IT Services Market is expected to register a CAGR of over 26% during the forecast period (2020 - 2025). Enterprises are opting for IT services across multiple industry verticals owing to manifold benefits, such as accurate forecasting through business intelligence, thereby helping to optimize the business operations, minimizing the wastage, and increasing the organizational revenues.
- The growth of IT services is expected to be fueled by the introduction of digitization trends prompting the SMBs and other large enterprises to opt for IT infrastructure, which is further responsible for driving the growth in the adoption of IT operation solutions.
- With the growth of IIoT across the Industry 4.0 platform, IT services are gaining traction within the hybrid IT-managed environment. The usage of AI technology is also extending its application across the areas of the manufacturing and design sector, thereby fueling the market demand, during the forecast period.
- Further, the increasing dependency on cloud services and infrastructure upgrading activities is significantly driving the demand for managed IT services across the emerging market.
Scope of the Report
IT services consist of the application across the business and technical expertise in order to enable organizations in the creation, management, and optimization of access to information and business processes. It provides guidance to organizations on the overall IT strategy including the data center, cloud as well as the type of technology and functionality needed within the context of the enterprise’s IT and business environments.
Key Market Trends
Cloud Services is Gaining Traction Due to Emergence of Cloud-Based Platform
- There had been a significant breakthrough in cloud computing over the past few years, as cloud solutions offer various advantages but expose data hosted to substantial risks, including privacy, identity theft, among others. Organizations adopting cloud computing should consider implementing IT services that can analyze all executions, applications, and network connections.
- Due to advancements in the IT operation across the cloud-based platform, IT services has become more data-driven as well as real-time, creating greater value for the business, especially in the areas of operational efficiency, business opportunity discovery, and remote access optimization.
- As the demand for cloud services is expected to grow over the next few years, with immense demand form the IT & Telecommunication industry across the ever-growing corporate sector, the scope for the IT infrastructure services from these end-users are expected to grow rapidly.
North America to Register with Largest Growth During the Forecast Period
- North America is the largest growing IT services market due to the presence of robust IT infrastructure. According to 2019 State of IT survey by the IT company Spiceworks, 89% of the organizations across North America expect their IT budgets to grow by the end of 2019. This may lead to an increased amount of fragmented data being generated, thereby fueling the market demand during the forecast period.
- IT companies over the region are increasingly focusing on providing services, such as application monitoring and IT services monitoring through the cloud, and shifting from on-premise, thereby developing new cloud frameworks in the region, which may further boost the market growth.
- Also, a high degree of automation and immense penetration of IT applications across several end-user industries creates a constant demand for IT services in the region.
The IT services market is highly competitive and consists of a few major players. In terms of market share, some of the players currently dominate the market. However, with the advancement in the IT consultancy services, new players are increasing their market presence thereby expanding their business footprint across the emerging economies.
- October 2019 - Fujitsu had announced the development of the world's first High Durability Learning technology that estimates the accuracy of AI and automatically restores AI models. This technology enables AI models to be maintained with high accuracy over a long period and enables stable AI operations in various circumstances. This technology will be offered as part of Fujitsu's Human Centric AI Zinrai, a comprehensive portfolio that encompasses Fujitsu's wide range of AI technologies and techniques.
- September 2019 - DXC Technology announced the opening of a new global Digital Transformation Centre (DTC) to develop high-impact digital solutions that will drive business innovation across Australia and New Zealand from South Australia. The new DXC DTC presents a collaborative environment that will draw on the company’s global experience in digital transformation and foster the incubation of ideas, learning, and development.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support