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It Services Market Analysis APAC, North America, Europe, South America, Middle East and Africa - US, China, India, Japan, UK - Size and Forecast 2024-2028

It Services Market Analysis APAC, North America, Europe, South America, Middle East and Africa - US, China, India, Japan, UK - Size and Forecast 2024-2028

Published: Aug 2024 196 Pages SKU: IRTNTR70956

Market Overview at a Glance

$676.5 B
Market Opportunity
8.64%
CAGR
7.37
YoY growth 2023-2024(%)

It Services Market Size 2024-2028 

The it services market size is forecast to increase by USD 676.5 billion at a CAGR of 8.64% between 2023 and 2028.

  • The market is experiencing significant growth, driven by key trends such as the increasing adoption of artificial intelligence (AI) in information management. Businesses are recognizing the benefits of AI in streamlining processes, improving efficiency, and gaining valuable insights from data. Another trend is the emergence of cloud-based platforms, which offer flexibility, scalability, and cost savings. However, the market also faces challenges, including the increasing risks involved in outsourcing. Companies must carefully evaluate potential risks, such as data security and intellectual property theft, before outsourcing IT services. Overall, these trends and challenges are shaping the market and will continue to influence its growth In the coming years.

    • What will be the Size of the It Services Market During the Forecast Period?

    It Services Market Size

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  • The market is experiencing significant growth and transformation, driven by the increasing adoption of digital technologies such as cloud computing and the proliferation of connected devices. Businesses across industries, including the IT & telecom sector and retail, are prioritizing digital transformation to enhance operational efficiency and customer experience. This shift is leading to increased demand for IT services that focus on innovation & automation, data security, privacy protection, and machine learning (ML) and data analytics for big data solutions. Cybersecurity solutions are also a critical area of focus, given the growing threat landscape and the need for robust security strategies and planning.
  • Managed security services and application management are becoming essential for firms seeking proactive IT services to mitigate risks and maintain optimal system performance. The adoption of digital tools and e-commerce platforms is accelerating, creating new opportunities for IT companies. However, the increasing reliance on technology also brings challenges, such as data privacy regulations and the need for effective data management. The market is evolving rapidly, with large enterprises leading the way in on-premises deployment and design & implementation of advanced IT solutions. Reactive IT services are giving way to proactive approaches, as organizations recognize the importance of staying ahead of potential issues and maintaining optimal system performance.
  • Innovation resources, including ML and data analytics, are playing a crucial role in driving business growth and competitiveness. Despite the challenges, the future of the market looks bright, with continued investment in digital technologies and a focus on innovation and automation.

    • How is this It Services Industry segmented and which is the largest segment?

    The it services industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

    • End-user
      • Technology and telecommunication
      • BFSI
      • Travel and hospitality
      • Healthcare
      • Others
    • Service
      • IT consulting services
      • Internet services and infrastructure
      • Data processing and outsources services
    • Geography
      • APAC
        • China
        • India
        • Japan
      • North America
        • US
      • Europe
        • UK
      • South America
        • Middle East and Africa

        By End-user Insights

        • The technology and telecommunication segment is estimated to witness significant growth during the forecast period.

        The market plays a pivotal role In the telecommunications sector, enabling advanced technologies such as cloud computing, digital tools, and cybersecurity solutions. Telecommunications companies require IT services for complex pricing systems, real-time processes, and the integration of digital technologies into their offerings. IT infrastructure is essential for voice communication services, especially in markets where growth is slowing down. In the current business landscape, IT services are not just a necessity but a value-driver. Telecommunications firms invest in innovation and automation, including machine learning, data analytics, and big data solutions, to enhance customer experience and streamline operations. Cybersecurity and data privacy regulations are top priorities, necessitating robust IT strategies and planning.

        IT support services, including managed security services, are increasingly in demand. The e-commerce sector and retail industry are significant end-users of IT services. The IT & telecom sector, along with large enterprises, is expected to be the major contributor to the market's growth. The future development of IT services is driven by investments in artificial intelligence, cloud-based IT services, and the implementation of IT infrastructure in smart cities and emerging countries. The market's success is determined by feasibility, cost, and user experience. Businesses and organizations across industries are adopting IT services to improve operational agility, storage management flexibility, and cost savings.

        It Services Market Size

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        The Technology and telecommunication segment was valued at USD 252.40 billion in 2018 and showed a gradual increase during the forecast period.

        Regional Analysis

        • APAC is estimated to contribute 39% to the growth of the global market during the forecast period.

        Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

        It Services Market Share by Geography

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        The Asia Pacific (APAC) region presents a significant opportunity for IT services due to the region's rapid technological advancements and increasing number of small and medium-sized enterprises (SMEs). Although North America and Europe currently dominate the market, APAC is predicted to experience the fastest growth during the forecast period. The region's the market is expanding rapidly, driven by the adoption of modern technologies such as cloud computing and data analytics. Major IT companies are responding to this trend by expanding their service offerings through mergers and acquisitions to remain competitive. The increasing use of digital technologies, cybersecurity solutions, innovation and automation, and the growing demand for data security and privacy protection are key drivers for IT services growth in APAC.

        The region's IT infrastructure is undergoing significant development, with a focus on operational agility, storage management flexibility, and cost savings. The future of IT services in APAC lies in areas such as business intelligence, big data analytics, and the implementation of cloud-based IT services. The market's success is contingent upon factors such as feasibility, implementation costs, and user experience. The financial burden of IT services adoption is a concern for many businesses, but the potential for cost savings and improved operational efficiency make it an attractive investment. The market is expected to continue growing, driven by the increasing adoption of automation and the demand for tailored pricing and improved customer experience.

        The professional services industry, retail sector, IT and telecom sector, and operations and maintenance are major end-use industries for IT services in APAC. The market is also being influenced by factors such as data privacy regulations, e-commerce, and the increasing use of digital tools and digital transformation initiatives. The market's future development is expected to be driven by investments in artificial intelligence, cybersecurity, and the implementation of smart cities and environmental goals by global governments and member states in emerging countries.

        Market Dynamics

        Our  researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

        What are the key market drivers leading to the rise In the adoption of It Services Industry?

        Rising adoption of AI in information management is the key driver of the market.

      • The market is experiencing significant transformation due to the increasing adoption of digital technologies, including cloud computing and AI. With the explosion of data, particularly unstructured data, organizations are turning to AI solutions for effective information management. Machine learning and natural language processing are key AI technologies driving this shift, enabling the rapid analysis of large datasets and uncovering trends and anomalies. This automation significantly reduces the time and effort required for records and information management tasks, leading to improved accuracy and efficiency. Moreover, cloud-based IT services are becoming increasingly popular due to their operational agility, storage management flexibility, and cost savings.
      • The market is also witnessing an increase in demand for cybersecurity solutions, data privacy regulations, and managed security services as businesses prioritize security strategy and planning. The future development of the market will be driven by large enterprises In the IT & telecom sector and retail industry, with a focus on operations & maintenance, design & implementation, and application management. The market is expected to continue growing, with total revenue coming from various service types, end-use industry types, and the cloud sector. Organizations are seeking to optimize their IT infrastructure for future economic expansion while addressing market restraints such as skills shortage and the need for highly-skilled labor force.
      • AI adoption is also leading to the automation of routine chores, tailored pricing, and improved customer experience, making professional services industry a significant beneficiary. The market conditions are evolving, with technical improvements and resource management being crucial for businesses to remain competitive. Talent acquisition and business models are also key considerations for organizations as they navigate the changing landscape of the market.

        • What are the market trends shaping the It Services Industry?

        Emergence of cloud-based platforms is the upcoming market trend.

      • The market is experiencing significant transformation as businesses increasingly adopt cloud computing and digital technologies to enhance their operations. Cloud-based IT services are becoming the norm, with enterprises recognizing the benefits of scalable and flexible infrastructure solutions. This shift is driven by the need for oversight, management efficiency, and the ability to support evolving business needs. Multiple market players are investing in cloud technologies to offer tailored services and solutions, including IBM's introduction of IBM Cloud for VMware as a Service in November 2022. Cybersecurity solutions, innovation & automation, data security, privacy protection, machine learning, data analytics, and big data solutions are key areas of focus for IT companies.
      • The market is also witnessing a surge in demand for connected devices, data privacy regulations, IT support services, and e-commerce solutions. In the context of the ongoing pandemic, remote working and business plans are major market conditions shaping the IT services landscape. Technical improvements, resource management, and talent acquisition are crucial factors for businesses considering IT services, while operational agility and storage management flexibility are essential for success. Despite these opportunities, market restraints include skills shortages and the financial burden of implementing new technologies. The future development of the market will be driven by the adoption of automation, big data analytics, and on-premises deployment by large enterprises and the IT & telecom sector, as well as the retail sector's operations and maintenance.
      • The market is expected to continue growing, with cloud sector revenue projected to increase significantly.

        • What challenges does the It Services Industry face during its growth?

