F
      11.3.1.4.3.Y-o-Y Growth (%) 2024-2034F
    11.3.1.5.IT Consulting
      11.3.1.5.1. By Value (USD Million) 2024-2034F
      11.3.1.5.2.Market Share (%) 2024-2034F
      11.3.1.5.3.Y-o-Y Growth (%) 2024-2034F
    11.3.1.6.Managed Services
      11.3.1.6.1. By Value (USD Million) 2024-2034F
      11.3.1.6.2.Market Share (%) 2024-2034F
      11.3.1.6.3.Y-o-Y Growth (%) 2024-2034F
    11.3.1.7.Others
      11.3.1.7.1. By Value (USD Million) 2024-2034F
      11.3.1.7.2.Market Share (%) 2024-2034F
      11.3.1.7.3.Y-o-Y Growth (%) 2024-2034F
  11.3.2. By Deployment
    11.3.2.1.On Premise
      11.3.2.1.1. By Value (USD Million) 2024-2034F
      11.3.2.1.2.Market Share (%) 2024-2034F
      11.3.2.1.3.Y-o-Y Growth (%) 2024-2034F
    11.3.2.2. Cloud Based
      11.3.2.2.1.By Value (USD Million) 2024-2034F
      11.3.2.2.2. Market Share (%) 2024-2034F
      11.3.2.2.3. Y-o-Y Growth (%) 2024-2034F
    11.3.2.3. Hybrid
      11.3.2.3.1.By Value (USD Million) 2024-2034F
      11.3.2.3.2. Market Share (%) 2024-2034F
      11.3.2.3.3. Y-o-Y Growth (%) 2024-2034F
  11.3.3.By Industry
    11.3.3.1.IT & Telecom
      11.3.3.1.1. By Value (USD Million) 2024-2034F
      11.3.3.1.2.Market Share (%) 2024-2034F
      11.3.3.1.3.Y-o-Y Growth (%) 2024-2034F
    11.3.3.2. BFSI
      11.3.3.2.1.By Value (USD Million) 2024-2034F
      11.3.3.2.2. Market Share (%) 2024-2034F
      11.3.3.2.3. Y-o-Y Growth (%) 2024-2034F
    11.3.3.3. Retail
      11.3.3.3.1.By Value (USD Million) 2024-2034F
      11.3.3.3.2. Market Share (%) 2024-2034F
      11.3.3.3.3. Y-o-Y Growth (%) 2024-2034F
    11.3.3.4. Healthcare
      11.3.3.4.1.By Value (USD Million) 2024-2034F
      11.3.3.4.2. Market Share (%) 2024-2034F
      11.3.3.4.3. Y-o-Y Growth (%) 2024-2034F
    11.3.3.5. Media & Entertainment
      11.3.3.5.1.By Value (USD Million) 2024-2034F
      11.3.3.5.2. Market Share (%) 2024-2034F
      11.3.3.5.3. Y-o-Y Growth (%) 2024-2034F
    11.3.3.6. Manufacturing
      11.3.3.6.1.By Value (USD Million) 2024-2034F
      11.3.3.6.2. Market Share (%) 2024-2034F
      11.3.3.6.3. Y-o-Y Growth (%) 2024-2034F
    11.3.3.7. Government
      11.3.3.7.1.By Value (USD Million) 2024-2034F
      11.3.3.7.2. Market Share (%) 2024-2034F
      11.3.3.7.3. Y-o-Y Growth (%) 2024-2034F
  11.3.4.By Enterprise Type
    11.3.4.1.Small & Medium Sized Enterprise
      11.3.4.1.1. By Value (USD Million) 2024-2034F
      11.3.4.1.2.Market Share (%) 2024-2034F
      11.3.4.1.3.Y-o-Y Growth (%) 2024-2034F
    11.3.4.2. Large Enterprise
      11.3.4.2.1.By Value (USD Million) 2024-2034F
      11.3.4.2.2. Market Share (%) 2024-2034F
      11.3.4.2.3. Y-o-Y Growth (%) 2024-2034F

12.NORTH AMERICA IT SERVICES MARKET SIZE & FORECAST 2024A-2034F

12.1.Overview
12.2. Key Findings
12.3. Market Segmentation
  12.3.1.By Service
  12.3.2. By Deployment
  12.3.3. By Industry
  12.3.4. By Enterprise Type
12.4. Country
  12.4.1. United States
  12.4.2. Canada

13.EUROPE IT SERVICES MARKET SIZE & FORECAST 2024A-2034F

13.1.Overview
13.2. Key Findings
13.3. Market Segmentation
  13.3.1.By Service
  13.3.2. By Deployment
  13.3.3. By Industry
  13.3.4. By Enterprise Type
13.4.Country
  13.4.1.Germany
  13.4.2. United Kingdom
  13.4.3. France
  13.4.4. Italy
  13.4.5. Spain
  13.4.6. Russia
  13.4.7. Rest of Europe (BENELUX, NORDIC, Hungary, Turkey & Poland)

14.ASIA-PACIFIC IT SERVICES MARKET SIZE & FORECAST 2024A-2034F

14.1. Overview
14.2. Key Findings
14.3.Market Segmentation
  14.3.1.By Service
  14.3.2. By Deployment
  14.3.3. By Industry
  14.3.4. By Enterprise Type
14.4. Country
  14.4.1.India
  14.4.2. China
  14.4.3. South Korea
  14.4.4.Japan
  14.4.5.Rest of APAC

15.MIDDLE EAST AND AFRICA IT SERVICES MARKET SIZE & FORECAST 2024A-2034F

15.1.Overview
15.2. Key Findings
15.3. Market Segmentation
  15.3.1.By Service
  15.3.2. By Deployment
  15.3.3. By Industry
  15.3.4. By Enterprise Type
15.4.Country
  15.4.1. Israel
  15.4.2. GCC
  15.4.3. North Africa
  15.4.4.South Africa
  15.4.5. Rest of Middle East and Africa

16. LATIN AMERICA IT SERVICES MARKET SIZE & FORECAST 2024A-2034F

16.1.Overview
16.2. Key Findings
16.3. Market Segmentation
  16.3.1.By Service
  16.3.2. By Deployment
  16.3.3. By Industry
  16.3.4. By Enterprise Type
16.4.Country
  16.4.1. Mexico
  16.4.2. Brazil
  16.4.3. Rest of Latin America

17. COMPETITIVE LANDSCAPE

17.1.Company market share, 2023
17.2. Key player overview
17.3. Key stakeholders

18. COMPANY PROFILES

18.1.Accenture
  18.1.1. Company Overview
  18.1.2.Financial Overview
  18.1.3.Key Product; Analysis
  18.1.4.Company Assessment
    18.1.4.1.Product Portfolio
    18.1.4.2.Key Clients
    18.1.4.3. Market Share
    18.1.4.4. Recent News & Development (Last 3 Yrs.)
    18.1.4.5. Executive Team
18.2. Cognizant
18.3. Infosys
18.4. Wipro
18.5. Tata Consultancy Services (TCS)
18.6. IBM
18.7. HCL Technologies
18.8. Capgemini
18.9. DXC Technology
18.10.NTT DATA
18.11.Atos
18.12. Dell Technologies
18.13. Tech Mahindra
18.14.Unisys
18.15. ManpowerGroup
18.16. Other Prominent Players

19. APPENDIX

20.CONSULTANT RECOMMENDATION



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