Product Code: GVR-4-68039-931-9
IT Services Market Growth & Trends:
The global IT services market size is expected to reach USD 2.59 trillion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a CAGR of 9.5% from 2024 to 2030 Increasing concerns regarding data security and privacy protection drive the demand for IT services from companies across various industry verticals. Moreover, rising network infrastructure complications are the main impediments to effective data security management, thus driving the requirement for and implementation of IT services. The need for IT infrastructure from SMEs has grown significantly over recent years, boosting market growth. SMEs heavily invest in IT support services across industries, including e-commerce, particularly start-ups such as Indian food ordering and delivery platform Swiggy, whose complete enterprise depends on IT infrastructure.
Businesses of all sizes and industries increasingly provide their employees with digital tools. AI and machine learning (ML) are revolutionizing the market. The vast availability of data empowers AI to analyze extensive datasets, extract valuable insights, and optimize decision-making processes, leading to enhanced personalized customer experiences and streamlined operations. As computing power costs decrease, businesses are adopting AI solutions more affordably, facilitating real-time fraud detection and predictive maintenance. The growing demand for automation drives the implementation of AI and ML in streamlining tasks such as customer service, freeing human resources for more intricate roles, and fueling market expansion. With continuous advancements in AI technology and increasing investment from various industries, the market is witnessing a remarkable transformation and exponential growth.
The increase in demand for cloud services is also driving the industry growth. With governments making substantial investments in the IT industry, the demand for IT support services has increased. One key reason for the widespread popularity of cloud services is their superior data security compared to on-site servers. Cloud storage ensures data integrity and remains impervious to physical threats like theft or building damage. Numerous corporate enterprises have expressed positive experiences with cloud computing's security as it reduces human mistakes. Additionally, cloud computing safeguards the private data of multiple companies.
IT Services Market Report Highlights:
- The reactive IT services segment led the market in 2023. Factors, such as adopting new technologies, software updates, and cybersecurity threats, have led to a higher demand for reactive IT services
- The application management segment held the largest revenue share in 2023 due to factors, such as the rising complexity of enterprise applications, need for improved IT agility & efficiency, and growing demand for mobile applications
- The AI and ML segment held the largest revenue share in 2023. With continuous advancements in AI technology and increasing investment from various industries, the market is witnessing a remarkable transformation and exponential growth
- The on-premises segment held the largest revenue share in 2023. On-premises solutions offer a higher level of control and security over data and applications
- The IT & telecom segment held the largest revenue share in 2023. The telecommunications sector often requires significant IT services support to expand and maintain network infrastructure. For instance, the rollout of 5G networks has driven the demand for IT services in this segment
- North America dominated the market in 2023 accounting for over 36.5% share of the global revenue. The region, particularly the U.S., has a strong and diverse economy that drives investments in IT services
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation and Scope
- 1.2. Market Definitions
- 1.3. Research Methodology
- 1.3.1. Information Procurement
- 1.3.2. Information or Data Analysis
- 1.3.3. Market Formulation & Data Visualization
- 1.3.4. Data Validation & Publishing
- 1.4. Research Scope and Assumptions
- 1.4.1. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.3. Competitive Insights
Chapter 3. IT Services Market Variables, Trends, & Scope
- 3.1. Market Introduction/Lineage Outlook
- 3.2. Market Size and Growth Prospects (USD Billion)
- 3.3. Market Dynamics
- 3.3.1. Market Drivers Analysis
- 3.3.2. Market Restraints Analysis
- 3.4. IT Services Market Analysis Tools