        Increasing risks involved in outsourcing is a key challenge affecting the industry growth.

      • In today's digital age, businesses and organizations across industries are increasingly relying on IT services to drive innovation, automation, and growth. Cloud computing has become a game-changer, enabling the deployment of IT infrastructure and services on-demand, reducing setup costs, and offering operational agility. Digital technologies, including cybersecurity solutions, machine learning, data analytics, and big data solutions, are transforming business operations and customer experiences. Connected devices and the Internet of Things (IoT) are revolutionizing industries such as retail and IT & telecom, creating new opportunities and challenges. Data privacy regulations, such as GDPR and CCPA, are placing increased emphasis on data security and privacy protection.
      • IT support services are essential for managing these complex IT environments, with managed security services becoming increasingly popular for proactive security strategies. E-commerce and other digital businesses are leveraging IT services to meet client demand and improve customer experience, while professional services firms are adopting automation to streamline routine chores and focus on higher-value tasks. Cost savings and post-pandemic economic expansion are key drivers for IT services adoption, with cloud-based IT services offering tailored pricing and simplicity of deployment. However, outsourcing IT services comes with risks, including loss of control, data security concerns, and potential financial burden. Effective communication between service providers and organizations is crucial for successful implementation, cost, and feasibility.
      • IT infrastructure will continue to be a future development driver, with global governments investing in smart cities and environmental goals. Emerging countries are also investing in IT services to drive growth and competitive advantage. In conclusion, IT services are a critical component of digital transformation, enabling businesses to innovate, automate, and grow. Cloud computing, cybersecurity, data analytics, and other digital technologies are driving innovation and changing the way businesses operate. Effective communication, planning, and implementation are essential for successful IT services adoption, while managing risks and ensuring data security and privacy remain top priorities.

        • Exclusive Customer Landscape

        The it services market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the it services market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

        It Services Market Share by Geography

         Customer Landscape

        Key Companies & Market Insights

        Companies are implementing various strategies, such as strategic alliances, it services market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.

        Accenture Plc - The company provides a range of IT services, encompassing cybersecurity, Data and Artificial Intelligence, Digital Engineering and manufacturing, and cloud solutions, among others. These offerings cater to businesses seeking expertise in various technology domains to optimize their operations and enhance competitive advantage.

        The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

        • Accenture Plc
        • Amazon.com Inc.
        • Avaya LLC
        • Broadcom Inc.
        • Cisco Systems Inc.
        • Cognizant Technology Solutions Corp.
        • Dell Technologies Inc.
        • DXC Technology Co.
        • Fortinet Inc.
        • Fujitsu Ltd.
        • Hewlett Packard Enterprise Co
        • Huawei Technologies Co. Ltd.
        • International Business Machines Corp.
        • Infosys Ltd.
        • Juniper Networks Inc.
        • Larsen and Toubro Ltd.
        • Microsoft Corp.
        • Nokia Corp.
        • Oracle Corp.
        • Tata Consultancy Services Ltd.

        Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

        Research Analyst Overview

        The market continues to evolve as businesses increasingly rely on digital technologies to drive innovation and automation. The adoption of cloud computing, digital tools, and cybersecurity solutions has become a necessity for organizations to remain competitive and meet the demands of their customers. Data security and privacy protection are critical concerns for businesses, as they navigate the complex landscape of data analytics, machine learning, and big data solutions. Connected devices and the Internet of Things (IoT) are also transforming the way businesses operate, creating new opportunities and challenges. The market is influenced by various factors, including the implementation of data privacy regulations, the shift towards remote working, and the need for proactive IT services.

        Reactive IT services, which focus on fixing issues as they arise, are giving way to proactive services that aim to prevent issues before they occur. The professional services industry is undergoing a digital transformation, with businesses seeking tailored pricing and improved customer experience. IT companies are responding by offering a range of services, from application management and data management to cloud-based IT services and managed security services. The IT & telecom sector and the retail sector are major contributors to the market, with large enterprises driving significant revenue growth. The deployment platform for IT services is also evolving, with cloud-based services becoming increasingly popular due to their operational agility and storage management flexibility.

        Global governments and smart cities are also investing in IT services to achieve environmental goals and improve standardization. Emerging countries are expected to be significant growth drivers In the market, as they adopt digital technologies and automation to boost economic expansion. The IT infrastructure is a critical component of business operations, and the future development of the market will be driven by investments in artificial intelligence, cybersecurity, and automation. The skills shortage and the need for a highly-skilled labour force are key market restraints, as businesses compete for talent and face the financial burden of hiring and training.

