April 5 2022| IT Services

Global IT Services Market to Witness Significant Growth in the Coming Years

A report from ResearchAndMarkets says that the Global IT Services Market size will reach $1123.57 billion by 2026, growing at a CAGR of 8.02% during 2021-2026. To stay competitive and serve the world better, all businesses must adopt advanced technologies. Along with focusing on your business, it is also important to have an optimized IT environment. The technologies transforming business sectors are plenty. At the forefront are the Industrial Internet of Things (IoT), 5G and Industry 4.0. With advanced and customized IT services management, you could improve performance and productivity at lesser costs and great resource savings.

The growing adoption of cloud-based software, growing demand for IoT and big data operations, and rising concerns of the need to automate business processes are among the key factors driving market growth. Since 2018, the cloud-based IT services market is experiencing significant growth among SMEs, and is anticipated to capture more than 80% market share by the year 2026.

Likewise, the evolving big data technology and rising number of connected devices across enterprises are driving the demand for IT service management and information security management platforms. This report provides an in-depth analysis of the global IT services market by value, by type, by deployment model, by enterprise size, by region, etc.

Key Highlights
  • Geographically, North America dominates the market, with a market share of more than 35.23%, followed by APAC and Europe.
  • The cloud-based IT services are becoming popular owing to low cost of deployment, and is expected to grow at a CAGR of 9.98% during 2021-2026.
  • Emerging big data technology and the rising penetration of IoT-based devices are creating new opportunities for the IT services market.
  • Lack of standardization would lead end users to spend in IT services with uncertain ROI, which may hinder the IT services growth.

The top 10 companies in the global IT services market include Accenture, Autotask Corporation, Capgemini, DXC Technology Company, Fujitsu Limited, Hewlett Packard Enterprise Development, International Business Machines (IBM) Corporation, Microsoft Corporation, and Oracle Corporation. The IT services market share held by the top 5 players was valued approximately 29.77% in 2018.

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