- 3.4.1. Porter's Analysis
- 3.4.1.1. Bargaining power of the suppliers
- 3.4.1.2. Bargaining power of the buyers
- 3.4.1.3. Threats of substitution
- 3.4.1.4. Threats from new entrants
- 3.4.1.5. Competitive rivalry
- 3.4.2. PESTEL Analysis
- 3.4.2.1. Political Landscape
- 3.4.2.2. Economic and Social Landscape
- 3.4.2.3. Technological Landscape
- 3.4.2.4. Environmental Landscape
- 3.4.2.5. Legal Landscape
Chapter 4. IT Services Market: Approach Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. IT Services Market: Approach Movement Analysis, 2023 & 2030 (USD Billion)
- 4.3. Reactive IT Services
- 4.3.1. Reactive IT Services Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 4.4. Proactive IT Services
- 4.4.1. Proactive IT Services Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
Chapter 5. IT Services Market: Type Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. IT Services Market: Type Movement Analysis, 2023 & 2030 (USD Billion)
- 5.3. Design & Implementation
- 5.3.1. Design & Implementation Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 5.4. Operations & Maintenance
- 5.4.1. Operations & Maintenance Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
Chapter 6. IT Services Market: Application Estimates & Trend Analysis
- 6.1. Segment Dashboard
- 6.2. IT Services Market: Application Movement Analysis, 2023 & 2030 (USD Billion)
- 6.3. Systems & Network Management
- 6.3.1. Systems & Network Management Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 6.4. Data Management
- 6.4.1. Data Management Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 6.5. Application Management
- 6.5.1. Application Management Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 6.6. Security & Compliance Management
- 6.6.1. Security & Compliance Management Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 6.7. Others
- 6.7.1. Others Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
Chapter 7. IT Services Market: Technology Estimates & Trend Analysis
- 7.1. Segment Dashboard
- 7.2. IT Services Market: Technology Movement Analysis, 2023 & 2030 (USD Billion)
- 7.3. AI & Machine Learning
- 7.3.1. AI & Machine Learning Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 7.4. Big Data Analytics
- 7.4.1. Big Data Analytics Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 7.5. Threat Intelligence
- 7.5.1. Threat Intelligence Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 7.6. Others
- 7.6.1. Other Technologies Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
Chapter 8. IT Services Market: Deployment Estimates & Trend Analysis
- 8.1. Segment Dashboard
- 8.1.1. IT Services Market: Deployment Movement Analysis, 2023 & 2030 (USD Billion)
- 8.2. On-premises
- 8.2.1. On-premises Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 8.3. Cloud
- 8.3.1. Cloud Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
Chapter 9. IT Services Market: Enterprise Size Estimates & Trend Analysis
- 9.1. Segment Dashboard
- 9.2. IT Services Market: Enterprise Size Movement Analysis, 2023 & 2030 (USD Billion)
- 9.3. Large Enterprise
- 9.3.1. Large Enterprise Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 9.4. Small & Medium Enterprise
- 9.4.1. Small & Medium Enterprise Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
Chapter 10. IT Services Market: End Use Estimates & Trend Analysis
- 10.1. Segment Dashboard
- 10.2. IT Services Market: End Use Movement Analysis, 2023 & 2030 (USD Billion)
- 10.3. BFSI
- 10.3.1. BFSI Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 10.4. Government
- 10.4.1. Government Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 10.5. Healthcare
- 10.5.1. Healthcare Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 10.6. Manufacturing
- 10.6.1. Manufacturing Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 10.7. Media & Communications
- 10.7.1. Media & Communications Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 10.8. Retail
- 10.8.1. Retail Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 10.9. IT & Telecom
- 10.9.1. IT & Telecom Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 10.10. Others
- 10.10.1. Other End Uses Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
Chapter 11. IT Services Market: Regional Estimates & Trend Analysis
- 11.1. IT Services Market Share, By Region, 2023 & 2030, USD Billion
- 11.2. North America
- 11.2.1. North America IT Services Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 11.2.2. U.S.