        Businesses are seeking to gain a competitive advantage through the adoption of business intelligence and forecasting tools, which enable them to make informed decisions and reduce resource waste. The post-pandemic business landscape is expected to bring new challenges and opportunities, with economic expansion and the need for cost savings being key priorities. The market is diverse, with various service types and end-use industry types contributing to its growth. The cloud sector is a significant contributor, with total revenue expected to continue growing as businesses seek to improve their operational agility and reduce installation costs. In conclusion, the market is a dynamic and complex landscape, driven by the adoption of digital technologies, the need for data security and privacy protection, and the shift towards proactive IT services.

        Businesses are seeking to gain a competitive advantage through the adoption of automation, business intelligence, and cloud-based services, while facing challenges such as the skills shortage and the financial burden of talent acquisition. The future of the market will be shaped by investments in artificial intelligence, cybersecurity, and automation, as well as the evolving needs of various industries and market conditions.

        Market Scope

        Report Coverage

        Details

        Page number

        196

        Base year

        2023

        Historic period

        		 2018-2022

        Forecast period

        2024-2028

        Growth momentum & CAGR

        Accelerate at a CAGR of 8.64%

        Market growth 2024-2028

        USD 676.5 billion

        Market structure

        Fragmented

        YoY growth 2023-2024(%)

        7.37

        Key countries

        US, China, India, Japan, and UK

        Competitive landscape

        Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

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        What are the Key Data Covered in this It Services Market Research and Growth Report?

        • CAGR of the It Services industry during the forecast period
        • Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
        • Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
        • Accurate predictions about upcoming growth and trends and changes in consumer behaviour
        • Growth of the market across APAC, North America, Europe, South America, and Middle East and Africa
        • Thorough analysis of the market’s competitive landscape and detailed information about companies
        • Comprehensive analysis of factors that will challenge the it services market growth of industry companies

        We can help! Our analysts can customize this it services market research report to meet your requirements.

        Get in touch

         

        1 Executive Summary

        • 1.1 Market overview
          • Executive Summary - Chart on Market Overview
          • Executive Summary - Data Table on Market Overview
          • Executive Summary - Chart on Global Market Characteristics
          • Executive Summary - Chart on Market by Geography
          • Executive Summary - Chart on Market Segmentation by End-user
          • Executive Summary - Chart on Market Segmentation by Service
          • Executive Summary - Chart on Incremental Growth
          • Executive Summary - Data Table on Incremental Growth
          • Executive Summary - Chart on Company Market Positioning

        2 Market Landscape

        • 2.1 Market ecosystem
          • Parent Market
          • Data Table on - Parent Market
        • 2.2 Market characteristics
          • Market characteristics analysis
        • 2.3 Value chain analysis
          • Value Chain Analysis

        3 Market Sizing

        • 3.1 Market definition
          • Offerings of companies included in the market definition
        • 3.2 Market segment analysis
          • Market segments
        • 3.3 Market size 2023
          • 3.4 Market outlook: Forecast for 2023-2028
            • Chart on Global - Market size and forecast 2023-2028 ($ billion)
            • Data Table on Global - Market size and forecast 2023-2028 ($ billion)
            • Chart on Global Market: Year-over-year growth 2023-2028 (%)
            • Data Table on Global Market: Year-over-year growth 2023-2028 (%)

          4 Historic Market Size

          • 4.1 Global IT Services Market 2018 - 2022
            • Historic Market Size - Data Table on Global IT Services Market 2018 - 2022 ($ billion)
          • 4.2 End-user segment analysis 2018 - 2022
            • Historic Market Size - End-user Segment 2018 - 2022 ($ billion)
          • 4.3 Service segment analysis 2018 - 2022
            • Historic Market Size - Service Segment 2018 - 2022 ($ billion)
          • 4.4 Geography segment analysis 2018 - 2022
            • Historic Market Size - Geography Segment 2018 - 2022 ($ billion)
          • 4.5 Country segment analysis 2018 - 2022
            • Historic Market Size - Country Segment 2018 - 2022 ($ billion)

          5 Five Forces Analysis

          • 5.1 Five forces summary
            • Five forces analysis - Comparison between 2023 and 2028
          • 5.2 Bargaining power of buyers
            • Bargaining power of buyers - Impact of key factors 2023 and 2028
          • 5.3 Bargaining power of suppliers
            • Bargaining power of suppliers - Impact of key factors in 2023 and 2028
          • 5.4 Threat of new entrants
            • Threat of new entrants - Impact of key factors in 2023 and 2028
          • 5.5 Threat of substitutes
            • Threat of substitutes - Impact of key factors in 2023 and 2028
          • 5.6 Threat of rivalry
            • Threat of rivalry - Impact of key factors in 2023 and 2028
          • 5.7 Market condition
            • Chart on Market condition - Five forces 2023 and 2028

          6 Market Segmentation by End-user

          • 6.1 Market segments
            • Chart on End-user - Market share 2023-2028 (%)
            • Data Table on End-user - Market share 2023-2028 (%)
          • 6.2 Comparison by End-user
            • Chart on Comparison by End-user
            • Data Table on Comparison by End-user
          • 6.3 Technology and telecommunication - Market size and forecast 2023-2028
            • Chart on Technology and telecommunication - Market size and forecast 2023-2028 ($ billion)
            • Data Table on Technology and telecommunication - Market size and forecast 2023-2028 ($ billion)
            • Chart on Technology and telecommunication - Year-over-year growth 2023-2028 (%)
            • Data Table on Technology and telecommunication - Year-over-year growth 2023-2028 (%)
          • 6.4 BFSI - Market size and forecast 2023-2028
            • Chart on BFSI - Market size and forecast 2023-2028 ($ billion)
            • Data Table on BFSI - Market size and forecast 2023-2028 ($ billion)
            • Chart on BFSI - Year-over-year growth 2023-2028 (%)
            • Data Table on BFSI - Year-over-year growth 2023-2028 (%)
          • 6.5 Travel and hospitality - Market size and forecast 2023-2028
            • Chart on Travel and hospitality - Market size and forecast 2023-2028 ($ billion)
            • Data Table on Travel and hospitality - Market size and forecast 2023-2028 ($ billion)
            • Chart on Travel and hospitality - Year-over-year growth 2023-2028 (%)
            • Data Table on Travel and hospitality - Year-over-year growth 2023-2028 (%)
          • 6.6 Healthcare - Market size and forecast 2023-2028
            • Chart on Healthcare - Market size and forecast 2023-2028 ($ billion)
            • Data Table on Healthcare - Market size and forecast 2023-2028 ($ billion)
            • Chart on Healthcare - Year-over-year growth 2023-2028 (%)
            • Data Table on Healthcare - Year-over-year growth 2023-2028 (%)
          • 6.7 Others - Market size and forecast 2023-2028
            • Chart on Others - Market size and forecast 2023-2028 ($ billion)
            • Data Table on Others - Market size and forecast 2023-2028 ($ billion)
            • Chart on Others - Year-over-year growth 2023-2028 (%)
            • Data Table on Others - Year-over-year growth 2023-2028 (%)
          • 6.8 Market opportunity by End-user
            • Market opportunity by End-user ($ billion)
            • Data Table on Market opportunity by End-user ($ billion)

          7 Market Segmentation by Service

          • 7.1 Market segments
            • Chart on Service - Market share 2023-2028 (%)
            • Data Table on Service - Market share 2023-2028 (%)
          • 7.2 Comparison by Service
            • Chart on Comparison by Service
            • Data Table on Comparison by Service
          • 7.3 IT consulting services - Market size and forecast 2023-2028
            • Chart on IT consulting services - Market size and forecast 2023-2028 ($ billion)
            • Data Table on IT consulting services - Market size and forecast 2023-2028 ($ billion)
            • Chart on IT consulting services - Year-over-year growth 2023-2028 (%)
            • Data Table on IT consulting services - Year-over-year growth 2023-2028 (%)
          • 7.4 Internet services and infrastructure - Market size and forecast 2023-2028
            • Chart on Internet services and infrastructure - Market size and forecast 2023-2028 ($ billion)
            • Data Table on Internet services and infrastructure - Market size and forecast 2023-2028 ($ billion)
            • Chart on Internet services and infrastructure - Year-over-year growth 2023-2028 (%)
            • Data Table on Internet services and infrastructure - Year-over-year growth 2023-2028 (%)
          • 7.5 Data processing and outsources services - Market size and forecast 2023-2028
            • Chart on Data processing and outsources services - Market size and forecast 2023-2028 ($ billion)
            • Data Table on Data processing and outsources services - Market size and forecast 2023-2028 ($ billion)
            • Chart on Data processing and outsources services - Year-over-year growth 2023-2028 (%)
            • Data Table on Data processing and outsources services - Year-over-year growth 2023-2028 (%)
          • 7.6 Market opportunity by Service
            • Market opportunity by Service ($ billion)
            • Data Table on Market opportunity by Service ($ billion)

          8 Customer Landscape

          • 8.1 Customer landscape overview
            • Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