- 11.2.2.1. U.S. IT Services Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 11.2.3. Canada
- 11.2.3.1. Canada IT Services Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 11.3. Europe
- 11.3.1. Europe IT Services Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 11.3.2. UK
- 11.3.2.1. UK IT Services Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 11.3.3. Germany
- 11.3.3.1. Germany IT Services Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 11.3.4. France
- 11.3.4.1. France IT Services Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 11.4. Asia Pacific
- 11.4.1. Asia Pacific IT Services Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 11.4.2. China
- 11.4.2.1. China IT Services Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 11.4.3. Japan
- 11.4.3.1. Japan IT Services Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 11.4.4. India
- 11.4.4.1. India IT Services Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 11.4.5. South Korea
- 11.4.5.1. South Korea IT Services Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 11.4.6. Australia
- 11.4.6.1. Australia IT Services Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 11.5. Latin America
- 11.5.1. Latin America IT Services Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 11.5.2. Brazil
- 11.5.2.1. Brazil IT Services Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 11.5.3. Mexico
- 11.5.3.1. Mexico IT Services Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 11.6. Middle East and Africa
- 11.6.1. Middle East and Africa IT Services Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 11.6.2. South Africa
- 11.6.2.1. South Africa IT Services Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 11.6.3. Saudi Arabia
- 11.6.3.1. Saudi Arabia IT Services Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 11.6.4. UAE
- 11.6.4.1. UAE IT Services Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
Chapter 12. Competitive Landscape
- 12.1. Recent Developments & Impact Analysis by Key Market Participants
- 12.2. Company Categorization
- 12.3. Company Heat Map Analysis
- 12.4. Company Profiles
- 12.4.1. IBM
- 12.4.1.1. Participant's Overview
- 12.4.1.2. Financial Performance
- 12.4.1.3. Product Benchmarking
- 12.4.1.4. Recent Developments/ Strategic Initiatives
- 12.4.2. Accenture
- 12.4.2.1. Participant's Overview
- 12.4.2.2. Financial Performance
- 12.4.2.3. Product Benchmarking
- 12.4.2.4. Recent Developments/ Strategic Initiatives
- 12.4.3. TATA Consultancy Services Limited
- 12.4.3.1. Participant's Overview
- 12.4.3.2. Financial Performance
- 12.4.3.3. Product Benchmarking
- 12.4.3.4. Recent Developments/ Strategic Initiatives
- 12.4.4. Infosys Limited
- 12.4.4.1. Participant's Overview
- 12.4.4.2. Financial Performance
- 12.4.4.3. Product Benchmarking
- 12.4.4.4. Recent Developments/ Strategic Initiatives
- 12.4.5. Wipro
- 12.4.5.1. Participant's Overview
- 12.4.5.2. Financial Performance
- 12.4.5.3. Product Benchmarking
- 12.4.5.4. Recent Developments/ Strategic Initiatives
- 12.4.6. Capgemini
- 12.4.6.1. Participant's Overview
- 12.4.6.2. Financial Performance
- 12.4.6.3. Product Benchmarking
- 12.4.6.4. Recent Developments/ Strategic Initiatives
- 12.4.7. Cognizant
- 12.4.7.1. Participant's Overview
- 12.4.7.2. Financial Performance
- 12.4.7.3. Product Benchmarking
- 12.4.7.4. Recent Developments/ Strategic Initiatives
- 12.4.8. Cisco Systems, Inc.
- 12.4.8.1. Participant's Overview
- 12.4.8.2. Financial Performance
- 12.4.8.3. Product Benchmarking
- 12.4.8.4. Recent Developments/ Strategic Initiatives
- 12.4.9. HCL Technologies Limited
- 12.4.9.1. Participant's Overview
- 12.4.9.2. Financial Performance
- 12.4.9.3. Product Benchmarking
- 12.4.9.4. Recent Developments/ Strategic Initiatives
- 12.4.10. DXC Technology Company
- 12.4.10.1. Participant's Overview
- 12.4.10.2. Financial Performance
- 12.4.10.3. Product Benchmarking
- 12.4.10.4. Recent Developments/ Strategic Initiatives
- 12.4.11. Microsoft
- 12.4.11.1. Participant's Overview
- 12.4.11.2. Financial Performance
- 12.4.11.3. Product Benchmarking
- 12.4.11.4. Recent Developments/ Strategic Initiatives