          9 Geographic Landscape

          • 9.1 Geographic segmentation
            • Chart on Market share by geography 2023-2028 (%)
            • Data Table on Market share by geography 2023-2028 (%)
          • 9.2 Geographic comparison
            • Chart on Geographic comparison
            • Data Table on Geographic comparison
          • 9.3 APAC - Market size and forecast 2023-2028
            • Chart on APAC - Market size and forecast 2023-2028 ($ billion)
            • Data Table on APAC - Market size and forecast 2023-2028 ($ billion)
            • Chart on APAC - Year-over-year growth 2023-2028 (%)
            • Data Table on APAC - Year-over-year growth 2023-2028 (%)
          • 9.4 North America - Market size and forecast 2023-2028
            • Chart on North America - Market size and forecast 2023-2028 ($ billion)
            • Data Table on North America - Market size and forecast 2023-2028 ($ billion)
            • Chart on North America - Year-over-year growth 2023-2028 (%)
            • Data Table on North America - Year-over-year growth 2023-2028 (%)
          • 9.5 Europe - Market size and forecast 2023-2028
            • Chart on Europe - Market size and forecast 2023-2028 ($ billion)
            • Data Table on Europe - Market size and forecast 2023-2028 ($ billion)
            • Chart on Europe - Year-over-year growth 2023-2028 (%)
            • Data Table on Europe - Year-over-year growth 2023-2028 (%)
          • 9.6 South America - Market size and forecast 2023-2028
            • Chart on South America - Market size and forecast 2023-2028 ($ billion)
            • Data Table on South America - Market size and forecast 2023-2028 ($ billion)
            • Chart on South America - Year-over-year growth 2023-2028 (%)
            • Data Table on South America - Year-over-year growth 2023-2028 (%)
          • 9.7 Middle East and Africa - Market size and forecast 2023-2028
            • Chart on Middle East and Africa - Market size and forecast 2023-2028 ($ billion)
            • Data Table on Middle East and Africa - Market size and forecast 2023-2028 ($ billion)
            • Chart on Middle East and Africa - Year-over-year growth 2023-2028 (%)
            • Data Table on Middle East and Africa - Year-over-year growth 2023-2028 (%)
          • 9.8 US - Market size and forecast 2023-2028
            • Chart on US - Market size and forecast 2023-2028 ($ billion)
            • Data Table on US - Market size and forecast 2023-2028 ($ billion)
            • Chart on US - Year-over-year growth 2023-2028 (%)
            • Data Table on US - Year-over-year growth 2023-2028 (%)
          • 9.9 China - Market size and forecast 2023-2028
            • Chart on China - Market size and forecast 2023-2028 ($ billion)
            • Data Table on China - Market size and forecast 2023-2028 ($ billion)
            • Chart on China - Year-over-year growth 2023-2028 (%)
            • Data Table on China - Year-over-year growth 2023-2028 (%)
          • 9.10 India - Market size and forecast 2023-2028
            • Chart on India - Market size and forecast 2023-2028 ($ billion)
            • Data Table on India - Market size and forecast 2023-2028 ($ billion)
            • Chart on India - Year-over-year growth 2023-2028 (%)
            • Data Table on India - Year-over-year growth 2023-2028 (%)
          • 9.11 Japan - Market size and forecast 2023-2028
            • Chart on Japan - Market size and forecast 2023-2028 ($ billion)
            • Data Table on Japan - Market size and forecast 2023-2028 ($ billion)
            • Chart on Japan - Year-over-year growth 2023-2028 (%)
            • Data Table on Japan - Year-over-year growth 2023-2028 (%)
          • 9.12 UK - Market size and forecast 2023-2028
            • Chart on UK - Market size and forecast 2023-2028 ($ billion)
            • Data Table on UK - Market size and forecast 2023-2028 ($ billion)
            • Chart on UK - Year-over-year growth 2023-2028 (%)
            • Data Table on UK - Year-over-year growth 2023-2028 (%)
          • 9.13 Market opportunity by geography
            • Market opportunity by geography ($ billion)
            • Data Tables on Market opportunity by geography ($ billion)

          10 Drivers, Challenges, and Opportunity/Restraints

          • 10.1 Market drivers
            • 10.2 Market challenges
              • 10.3 Impact of drivers and challenges
                • Impact of drivers and challenges in 2023 and 2028
              • 10.4 Market opportunities/restraints

                11 Competitive Landscape

                • 11.1 Overview
                  • 11.2 Competitive Landscape
                    • Overview on criticality of inputs and factors of differentiation
                  • 11.3 Landscape disruption
                    • Overview on factors of disruption
                  • 11.4 Industry risks
                    • Impact of key risks on business

                  12 Competitive Analysis

                  • 12.1 Companies profiled
                    • Companies covered
                  • 12.2 Market positioning of companies
                    • Matrix on companies position and classification
                  • 12.3 Accenture Plc
                    • Accenture Plc - Overview
                    • Accenture Plc - Business segments
                    • Accenture Plc - Key news
                    • Accenture Plc - Key offerings
                    • Accenture Plc - Segment focus
                  • 12.4 Amazon.com Inc.
                    • Amazon.com Inc. - Overview
                    • Amazon.com Inc. - Business segments
                    • Amazon.com Inc. - Key news
                    • Amazon.com Inc. - Key offerings
                    • Amazon.com Inc. - Segment focus
                  • 12.5 Avaya LLC
                    • Avaya LLC - Overview
                    • Avaya LLC - Product / Service
                    • Avaya LLC - Key news
                    • Avaya LLC - Key offerings
                  • 12.6 Broadcom Inc.
                    • Broadcom Inc. - Overview
                    • Broadcom Inc. - Business segments
                    • Broadcom Inc. - Key news
                    • Broadcom Inc. - Key offerings
                    • Broadcom Inc. - Segment focus
                  • 12.7 Cisco Systems Inc.
                    • Cisco Systems Inc. - Overview
                    • Cisco Systems Inc. - Business segments
                    • Cisco Systems Inc. - Key news
                    • Cisco Systems Inc. - Key offerings
                    • Cisco Systems Inc. - Segment focus
                  • 12.8 Cognizant Technology Solutions Corp.
                    • Cognizant Technology Solutions Corp. - Overview
                    • Cognizant Technology Solutions Corp. - Business segments
                    • Cognizant Technology Solutions Corp. - Key news
                    • Cognizant Technology Solutions Corp. - Key offerings
                    • Cognizant Technology Solutions Corp. - Segment focus
                  • 12.9 Dell Technologies Inc.
                    • Dell Technologies Inc. - Overview
                    • Dell Technologies Inc. - Business segments
                    • Dell Technologies Inc. - Key news
                    • Dell Technologies Inc. - Key offerings
                    • Dell Technologies Inc. - Segment focus
                  • 12.10 DXC Technology Co.
                    • DXC Technology Co. - Overview
                    • DXC Technology Co. - Business segments
                    • DXC Technology Co. - Key news
                    • DXC Technology Co. - Key offerings
                    • DXC Technology Co. - Segment focus
                  • 12.11 Fortinet Inc.
                    • Fortinet Inc. - Overview
                    • Fortinet Inc. - Product / Service
                    • Fortinet Inc. - Key news
                    • Fortinet Inc. - Key offerings
                  • 12.12 Hewlett Packard Enterprise Co
                    • Hewlett Packard Enterprise Co - Overview
                    • Hewlett Packard Enterprise Co - Business segments
                    • Hewlett Packard Enterprise Co - Key news
                    • Hewlett Packard Enterprise Co - Key offerings
                    • Hewlett Packard Enterprise Co - Segment focus
                  • 12.13 Huawei Technologies Co. Ltd.
                    • Huawei Technologies Co. Ltd. - Overview
                    • Huawei Technologies Co. Ltd. - Product / Service
                    • Huawei Technologies Co. Ltd. - Key news
                    • Huawei Technologies Co. Ltd. - Key offerings
                  • 12.14 International Business Machines Corp.
                    • International Business Machines Corp. - Overview
                    • International Business Machines Corp. - Business segments
                    • International Business Machines Corp. - Key news
                    • International Business Machines Corp. - Key offerings
                    • International Business Machines Corp. - Segment focus
                  • 12.15 Juniper Networks Inc.
                    • Juniper Networks Inc. - Overview
                    • Juniper Networks Inc. - Product / Service
                    • Juniper Networks Inc. - Key news
                    • Juniper Networks Inc. - Key offerings
                  • 12.16 Microsoft Corp.
                    • Microsoft Corp. - Overview
                    • Microsoft Corp. - Business segments
                    • Microsoft Corp. - Key news
                    • Microsoft Corp. - Key offerings
                    • Microsoft Corp. - Segment focus
                  • 12.17 Oracle Corp.
                    • Oracle Corp. - Overview
                    • Oracle Corp. - Business segments
                    • Oracle Corp. - Key news
                    • Oracle Corp. - Key offerings
                    • Oracle Corp. - Segment focus

                  13 Appendix

                  • 13.1 Scope of the report
                    • 13.2 Inclusions and exclusions checklist
                      • Inclusions checklist
                      • Exclusions checklist
                    • 13.3 Currency conversion rates for US$
                      • Currency conversion rates for US$
                    • 13.4 Research methodology
                      • Research methodology
                    • 13.5 Data procurement
                      • Information sources
                    • 13.6 Data validation
                      • Data validation
                    • 13.7 Validation techniques employed for market sizing
                      • Validation techniques employed for market sizing
                    • 13.8 Data synthesis
                      • Data synthesis
                    • 13.9 360 degree market analysis
                      • 360 degree market analysis
                    • 13.10 List of abbreviations
                      • List of abbreviations

                    Research Methodology

                    Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                    INFORMATION SOURCES

                    Primary sources

                    • Manufacturers and suppliers
                    • Channel partners
                    • Industry experts
                    • Strategic decision makers

                    Secondary sources

                    • Industry journals and periodicals
                    • Government data
                    • Financial reports of key industry players
                    • Historical data
                    • Press releases

                    DATA ANALYSIS

                    Data Synthesis

                    • Collation of data
                    • Estimation of key figures
                    • Analysis of derived insights

                    Data Validation

                    • Triangulation with data models
                    • Reference against proprietary databases
                    • Corroboration with industry experts

                    REPORT WRITING

                    Qualitative

                    • Market drivers
                    • Market challenges
                    • Market trends
                    • Five forces analysis

                    Quantitative

                    • Market size and forecast
                    • Market segmentation
                    • Geographical insights
                    • Competitive landscape

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                    Frequently Asked Questions

                    It Services market growth will increase by $ 676.5 bn during 2024-2028 .

                    The It Services market is expected to grow at a CAGR of 8.64% during 2024-2028 .

                    It Services market is segmented by End-user( Technology and telecommunication, BFSI, Travel and hospitality, Healthcare, Others) Service( IT consulting services, Internet services and infrastructure, Data processing and outsources services, Healthcare, Others)

                    Accenture Plc, Amazon.com Inc., Avaya LLC, Broadcom Inc., Cisco Systems Inc., Cognizant Technology Solutions Corp., Dell Technologies Inc., DXC Technology Co., Fortinet Inc., Fujitsu Ltd., Hewlett Packard Enterprise Co, Huawei Technologies Co. Ltd., International Business Machines Corp., Infosys Ltd., Juniper Networks Inc., Larsen and Toubro Ltd., Microsoft Corp., Nokia Corp., Oracle Corp., Tata Consultancy Services Ltd. are a few of the key vendors in the It Services market.

                    APAC will register the highest growth rate of 39% among the other regions. Therefore, the It Services market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.

                    US, China, India, Japan, UK

                    • Rising adoption of AI in information managementThe rise in adoption of AI in information management is fundamentally transforming the global IT services market. As organizations face the challenges posed by the rapid growth of data is the driving factor this market.
                    • particularly unstructured data is the driving factor this market.
                    • AI technologies are becoming vital for effective information lifecycle management. This shift enhances operational efficiency and opens up new avenues for revenue generation and strategic decision-making. AI is revolutionizing how businesses manage is the driving factor this market.
                    • process is the driving factor this market.
                    • and utilize their information by automating many aspects of records and information management. This automation significantly reduces the time and effort required for records and information management tasks is the driving factor this market.
                    • leading to improved accuracy and efficiency. Key AI technologies is the driving factor this market.
                    • such as machine learning and natural language processing is the driving factor this market.
                    • facilitate the rapid analysis of large datasets is the driving factor this market.
                    • allowing organizations to uncover trends and anomalies that might be overlooked by human analysts. Consequently is the driving factor this market.
                    • businesses can make informed decisions is the driving factor this market.
                    • optimize processes is the driving factor this market.
                    • and identify growth opportunities. Moreover is the driving factor this market.
                    • AI contributes to cost reduction by streamlining data management processes and minimizing the need for extensive human resources is the driving factor this market.
                    • leading to more efficient budget utilization. It also strengthens data governance and compliance by automating checks and identifying sensitive information is the driving factor this market.
                    • which is crucial for regulated industries. These advantages of AI in information services are anticipated to increase the competitiveness of IT services market participants is the driving factor this market.
                    • which will further propel the growth of the global IT services market during the forecast period. is the driving factor this market.

                    The It Services market vendors should focus on grabbing business opportunities from the Technology and telecommunication segment as it accounted for the largest market share in the base year.